Sainsbury's Bank reveals plans to stop offering loans, credit cards, savings accounts and more – here's what you need to know

Supermarket giant Sainsbury's, which wholly owns and operates Sainsbury's Bank, said it was making the move following a "strategic review". It instead plans to focus on its retail businesses, such as its grocery stores, Argos and Habitat.

The bank currently has 1.9 million customers and offers a range of banking products and services including credit cards, savings accounts (including ISAs), loans, insurance and travel money. It stopped offering mortgages in 2019.

Existing Sainsbury's Bank customer? Don't worry – nothing's changing for now

Sainsbury's Bank is still "exploring a number of options" – for example, getting other financial services providers to offer products and services under its existing brand – and hasn't made any decisions yet.

In the meantime, there is NO change to its products or services – so you can keep using them as normal. You can also continue to reach out to Sainsbury's Bank's customer services with any queries or complaints.  

If you're a Sainsbury's Bank saver, your savings of up to £85,000 with it remain protected by the UK's Financial Services Compensation Scheme. For more on this, see our Savings safety guide.

Of course, it could be worth taking this opportunity to check you're getting the best possible deal – see our guides on:

• Top savings accounts

• Top cash ISAs

• Cutting existing loan costs

• Shifting credit card debt to 0%

• Cheap insurance

• Cheap travel money

Before switching, remember to check for any exit fees or penalties.