Sainsbury's Bank customer? You're set to be moved to NatWest next year – here's what's happening

The supermarket giant announced in January that it would stop providing most banking services and focus on its retail businesses, such as its grocery stores, Argos and Habitat. It had already stopped offering new mortgages in 2019, with existing mortgage holders transferred to the Co‐operative Bank.

Provided it's approved by regulators, the deal is expected to complete in the first half of 2025 and would see NatWest taking on around one million Sainsbury's Bank customers. However, it doesn't include insurance, ATMs and travel money. The Argos store card, provided by Argos Financial Services, is also not included in the deal.

Sainsbury's isn't the only supermarket striking a deal with a major bank – the announcement comes after rival Tesco Bank announced it would become part of the Barclays Group in the future.

Existing Sainsbury's Bank customer? Nothing is changing for now

Sainsbury's Bank says that there'll be no immediate changes to any of its customers' terms and conditions, adding that they don't need to take any action.

This means you can keep using Sainsbury's Bank products and services as normal for the time being. You can also continue to reach out to its 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. NatWest couldn't yet tell us whether this savings safety protection would become shared with it (and, by extension, Ulster Bank) once the sale is complete. We'll update this story once this is confirmed.

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.