Supermarket bank sells off more major services in big update for 1,000s of customers – check how you're affected
The supermarket giant has sold off its travel money and car and home insurance businesses as it plans to focus on its food offering.
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It has sold its car and home insurance arm to Allianz, one of the largest general insurers in the UK.
Customers who currently have insurance through Sainsbury's will be contacted later this year when their renewal is up.
Those who are auto-renewing their policies will start moving to Allianz from November 2025.
Meanwhile the travel money business will be sold to financial services and foreign exchange company Fexco Group.
Customers will continue to be able to access services at over 220 travel money bureaux in Sainsbury's stores and online – an estate which currently represents almost 10 per cent of the UK market.
Sainsbury's currently has over 220 travel money kiosks across the country.
It comes after the supermarket revealed in January last year that it is set to close its banking business.
Sainsbury's Bank, which currently has about 1.9million customers, will be wound down as the supermarket says it wants to focus on "food first".
It said there would be a "phased withdrawal" of the banking business.
The Sun understands the Sainsbury's Bank brand may start to disappear from the end of the year, but nothing is confirmed yet.
Sainsbury's scraps in-store changing rooms leaving shoppers furious
Sainsbury's already outsources its insurance products, and its Argos credit cards and loans to about 2.1million customers.
We revealed earlier this month that NatWest is taking on Sainsbury's Bank customers and will complete the transfer by December this year.
The High Court granted approval in April to pave way for the switch.
Legal ownership of credit cards, loans, and savings accounts officially moved to NatWest on May 1.
But the transfer of these accounts to NatWest's systems will begin from October and be completed by December.
Credit card holders will start receiving details about changes to their accounts this month.
Between August and September, customers with loans or savings accounts will get updates about their accounts.
From September to October, NatWest will provide instructions on next steps, including how to sign up for its digital banking, while Sainsbury's Bank will send a farewell message.
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