Latest news with #Sainsbury'sBank
The Herald Scotland
13-05-2025
- Business
- The Herald Scotland
Barclays, Santander and NatWest customers warned of changes
Butler is therefore keen for customers to keep abreast of these developments. In a recent video, she advised: "A lot of changes are going down, which you probably don't know about," highlighting the lack of communication from banks to their customers. "This is all happening this month, and people aren't sufficiently kept in the loop by banks. So make sure you know what's going on with your bank - check emails, log into your bank and just make sure you're not missing out on anything." Listen to Frances Haque, our Chief Economist, as she talks about the base rate change announced today. — Santander UK (@santanderuk) May 8, 2025 Caroline broke down the upcoming changes, providing her expertise and guidance on how to avoid any adverse effects on personal finances. Natwest NatWest is set to assume control of Sainsbury's Bank's savings and credit card loans. Caroline cautioned: "If you have any of those to do with Sainsbury's, things are going to change for you." NatWest has confirmed the acquisition on their website, stating: "As of 1 May 2025, NatWest became the legal owners of certain personal loans, credit cards and savings accounts. There are no immediate changes to how customers use and access their account(s)." The banking giant has pledged to work closely with Sainsbury's Bank to guarantee a smooth and secure transition for customers. Barclays Caroline highlighted that the bank is "slashing the rate" on its Rainy Day Saver accounts from an impressive 5.12% down to a less lucrative 4.61%. On their website, Barclays announced: "Interest rates on the Rainy Day Saver are banded. This means you'll earn 4.61% AER/4.52% gross p.a. interest on the first £5,000 of your balance, and 1.00% AER/gross p.a. on your additional balance over £5,000." Recommended reading: Santander Caroline pointed out that starting from May 12, the bank plans to discontinue its text alert service - a crucial tool for many clients in managing their finances. "So if you rely on those alerts for managing your money, then you need to be mindful of that," she warned. "You'll need to switch to their app or start using mobile banking." Santander adds: "If you've registered for some alerts on a Personal current account or savings account, from 12 May 2025 we'll stop sending them. We're doing this because you can get a more detailed view of your account activity with Mobile or Online Banking."
Daily Mirror
05-05-2025
- Business
- Daily Mirror
Sainsbury's Bank customers urged to check Nectar points after NatWest merger
All bank customers have been encouraged to check over their finances Sainsbury's Bank customers have been encouraged to keep an eye out for changes to their Nectar points. In a key change that began on May 1, customers with the bank are being moved over to NatWest. Sainsbury's Bank is transferring all its personal loans, credit cards, and savings accounts over to NatWest. Bank leaders have stated they hope to finish the move over to NatWest systems by the end of 2025. Customers are informed there will be no immediate changes including to Nectar points, which will operate the same. However, industry experts have said there may be alterations to the system further down the line. Personal finance expert Aaron Peake, from the free credit scoring service CredAbility, said that bank bosses may make changes to Nectar points. He explained: "Loyalty schemes are often one of the first things to change after a buyout. "So if you're collecting points, you might want to make the most of them now or look for an alternative card if rewards disappear." He also said there is something customers should do as a first priority. He urged: "The first thing to do is check any recent emails or letters to make sure you're aware of what's happening. If you've got a savings account, personal loan or credit card with Sainsbury's Bank, look at your interest rate, fees and repayment terms to see if anything is set to change. "It's also worth checking your direct debits or standing orders, just in case account details are updated." An update from Sainsbury's Bank reassured customers: "Your Sainsbury's Bank Credit Card remains valid and you can continue to use it instore, in other stores or online. "As we usually would, we will contact you as and when any changes are made to your product." Pernia Rogers, founder of Your Finance Travel Buddy, spoke about what the acquisition means for the wider UK banking scene. She said: "By acquiring Sainsbury's Bank, NatWest is bringing in 1.8 million customers, along with £1.4 billion in personal loans and £1.1 billion in credit card balances. It's another sign of the UK's high street banking market becoming increasingly concentrated, as larger banks continue to absorb smaller players. "That could mean less competition in some areas, which may affect things like choice, pricing and innovation for customers down the line."
Business Mayor
03-05-2025
- Business
- Business Mayor
Sainsbury's Bank customers warned 'don't ignore this letter' after NatWest buyout
Sainsbury's Bank customers have been encourged to make sure their house is in order financially as the group begins its transition to becoming part of NatWest. Starting on May 1, Sainsbury's Bank is to transfer all personal loans, credit cards and savings accounts to NatWest. Bank bosses hope to complete the move over to NatWest systems towards the end of 2025. NatWest has assured there will be no immediate changes. Sainsbury's told customers: 'Your Sainsbury's Bank Credit Card remains valid and you can continue to use it instore, in other stores or online. As we usually would, we will contact you as and when any changes are made to your product.' Nectar points will still operate in the same way and personal loan customers will have the same loan term, payment date and payment amount as before. Aaron Peake, personal finance expert at free credit score service CredAbility, spoke about what customers should do as the major change gets underway. He said: 'The first thing to do is check any recent emails or letters to make sure you're aware of what's happening. If you've got a savings account, personal loan or credit card with Sainsbury's Bank, look at your interest rate, fees and repayment terms to see if anything is set to change. It's also worth checking your direct debits or standing orders, just in case account details are updated.' Mr Peake also encouraged people to keep an eye out for changes to the Nectar points scheme. He said: 'Loyalty schemes are often one of the first things to change after a buyout. 'So if you're collecting points, you might want to make the most of them now or look for an alternative card if rewards disappear.' Speaking more generally, he encouraged all bank customers to do a 'financial health check' of their accounts. He explained: 'Whether your bank's being bought out or not, look at what you're getting in terms of interest on your savings and the cost of borrowing. The banking market is more competitive than it looks on the surface and switching can be easier than you think.' He said Sainsbury's Bank being taken on by NatWest could mark a 'new phase' in the UK banking market. The expert said: 'We've already seen the high street banking landscape change a lot in the last decade, with supermarket banks stepping back and some of the challenger banks struggling to turn a profit. 'This deal shows that the big players like NatWest are now looking to grow by snapping up smaller competitors, especially if it helps them get hold of new customer bases or lending books.' Asked for an update on the move, Sainsbury's Bank said it will keeping customers updated, reaffirming that there will be no immediate changes. The banking takeover comes after Nationwide completed its acquisition of Virgin Money in October 2024, in a £2.9billion deal. Vicky Bullen, CEO at global brand and design consultancy Coley Porter Bell, said that the project to move Sainsbury's Bank customers to being NatWest customers need to be handled with care. She said: 'There will be a need for careful migration so that Sainsbury's customers understand the changes that are happening. It is key that NatWest considers the equity that Sainsbury's brand has with its customers and considers the banking experience that it has delivered over many years. 'It needs to communicate clearly all along the way, considering the whole customer journey and experience, making sure that the NatWest experience demonstrates a step forward for those customers.' READ SOURCE
Wales Online
01-05-2025
- Business
- Wales Online
Five DWP money changes in May including tax changes and £100 Nationwide bonus
Five DWP money changes in May including tax changes and £100 Nationwide bonus Several key financial changes are happening this month and they could have a bit impact May is set to be a busy month (Image: Copyright Unknown ) Several key financial changes are happening this month that could impact your wallet. The main changes include the introduction of tax return penalties, NatWest's takeover of Sainsburys bank, and inflation updates. Premium bond winners have already been announced and HMRC has begun charging people a daily rate for submitting tax returns late. Ofgem is also set to announce the new energy Price Cap figures for the next three months - meaning the cost of energy bills might finally be able to come down. Here are the main money dates to be aware of this May: May 1 - NatWest takes over Sainsbury's Bank If you have a personal loan, savings account or credit card with Sainsbury's Bank, your account will now be moved to NatWest. This change comes after NatWest's £2.5billion deal to buy Sainsbury's Bank. For money-saving tips, sign up to our Money newsletter here Sainsbury's will continue to offer insurance and travel money services, but has already stopped offering new credit cards, loans and savings account applications. Article continues below May 1 - £10 daily tax return fines start Anyone who missed the self-assessment tax return deadline back on January 31 will start racking up daily fines from this month. HMRC will now fine £10 every day until the assessment is completed and will carry on to a maximum of £900. If you still haven't filed the form after six months, you could face an extra penalty of £300, or 5% of your unpaid tax. May 21 - New inflation figures to be revealed The latest inflation update from the Office for National Statistics is due on May 21. In the last update, the figure had dropped to 2.6% after its peak of 11.1% in October 2022, but experts have warned it could increase again due to recent rising energy bills. May 29 - Nationwide's £100 bonus' could be confirmed Nationwide is expected to confirm whether it will pay out another round of £100 'Fairer Share,' bonuses to its members when it releases its annual results on May 29. Last year, around 3.85 million customers each received a £100 bonus after Nationwide reported a £2 billion profit. May 31- P60 deadline Employers will have until May 31 to provide workers with their P60s. A P60 is a document that shows how much you earned and how much tax you've been paid in the last financial year, crucial if you are applying for a mortgage, loan or certain benefits. Article continues below Other changes to be aware of Spotify has increased some of its monthly subscription fees. Universal credit payments have gone up in line with inflation. The new Ofgem energy price cap for summer will be announced. Applications open for free childcare for working parents of children aged nine months and up.
The Sun
01-05-2025
- Business
- The Sun
Major update for millions as NatWest takes on supermarket bank customers – how it affects you
NATWEST will take on millions of Sainsbury's Bank customers from today after it secured approval for the transfer from the High Court last month. All of Sainsbury's Bank's credit cards, personal loans and savings accounts will be gradually transferred to NatWest in a process that will begin today. The transfer will be completed by the end of the year. But insurance and travel money services provided by Sainsbury's Bank will remain unchanged. Sainsbury's announced plans to wind down its retail banking division in January 2024 so it could focus more closely on its core retail operations. NatWest agreed to buy the supermarket bank in June last year. Then in August Sainsbury's Bank pulled its credit card and loans for new customers ahead of the takeover. The bank stopped accepting new savings account customers in March 2025. The transfer was subject to High Court approval, which was granted on April 16. As a result, the transfer will go ahead, although there will be no immediate changes for customers. What does it mean for me? There will be no immediate changes to how you use and access your account. You can still manage your money via the Sainsbury's Bank website, app and online banking. NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected You can still collect Nectar points with your credit card and the system to do so will be unchanged. Your personal loan repayment, date, amount and rate will also be unchanged. If your account is in arrears then any agreement you have in place about repayment of debt, for example repayment plans, will continue on your existing account. You should keep making any payments you have agreed to. HISTORY OF SAINSBURY'S BANK SAINSBURY'S Bank, founded in 1997, started as a joint venture between J Sainsbury PLC and Bank of Scotland, a subsidiary of Lloyds Banking Group. The supermarket took full ownership of the business back in 2014 for £248million. However, six years later, new (and remaining) chief executive Simon Roberts announced the supermarket would embark on a "food first" strategy to refocus on its core retail offering and improve returns. Last summer, Sainsbury's Bank offloaded its £479million mortgage book to Co-op Bank. The bank has about 1.9 million active accounts and offers a range of banking products to retail customers only, including credit cards, savings, personal loans, general insurance and travel money. It also operates a network of ATMs and in-store travel bureaux. In June 2024, NatWest announced a deal to purchase Sainsbury's Bank. Sainsbury's Bank will pay out £125million to NatWest and £250million to Sainsbury's as part of the agreement. NatWest will let you know if any changes need to be made to your support arrangements in the future. You will be given at least 60 days' notice of any upcoming changes to your account. NatWest will also become the Isa manager for all Sainsbury's Bank Isas from today. But your account will still function as normal despite the change in Isa manager. If you have Isas with Sainsbury's Bank and NatWest or Ulster Bank then the accounts will continue to be separate and you can still contribute to them within the £20,000 Isa allowance. The Bank has written to its Isa customers to give them more details about what the Isa transfer means for them. From today Sainsbury's Bank savings accounts will be transferred to NatWest and will become NatWest savings accounts. If you have an issue with your account or you need extra support then you should still contact Sainsbury's Bank. You should do so if you want to make a new complaint, check up on an existing one or speak to them about a dispute or claim. You can speak to Sainsbury's Bank customer service by calling 0808 540 5060. What happens when my account is moved to NatWest? Your account should be moved to NatWest systems towards the end of this year. Once this happens you will not be able to use Sainsbury's Bank's online banking and mobile app to access your account. You will need to take some steps to access your account using NatWest's online banking and mobile app. NatWest will be in touch with you with instructions on what you need to do. You may need to take action even if you are already a NatWest customer. Where possible your new account will be the same as your existing one. This will include the overall amount of interest charged for credit cards, the amount of interest earned for savings and any promotional offers. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
