Sainsbury's customers to be offered new financial products via NatWest
J Sainsbury PLC’s customers will be able to access a range of new financial products, such as savings deals and loans, through an agreement with NatWest Group PLC.
There will also be ‘exclusive’ benefits for Nectar members, according to those behind the partnership.
Products will start to be made available in the second half of the year.
As part of the partnership, Nectar members will have access to ‘tailored rates’ on savings and loans.
The new products will also include a NatWest Nectar credit card, allowing customers to collect Nectar points on purchases, with opportunities to earn bonus points.
There will also be an instant access savings offering and personal loans made available through Sainsbury’s digital channels.
The announcement follows NatWest’s acquisition of Sainsbury’s Bank’s core banking business, including its personal loan, credit card and retail deposit portfolios, in 2025.
NatWest said it serves one in three families in the UK and partnering with Sainsbury’s is a further development in its growth strategy.
The bank has previously announced partnerships with the AA to provide instant access savings and loans to its members, as well as Saga, which is offering savings to its over-50s customers.
Solange Chamberlain, chief executive of retail banking at NatWest, said the partnership with Sainsbury’s combines ‘our expertise and financial knowhow with a seamless digital experience and Sainsbury’s scale’.
Patrick Short, managing director of financial services at Sainsbury’s, said: ‘We’re committed to working with trusted partners who share our values and dedication to delivering outstanding service for our customers.
‘Building on our success together, we are pleased to extend our agreement with NatWest, whose deep expertise and customer-first approach continue to make them an ideal partner for our evolving financial services offering.’
NatWest and Rightmove PLC also announced a partnership in February that will give home buyers an ‘instant’ digital NatWest mortgage decision in principle.
The three-year partnership will mean NatWest powers Rightmove’s mortgage in principle service, helping people to understand early on in their property search how much they might potentially be able to borrow.
NatWest share rose 3.5% to 572.80 pence each on Wednesday morning in London, while Sainsbury shares were up 0.6% at 341.18p.
By Vicky Shaw, Press Association Personal Finance Correspondent
Press Association: Finance
source: PA
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