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Sainsburys to axe popular service used by millions of customers [Video]

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Nova Scotia News

Sainsbury’s is planning to phase out a popular service, potentially impacting almost 2 million customers.

Sainsbury’s Bank, which offers loans, credit cards and savings accounts, will begin to wind down as part of the company’s ‘food first’ strategy, which was implemented in 2020.

It’s the next in a long chain of bank closures, with 45 Halifax, Lloyds and Bank of Scotland branches set to close this year.

Sainsbury’s focus on food sees the company prioritising its retail arm in a bid to reduce costs and improve quality overall. 

The company said it would begin a ‘phased withdrawal’ from its banking business, but that there won’t be any immediate impact on customers. 

Sainsbury’s Bank first opened in 1997 as a joint venture with The Bank of Scotland, but Sainsbury’s took full ownership in 2014. 

Along with savings accounts, the service offers numerous types of loans for cars, weddings, home improvement, debt consolidation …

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