London, 1 July 2026 – Sainsbury’s today announced the launch of Sainsbury’s Money, a new brand which will be powered by Sainsbury’s Financial Services Ltd. This marks the completion of its transformation from a retail bank to a simpler, partner-led model.
Sainsbury’s Money will offer a range of financial products, working with trusted partners to bring customers the support they need to protect, save and plan ahead.
As part of this transition and following the successful transfer of customers to specialist partners, Sainsbury’s Bank has ceased to be PRA authorised and no longer holds banking permissions.
Customers will continue to have access to a range of financial products across both our Sainsbury’s and Argos brands. Sainsbury’s branded insurance and credit products will be distributed through our new Sainsbury’s Money brand, with Sainsbury’s Travel Money delivered in partnership with leading providers. While Argos branded products will be distributed through our Argos financial services offering, including credit and insurance with Argos Pay and Argos Care.
All Sainsbury’s and Argos branded financial services products will be managed by our team in Sainsbury’s Financial Services Ltd.
This new model will help Sainsbury’s to continue supporting customers at key moments in their lives, building our offer around three everyday needs: protecting what matters, rewarding them with Nectar and access to credit when they need it.
The move is a key milestone in Sainsbury’s financial services offering, enabling the grocer to focus on delivering simple, trusted services that support customers in their everyday lives, while strengthening loyalty through Nectar rewards.
Bláthnaid Bergin, Sainsbury’s Chief Financial Officer, said: “This transition means we’re now able to focus all our time and resources going forward on growing our core retail business, delivering great quality and value, week in week out.
“This is an important step forward for Sainsbury’s. We’ve moved from being a bank to a financial services provider that works with specialist partners to bring our customers simple, great value products that fit around how they live and shop.
“We’re proud of how we’ve supported customers through this transition, and excited about the role Sainsbury’s Money will play in the future.”
The transformation follows a multi-year programme to reshape Sainsbury’s financial services business. Since 2024, Sainsbury’s has:
- Core banking business: Sold its core banking products to NatWest in June 2024 and in April 2026 announced a new agreement for NatWest to deliver a Nectar credit card and instant access savings and unsecured personal loans
- ATMs: Sold ATM business to NoteMachine, a Brink’s Company, and entered into a partnership for ongoing provision of ATM services, announced September 2024
- Argos Card: Announced the sale of the Argos card portfolio NewDay Group in October 2024.
- Insurance: Entered into an agreement for Allianz UK to offer replacement car and home insurance policies to existing Sainsbury’s customers, announced July 2025.
- Travel Money: Transferred its travel money business to Fexco, announced July 2025 and completed in February 2026
All customer migrations have been completed successfully, with continuity of service maintained throughout.
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About Sainsbury’s
Offering delicious great quality food at competitive prices has been at the heart of what we do since John James and Mary Ann Sainsbury opened our first store in 1869. Today, inspiring and delighting our customers with tasty food remains our priority and our purpose is clear – we make good food joyful, accessible and affordable for everyone, every day.
Our focus on great value food and convenient shopping, whether in-store or online is supported by our brands – Argos, Nectar, Tu Clothing, Habitat and Smart Charge. Sainsbury’s has more than 600 supermarkets and over 885 convenience stores. Argos is a leading digital retailer with over 80 per cent of its sales starting online and 20 million active customers. Digital and technology enables us to adapt as customers shop differently and our profitable, fast-growing online channels offer customers quick and convenient delivery and collection capability.