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Sainsbury’s Bank Tops League Table For ‘best-buy’ Personal Loans

25 March 2014

 

This press release is information for journalists only and is not intended to be an advert to be acted upon by consumers.

New findings(1) from personal finance research company MoneyComms, reveals that over the last three years (January 2011 to 2014), Sainsbury’s Bank personal loans for balances of £3,000, £10,000 and £15,000 over repayment periods of three and five years appeared in more top five positions within monthly market best buy tables than any other mainstream provider.

Sainsbury’s Bank, was recently named most consistent loan provider by Moneynet(3)

During the period January 2011 to January 2014, MoneyComms(1) reviewed historical Moneynet awards best buy data across three different personal loan tiers

The comprehensive analysis covered a total of 108 months of Moneynet personal loans data and focused on the five lowest rates on the market for sums of £3,000, £10,000 and £15,000.

Sainsbury’s Bank appeared in all 108 monthly best buy snapshots– the only provider to do so.

Sainsbury’s Bank is currently running a sale on its Standard Loans, (on amounts between £7,500 and £15,000) where the standard rate is currently 4.5% APR Representative(2) and for the first time is making this lowest ever rate available to all customers, not just those with a Nectar card. The rate is available on a repayment term of four to five years

Those with a Nectar card and borrowing over one to three years could receive an even more competitive rate of 4.4% APR Representative(4).

Customers can apply and find out more information online at sainsburysbank.co.uk/loans. The rate is available until 3pm on Friday 28th March 2014.

Top Five Providers(1) Most top five Moneynet best-buy personal loan appearances from January 2011 and January 2014 (for balances of £3,000, £10,000 and £15,000 over repayment periods of three and five years) (1)    
Sainsbury’s Bank 108 out of 108
Tesco Bank 89 out of 108
M&S Money 64 out of 108
Clydesdale/Yorkshire Bank 49 out of 108
Post Office 46 out of 108

 

Simon Ranson, Head of Banking at Sainsbury’s Bank said: “The personal loans market is very competitive and we are delighted to see that over the past three years, we have been the most consistently attractive provider.  We remain committed to offering some of the best rates in the market.

“We are seeing strong demand for our personal loans which is why we wanted to make it even easier for all customers to apply for a loan.”

The MoneyComms research also found that the Sainsbury’s Bank Shopper Reward Loan is the only(1) personal loan that offers on-going rewards to customers (double Nectar points on Sainsbury’s shopping for two years) (5).  It is also one of only(1) two loans on the market that offers rewards for taking them out (5,000 bonus points).

For further information on Sainsbury’s Bank Loans call 0800 169 8502, log on to www.sainsburysbank.co.uk/loans or pick up a leaflet in Sainsbury’s.

– ends –

Notes to editors

(1)MoneyComms research, based on Moneynet Awards monthly compilation of best buy loans, conducted by Andrew Hagger, during January 2014 – www.moneycomms.co.uk

(2)Rate correct at date of issue. Sainsbury’s Bank reserves the right to vary rates without notice.

(3) Named most Consistent Besy Buy Loan Provider 2014 by Moneynet

(4) Customers must have a Nectar card and it must have been swiped instore or used online at Sainsbury’s in the last six months. We may check the Nectar account to verify this. Sainsbury’s Bank reserves the right to vary rates without notice.

(5) Offer only available to customers applying for a new loan. The application must be accepted & the loan paid out to qualify for 5,000 Nectar points and double Nectar points. Offer only available to Sainsbury’s shoppers with a Nectar card which has been swiped in store or online in the last 6 months. We may check their Nectar account to verify this. Customers must enter their Nectar card number at the time of application. The loan must be for an amount between £7,500 and £15,000 and must be taken over a period of between 12 and 60 months. 5,000 Nectar points will be added to customers’ Nectar account within 60 days of agreement commencing. If the customer misses any repayments, double points will stop at the end of the month this happens and will not be re-instated, even if the loan is brought back up to date. If the loan is repaid, double points will stop from the date of repayment. Only the first loan registered against each Nectar account will qualify for double points. Customers may qualify for additional points by taking out other qualifying products. Base points on qualifying spend in Sainsbury’s will be collected as normal. A bonus equal to the total of these points each calendar month (subject to a monthly maximum of 2,500 points) will be credited to the Nectar account by the 10th of the following month, for up to 24 months from the date the loan is paid out. Excludes all bonus point offers from Sainsbury’s Energy, Telecoms, Digital, Bank, Diets and all other Sainsbury’s services. The monthly bonus will only be calculated on, and credited to the Nectar card nominated at the time of application. The nominated card must also be used at the time of each Sainsbury’s purchase and points will not be allocated retrospectively. The collection and use of Nectar points in the Nectar loyalty programme is governed by the Nectar Collector Rules set out in the registration pack and available at nectar.com.

For further information, please contact:

Tom Wilson, Citigate Dewe Rogerson on 020 7282 2842
Natasha Virtue, Sainsbury’s Bank on 0131 338 2974

Sainsbury’s Bank:

To view our latest press releases and product information, please visit the Sainsbury’s Bank online media centre at www.sainsburysbank.co.uk/media

Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top best buy tables and regularly win awards for quality, price and service.

Sainsbury’s Bank has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514), except for Credit Cards and Loans where it is licensed by the Office of Fair Trading (OFT) license no. 421897. The Bank has an independent membership to the Financial Services Compensation Scheme.