New research from Sainsbury’s Finance suggests that half of all Brits would be interested in making deposits into their savings account whilst paying for their supermarket shopping. Sainsbury’s Finance, which launched its own SaveBack scheme five years ago, urges other supermarkets and retail banks to innovate with convenience to help the nation get into the savings habit. (1)
The supermarket bank’s research reveals that some 15.8 million potential savers would be willing to make an average deposit of £60 each month at the supermarket till, should the service be available to them. This would represent an average of £32 million taken each day across the nation’s supermarkets. Sainsbury’s own SaveBack service is used by thousands of Sainsbury’s customers across its 537 stores.
With the simple swipe of a debit card plus their SaveBack card, Sainsbury’s shoppers can make deposits of between £1 and £2,500 at the till (larger deposits can be made at the Customer Service desk). Sainsbury’s is the only supermarket to allow a seamless deposit transaction with no need to hand over cash or cheque deposits, the funds moving directly from current account to savings account. So popular is the service with its regular savers that the till deposit transaction limit was last week increased from £500 to £2,500. This allows shoppers the convenience of making larger deposits without the cashier having to call a supervisor to oversee larger transactions.
Helen Cook, Head of Savings at Sainsbury’s Financecommented: “We were the first supermarket bank to introduce a way for shoppers to add money to their savings accounts at the point they pay for their purchases. Thousands of our shoppers are making use of their SaveBack cards and transferring money into one of our savings accounts, such as Easy Saver which offers a competitive rate together with the added benefit of earning double Nectar points, or our new Online Saver.
“We believe we all have a part to play in helping Britain to save more and would encourage other supermarkets to follow suit. We are continually looking at ways we can innovate further and improve convenience for our customers, particularly in these challenging economic times.”
Britain’s savers currently use a number of different channels to add money into their savings accounts. The most popular channel is through online banking, which is used by a half (51%) of all Brits. However, after online banking, a third (32%) of savers favour visiting their bank or building society to pay money into their savings accounts.
When taking out a Sainsbury’s Easy Saver account(2)Sainsbury’s shoppers with a Nectar card receive double Nectar points on their shopping in store, online and in petrol filling stations for two years. Terms and conditions apply. For customers spending £100 per week with Sainsbury’s, this means an extra £52 worth of Nectar Points a year, on top of highly competitive interest rates. Plus, the more Sainsbury’s Finance products held, the more Nectar points can be earned(3). The interest paid on the Easy Saver account has recently increased to 2.5% AER.
The supermarket bank recently increased the rate paid on its Online Saver account, which now pays 2.7% AER. The rate is highly competitive and the account is easy to apply for and manage online, and is available to new and existing savings customers.
The Easy Saver and Online Saver accounts have options for annual or monthly interest. To find out more about Easy Saver, call 0800 028 5268. For more information on Sainsbury’s Finance’s Online Saver account call 0500 40 50 60 or visitwww.sainsburysfinance.co.uk
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For further information, please contact:
Sarah Rowan / Phil Anderson
Citigate Dewe Rogerson
020 7638 9571
Notes to editors:
(1)ICM interviewed a random sample of 2030 adults aged 18+ via online between 22nd – 24th October 2010. Surveys were conducted across the country and the results have been weighted (grossed-up) to the profile of all adults (over 18s). ICM is a member of the British Polling Council and abides by its rules. Further information at www.icmresearch.co.uk
(2) Easy Saver accounts must maintain a minimum balance of £5,000 and Online Saver accounts must hold a minimum balance of £1,000.
(3) Customers can earn even more Nectar points the more qualifying products they hold:
Pet Insurance, Home Insurance, The Sainsbury’s Nectar Credit Card or Sainsbury’s Gold Card and Sainsbury’s Loans. This means that in conjunction with their Nectar card, by having all of these products and an Easy Saver or Online Saver account, they could enjoy up to 6 times the Nectar reward.
To view our latest press releases and product information, please visit the Sainsbury’s Finance online media centre atwww.sainsburysfinance.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 Finance 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 Finance recent awards include Best Overall Online Provider, Best Direct Personal Loans Provider, Best Online Credit Card Provider, Best Online Life Insurance Provider at the Your Money Awards 2010.
Sainsbury’s Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury’s Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysfinance.co.uk