Sainsbury’s Bank was launched back in 1997 as 50:50 joint venture between J Sainsbury plc and the Bank of Scotland (now part of the Lloyds Banking Group). It operates under its own banking license issued by the FSA.
The bank, which now trades as Sainsbury’s Finance, offers a wide range of financial products that can be purchased online or over the phone. These include credit cards, savings accounts, loans and insurance products (home insurance, travel cover, car insurance, etc). There are over 1.5 million active Sainsbury’s Finance customers, with deposits in excess of £6 billion.