Retail giant may move into banking

Over recent years a number of well known retailers and supermarket giants have started offering various financial services, such as insurance services, credit cards, and even loans. Marks and Spencer, for example, has its own M&S Money sector and supermarkets such as Sainsbury’s and Tesco have been offering financial products for some time. One supermarket giant, Tesco, has recently announced that it is moving into the banking sector through offering full banking services, which will be rolled out over the course of this year. Read more

Tags: insurance services, supermarket giants, Financial services, financial products, Sainsbury, tesco, car insurance

Save money by ditching branded products

Despite much talk about green shoots and economic recovery for the average household money is still tight, and the global credit crunch and ongoing recession are still hitting hard. Read more

Tags: branded goods, green shoots, household money, Sainsbury, cheaper brands, shopping, cheap goods, Brits

Voucher scheme from Sainsbury’s to be stepped up

Over recent years consumers have become increasingly reliant on the various voucher and loyalty card scheme that have been made available by a variety of supermarket giants, and these schemes have enabled consumers to save money or earn rewards when they shop at the supermarket and have points put onto this loyalty card. Read more

Tags: nectar card, shelf, Sainsbury, Tesco Clubcard, shelf prices, sainsbury's vouchers

Over £1bn to be transferred between credit cards every month

Up to £1.1 billion is expected to be transferred between credit cards every month, according to new research.

Findings from a study by Sainsbury’s Bank showed that an estimated 716,000 consumers are responsible for the transfer of the sum.

The average transfer balance is £1,500 but one in ten consumers intend to transfer plans worth £4,000.

Donald MacLeod, head of cards with Sainsbury’s, said research indicates that 40 per cent of card holders think it will take longer than a month to clear their current balance.

“Although there are a number of credit cards offering introductory 0% on balance transfers, there is a considerable difference in their duration so people need to choose carefully. Also, when choosing a card for a balance transfer, it is also worth considering what else it offers,” he added.

Meanwhile, research from Fool.co.uk showed that UK spenders are more likely to use their cards than cash when paying for everyday purchases.

Tags: Fool.co.uk, Sainsbury, Business Finance, balance, cent, sainsburys, fool, Donald MacLeod

Consumer spending on cars set to decrease

The number of consumers expected to buy a car over the next six months is set to drop according to new statistics.

Findings from Sainsbury’s Bank show that 6.86 million people plan to purchase a vehicle between March and August 2008, almost one million less people than in the preceding six month period.

The research showed that £47.5 billion will be spent on purchasing cars over the next half year, a figure which represents a £11.1 billion decrease on the previous September 2007 to February 2008 findings.

Steven Baillie, head of loans with Sainsbury’s Finance, said: “Our findings would indicate that both the number of people who are looking to buy a car over the next six months and the total amount expected to be spent on car purchases are at their lowest levels since March 2005.”

The figures also show that up to 30 per cent of people who intend to buy a vehicle over the next six months finance at least some of their purchase with a loan.

Meanwhile, research from Sainsburys shows that over £1 billion worth of loans will be used to finance weddings during 2008.

Tags: purchase, figure, Sainsbury, period, head of loans with Finance, Sainsbury's Bank, looking to buy a car

Car insurance premiums rise by 5%

Car insurance premiums have risen by five per cent over the course of the past year, according to new research.

Findings from Sainsbury’s Bank revealed that the average premium was £497.26 in December 2007, compared with £472.52 in December 2006 which saw an increase of 5.24 per cent.

Joanne Mallon, Sainsbury’s Car insurance manager, said: “Car insurance premiums continue to rise which makes it all the more important for motorists to shop around for competitive insurance.”

She added that “the trick” is cutting your costs without cutting your cover.

Those motorists aged between 40 and 50 saw an average rise of seven per cent, which was the highest of any age group, higher even than the under 25s who had rises of just 6.59 per cent.

According to bank’s figures, men continue to pay more for their car insurance than women on average – £525.35 compared with £453.38.

Meanwhile, the bank has also warned drivers to be wary of ‘frosting’, a technique thieves use to take advantage of drivers who leave their cars unattended while warming up the engine.

Tags: trick, sainsburys, course, age, car insurance premiums, Sainsbury, car, Insurance

Consumers expected to spend £2.7b more this Christmas

An estimated £2.7 billion more is to be spent this Christmas by consumers compared with last year, according to a survey by Sainsbury’s Bank.

People intend to spend £11.85 billion more on shopping in the last week before Christmas than in 2006.

The findings also show that 18 per cent of this figure, approximately £2.1 billion, will be paid by credit card.

Donald MacLeod, head of cards, Sainsbury’s Bank, said: “I was surprised at…the fact that people were going to spend more this year than last year. All the press comment at the moment has been about there being a squeeze on [spending], but this doesn’t appear to be the case.”

He added that buying gifts during the build up to Christmas can benefit consumers as some retailers are already offering discounts. Unfortunately the risk is that some goods may already be out of stock.

Mr MacLeod also said that credit cards are “a very convenient way of doing your Christmas shopping”, as using them does not require consumers to carry cash.

Tags: sainsburys, buying gifts, week before christmas, year, press, Mr MacLeod

Frost increases theft as cars left unattended

“When the icy mornings start” theft claims increase, as drivers leave their cars unattended while defrosting, say insurance experts.

The British Insurance Brokers’ Association (BIBA) says that car owners should stay with their vehicles to avoid becoming victims of this new type of car theft – “frosting”.

Graeme Trudgill, technical and corporate affairs executive at BIBA, said: “Unfortunately, gone are the days when you can leave your door open…and the same goes with your car. You do need to take security measures there.”

He added that drivers are being sensible by defrosting in the first place, as it would be dangerous to drive with only a small gap in the windscreen through which to see.

However, it could be contentious when making an insurance claim in a situation where a driver has left a vehicle unattended as insurers will argue “you haven’t taken reasonable care,” warned Mr Trudgill.

In January 2007, Sainsbury’s Bank estimated that between 2000 and 2005 as many as 121,730 households may have become victims of “frosting”.

Tags: Sainsbury, corporate affairs executive, Financial services, theft, theft claims, Insurance, January

People advised not to rely on loans for Christmas

Consumers are advised not to take out elf”>loans in order to “make Christmas happen”, an industry expert has said.

According to Steven Baillie, head of loans at Sainsbury’s Bank, using a personal loan purely to fund Christmas is not recommendable, as it may take a few years to pay off.

“If you’ve got to carry that forward for another 12, 24, 36 months … Christmas comes round two or three times before you’ve paid off the first one. So it’s not something I would, as a responsible lending organisation, expect customers to do,” he said.

Research by MoneyExpert.com on Christmas spending reveals that over a million bills were neglected in January this year as a result of excessive spending over the festive season.

Meanwhile, Credit Action found that there were 669 million credit card transactions made in December 2006, up six per cent on the previous year and equating to 250 transactions per second throughout the month.

Tags: previous year, organisation, result, responsible lending organisation, round, head of loans, com, Sainsbury

Bank highlights major UK protection deficit

There is a £2.3 trillion protection gap in Britain, Sainsbury’s Bank said yesterday.

According to the high street bank, many people do not take out life cover with their mortgages and this is largely contributing to the deficit.

Clare Moyles, a spokesperson for the bank, said: “Anybody aged 18 plus with a family really needs to be thinking about protecting their family and protecting their mortgage.”

She added that it was not a priority on many people’s “agenda”.

The Association of British Insurers recently found that one in every three Brits is without life insurance and the same figure are uninsured through not renewing life cover for five years.

Furthermore, it revealed that between 2005 and 2006 people paid £41,168 million on life insurance premiums and £45,469 million on life insurance benefits.

Sainsbury’s Bank recently advised young people to shop around beyond their mortgage lender for a better deal on life insurance to avoid losing out on significant savings.

Tags: Bank highlights, Sainsbury's Bank, Sainsbury, Types of insurance, mortgage lender, Association

Car insurance savings through shopping around

Motorists ought to be “shopping around” to get the best deal, an insurance company said today.

Sainsbury’s Car Insurance said that those drivers who are “not bothering” to check out and compare several different insurance providers were missing out on savings.

According to research released by the company, one-in-five of poll respondents obtained just one quote for the last time they took out cover.

Correspondingly, 37 per cent of those who had been with their insurance provider for three years or more claimed that their premiums had gone up, with ten per cent claiming that their premiums had gone up by over one-tenth.

Car insurance manager at Sainsbury’s Lucy Hunter said: “Only obtaining one or two quotes won’t give you a clear view of the varying price comparisons out there. We recommend getting at least four quotes so that you can compare against price and level of cover and make an informed decision on what you’re prepared to spend.

“These days you can get online quotes in minutes, so it doesn’t have to be an arduous exercise.”

Tags: insurance manager, price comparisons, clear view, shopping, view, Admiral Group, time, Sainsbury

SainsburyÂ’s reports increasing online insurance

More and more Britons are purchasing insurance online, according to Sainsbury’s Bank.

The high-street insurer says that customers are increasingly turning to the internet for taking out their car, pet and even life insurance cover.

According to communications manager Natasha Virtue, “it is a growing trend. We’re seeing a steady increase.”

This increase has also led to an increasingly competitive market: “We’re actually encouraging people to seek four quotes if possible, because the more you can shop around, the better deal you’re likely to get”, she added.

However, Sainsbury’s still encounter customers who prefer to stick with more traditional telephone purchases: “You do get people who really just want to speak to somebody and got through all the details on the phone”, Ms Virtue said.

“It’s really just up to the individual… maybe [some people are] just doing [their] research at home online, and then you’ll get people that maybe want to pick up the phone after that. So it just provides both avenues for them, really.”

Tags: SainsburyÂ, Sainsbury, sainsburys, Justin King, Natasha Virtue, telephone, Ms Virtue

Car insurance gets more expensive

The cost of car insurance has steadily grown in the past year, with figures showing a 2.1 per cent increase.

Figures released by Sainsbury’s Car Insurance show that the average premium in January 2006 was £462.72.

By July of the same year this had risen to £466.63 and by the end of the year it had grown again to £475.52.

That means that the average premium was £9.80 more expensive in December 2006 compared to the same premium just 12 months earlier.

“It always pays to keep a close eye on your car insurance premiums and shop around to make sure that you are paying a competitive rate because you could enjoy significant savings of over £100,” said Steve Johnson, head of car insurance at Sainsbury’s Bank.

The data also highlights the fact that the gender gap in car insurance premiums remains as vast as ever, with men paying an average £499.06, while women pay £434.46.

Motorists aged under 25 saw their premiums increase by the most, with the average cost rising by 5.8 per cent.

The only group to see their premiums fall were those aged over 65, with the average premium dropping by 0.5 per cent.

The easiest way to ensure that you are getting the best deal on your car insurance is to shop around and find the deal that best suits your needs.

Tags: Sainsbury's Bank.The data, close eye, premium, head of car insurance, Sainsbury, cent, Business Finance