Page 4: Results of the venture
So how successful has Sainsbury’s Bank been?
Sainsbury’s Bank now has over 800,000 customer accounts and continues to add 10,000 new accounts each week. The Bank has in excess of £1.6 billion of customer deposits and £400 million of commitments to customers.
The results from Sainsbury’s Bank compare very favourably with those of its main rival Tesco (which set up its banking operation three months after J. Sainsbury plc), with Sainsbury’s Bank customers having much higher average balances than Tesco account holders.
The product range now includes:
- Instant Access Savings Account, Christmas Saver Account and two Visa credit cards - Classic and Gold - (all launched in February 1997).
- Personal Loans were launched in June 1997 with the Optionsª Variable Rate Mortgage introduced in July 1997.
- Household Insurance was launched in January 1998 followed by Fixed Rate Mortgages in July 1998,
- Pet Insurance and the Merit low interest rate credit card in July 1998.