Major UK bank ‘closing all customer accounts’ within weeks

1.8 million customers are being transferred.

The moves comes after Sainsbury's sold its banking operations to NatWest last year in order to focus on groceries, leaving 1.8 million Sainsbury's customers being progressively transferred over to NatWest.

Holders of credit cards were transferred to NatWest on 3 October while loan customers were moved over on 31 October.

The final group which remain to be migrated concern saving account holders who are set to be transitioned in the coming weeks with all accounts finally being closed.

This will ultimately mean customers will lose access to their accounts through Sainsbury's Bank's website and mobile app.

Those who still have accounts with the supermarket's banking arm have been informed that NatWest will help walk people through registering on their own banking platform and app.

Customers may continue using their existing Sainsbury's Bank credit card until they receive their replacement NatWest-branded card.

NatWest confirmed that after the account transfer, customers will be able to view statements on the NatWest app and banking portal, although recommended downloading statements immediately to prevent losing access.

The bank said that this "this is because you won't be able to access Sainsbury's Bank online banking to download them after your account has migrated."

Direct debits are set to automatically move over.

NatWest said: "Any Direct Debits you have set up with Sainsbury's Bank will move over to Natwest automatically and you'll continue to be covered by the Direct Debit Guarantee. The only change you'll notice is that your bank statement will now show the Direct Debit name as NatWest Bank Plc instead of Sainsbury's Bank Plc".

Speaking about the migration, Natwest said: "Once your account(s) move on to our systems, expected towards the end of 2025, you won't be able to use Sainsbury's Bank's online banking and mobile app to access your account(s) and there will be some steps you'll need to take to access your account(s) using our online banking and mobile app.

"We'll be in touch with sufficient notice before then with instructions on what you need to do, including what to do if you're already a NatWest customer. You will no longer be able to access your Sainsbury's Bank online banking or mobile app if you have a Sainsbury's Bank credit card."