Sainsbury's Bank is in the final stages of a major shake-up, set to close all 1.8 million of its customer accounts by the end of November, with the banking arm of the supermarket retailer ceasing operations entirely by December. This extensive migration involves switching customers over to NatWest, following the sale of Sainsbury's loans, savings products, and credit card portfolio to the rival provider last year.

The transition has been phased, with credit card holders having migrated to NatWest on October 3, and loan customers following suit on October 31. Savings account customers, who are currently the last group still held with Sainsbury's Bank, are slated to be fully moved onto NatWest's systems by November 30. This process will result in customers losing access to their accounts through Sainsbury's Bank's website and mobile application.

Customers can expect a smooth transition for many services. Credit card holders will be able to continue using their existing Sainsbury's Bank cards until their NatWest-branded replacements arrive. Furthermore, those accustomed to Sainsbury's online banking services will receive instructions from NatWest on how to register for its own online banking platform and app. All current direct debits will automatically transfer to the new banking accounts, and customers will be able to view their banking statements via the NatWest app and online banking portal.

However, an important advisory has been issued to savings account holders: they are strongly advised to download their statements immediately to prevent potential loss of access once the migration is complete. Paul Thwaite, the new chief executive of NatWest, commented on the acquisition, stating it presented "a great opportunity to accelerate the growth of our retail banking business at attractive returns, in line with our strategic priorities."

The decision by Sainsbury's to divest its banking operations has been well-received by financial analysts. Russ Mould, investment director at AJ Bell, noted that the market's positive reaction was unsurprising, given Sainsbury's strategic focus on its core food business. He suggested that removing banking distractions could help streamline the supermarket's overall operations. Clive Black, head of consumer research at Shore Capital, echoed this sentiment, praising Sainsbury's chief executive Simon Roberts for what he called "another good move." Black further elaborated that the deal brings to a close Sainsbury's "adventure" into banking, an endeavor that had initially aimed to be a challenger bank but was ultimately hindered by regulators, technocrats, and the established power of incumbent banks.