Martin Lewis warns one million bank customers they 'could be moved'

James Rodger

24 June 2024 at 1:33 pm·2-min read

Martin Lewis has warned one million bank customers could be moved next year. The BBC Sounds podcast host and ITV regular spoke out after it emerged Sainsbury's Bank account holders could be moved to NatWest next year as part of a deal between the two banks – but it's still early days and there's NO change right now.

Sainsbury's Bank says that there'll be no immediate changes to any of its customers' terms and conditions, adding that they don't need to take any action. NatWest is expected to take on around one million Sainsbury's Bank customers.

The sale does not include Sainsbury’s Bank’s commission income businesses, such as insurance, cash points and travel money, or Argos Financial Services. MSE said: “If you have a credit card, loan or savings with Sainsbury's Bank, you could be moved to NatWest next year as part of a deal between the two banks.

"But it's still early days and there's NO change right now.” The article continued by saying: “Sainsbury's Bank says that there'll be no immediate changes to any of its customers' terms and conditions, adding that they don't need to take any action. This means you can keep using Sainsbury's Bank products and services as normal for the time being.”

Simon Roberts, Sainsbury’s CEO, said:“There will be no immediate change for our bank customers as a result of this announcement. Today’s news means we will focus all our time and resources going forward on growing our core retail business, delivering great quality and value, week in week out.”

Paul Thwaite, NatWest Group CEO, said: “Following today’s announcement, we look forward to welcoming new customers to NatWest Group, where they will benefit from our expertise and award-winning digital banking offering. This Transaction is a great opportunity to accelerate the growth of our Retail banking business at attractive returns, in line with our strategic priorities.”

The Telegraph
Can Asda’s new ‘cut-throat’ owners succeed where the Issa brothers failed?
Customers arriving at Asda’s Bournemouth superstore this month would have been forgiven for immediately turning around and going home.
Insider Monkey
The Country that Imports the Most Natural Gas in the World
In this article, we will take a look at the Country That Imports the Most Natural Gas in the World. We have also compiled a full free list of the 20 Countries that Import the Most Natural Gas in the World. Natural Gas: A Key Player in the Global Energy Market Natural gas, a fossil […]
Fortune
Nvidia will produce such a massive ‘cash gusher’ that it will have to buy back more stock because all that money has nowhere else to go, analyst says
Melius Research projects Nvidia will generate $270 billion in cash over the next three years, potentially setting the stage for huge shareholder returns.
Fool.co.uk
3 FTSE 100 bargains I’d love to add to my Stocks and Shares ISA in July
Harvey Jones is keen to add some good-value FTSE 100 shares to his Stocks and Shares ISA and reckons these three look unmissable after recent falls. The post 3 FTSE 100 bargains I’d love to add to my Stocks and Shares ISA in July appeared first on The Motley Fool UK.
Fool.co.uk
3 stocks that Fools have recently sold
Two US-listed firms and one British stock — why did these three Fools sell these particular shares? The post 3 stocks that Fools have recently sold appeared first on The Motley Fool UK.
Fool.co.uk
A once-in-a-decade opportunity to buy these 2 penny stocks this cheaply?
I've been watching these two penny stocks for a long time. And right now, I think they might just be on the verge of a strong decade. The post A once-in-a-decade opportunity to buy these 2 penny stocks this cheaply? appeared first on The Motley Fool UK.
Fool.co.uk
What’s the best FTSE 100 stock to buy now the general election is almost behind us?
The stock market hates uncertainty, so we may see a surge for FTSE 100 shares late next week once the result of the election is in. The post What’s the best FTSE 100 stock to buy now the general election is almost behind us? appeared first on The Motley Fool UK.
Fool.co.uk
The Diageo share price keeps falling – time to buy more?
The Diageo share price has been falling for years, but Harvey Jones wants to make doubly sure he benefits when it bounces back. The post The Diageo share price keeps falling – time to buy more? appeared first on The Motley Fool UK.
Fool.co.uk
Is this Google-backed AI growth stock the next Nvidia?
Our writer takes a look at one artificial intelligence firm that made its stock market debut in June. Could this be the next big AI growth stock? The post Is this Google-backed AI growth stock the next Nvidia? appeared first on The Motley Fool UK.
The Telegraph
Interest rates could rise as threat of inflation still looms
Countries must be prepared to raise interest rates again if inflationary pressures return, a top central bank has warned.
Simply Wall St.
Those who invested in Helios Underwriting (LON:HUW) five years ago are up 43%
Stock pickers are generally looking for stocks that will outperform the broader market. And in our experience, buying...
Fool.co.uk
Should I buy more BAE Systems shares at 1,320p?
This investor in BAE Systems shares is wondering whether to add to his holding while the FTSE 100 defence stock is stuck around £13. The post Should I buy more BAE Systems shares at 1,320p? appeared first on The Motley Fool UK.
Fool.co.uk
3 reasons the Rolls-Royce share price might crash
Can anything stop the rise and rise of the Rolls-Royce share price? Maybe one day something will, and it might just be one of these. The post 3 reasons the Rolls-Royce share price might crash appeared first on The Motley Fool UK.
Fool.co.uk
This former penny share has quadrupled. Could it go higher?
Christopher Ruane looks at a former penny share he thinks has a distinctive business model and weighs some pros and cons of buying it for his portfolio. The post This former penny share has quadrupled. Could it go higher? appeared first on The Motley Fool UK.
Business Insider
The US housing market has entered bizarro world
"When it comes to the housing market, the laws of supply and demand don't seem to apply any longer," David Rosenberg said.
Associated Press
Warren Buffett donates again to the Gates Foundation but will cut the charity off after his death
Investor Warren Buffett announced another $5.3 billion in charitable gifts Friday, but in a major shift of his longtime giving plan he said he plans to cut off donations to the Bill & Melinda Gates Foundation after his death and let his three children decide how to distribute the rest of his $128 billion fortune. Buffett laid out his new plan for his estate in an interview with the Wall Street Journal. The 93-year-old billionaire who leads Berkshire Hathaway didn't immediately respond to questions from The Associated Press on Friday about his plan that calls for Howard, Susie and Peter Buffett to unanimously agree where to give his Berkshire Hathaway stock after his death.
Business Insider
Warren Buffett reveals about $600 million of his wealth isn't in Berkshire Hathaway stock
Warren Buffett said 99.5% of his wealth is in Berkshire stock worth $127 billion. Much of the rest is likely in his personal stocks and bonds.
Fool.co.uk
It’s up almost 30% in a year, but I think the Lloyds share price can keep on climbing!
The Lloyds share price is finally showing investors what it can do, and Harvey Jones reckons it could soon get another major boost. The post It’s up almost 30% in a year, but I think the Lloyds share price can keep on climbing! appeared first on The Motley Fool UK.
Fool.co.uk
Without savings, I’d use the Warren Buffett method as I aim to get rich
Christopher Ruane explains how he’d take some important lessons from master investor Warren Buffett while working to build long-term wealth. The post Without savings, I’d use the Warren Buffett method as I aim to get rich appeared first on The Motley Fool UK.
TechCrunch
SAP, and Oracle, and IBM, oh my! 'Cloud and AI' drive legacy software firms to record valuations
There's something of a trend around legacy software firms and their soaring valuations: Companies founded in dinosaur times are on a tear, evidenced this week with SAP's shares topping $200 for the first time. The Germany-based enterprise software provider was valued at $92 billion two years ago, and $156 billion 12 months back, meaning its market cap has grown more than 50% in the past year alone. CEO Christian Klein has overseen SAP's turnaround since 2020, focusing on helping customers transition to the cloud while striking useful partnerships with hyperscalers such as Google and Nvidia along the way.

Latest stories