According to Sainsbury, the initiative is designed to encourage consumers to save more. It also coincides with Sainsbury’s Bank’s five-year guarantee, announced last month, that it will pay above market average rates of interest on its savings accounts.
Shoppers can pay instore cash deposits into Sainsbury’s Bank instant access savings or Direct Saver accounts via staff at designated deposit areas or at secure deposit facilities.
Sainsbury’s Bank savings manager Donald Jarvie said: “People are leading busier lives than ever before. To encourage them to save more, the financial services industry needs to make it easier and more convenient for people to manage their accounts, make deposits and access cash instantly.
“More than 11 million people visit Sainsbury’s supermarkets every week and our research shows that while shopping, many would welcome the opportunity to save money.”