Sainsbury's Bank savings schemes swell

Sainsbury's Bank savings range is due to expand.

The bank is launching a range of saving products, which will be available at Sainsbury's supermarkets.

SaveBack will be available in 514 stores and will allow customers to make deposits into their savings accounts by swiping their debit card at the supermarket checkout.

The bank also offers a facility allowing people to save into two of its savings accounts by handing their deposits to a member of staff at a designated deposit area in the supermarket. Alternatively, they can simply post their cheque in a secure quick deposit point in the store.

The launches coincide with a report from Professor Merlin Stone of Bristol Business School suggesting that supermarkets could play an important role in encouraging people to save money.

Professor Stone said: "There is a real opportunity for supermarkets to help revive people's saving habits. While banks have continued to close branches and restrict opening hours, supermarkets have gone the other way, extending their opening hours and increasing their coverage, in and out of town.

Responding to the report, Jonathan Hewitt, business development director at Sainsbury's Bank said: "The report confirms that people are happy to do their banking with supermarkets, and the number of supermarket banking customers is growing at a rapid rate.

"With the average person now spending almost £2,500 each year on groceries, the equivalent of half the household shopping budget, we agree wholeheartedly that we can play a much bigger role in getting people to save more regularly."