The ATM Is On Aisle Six

If you open your bank account at Sainsbury's, you can earn points towards your groceries.

In the United Kingdom, the Sainsbury Supermarket offers instant-access savings accounts, Christmas clubs, Visa accounts, personal loans, mortgages, household insurance, and (talk about full-service) pet insurance!

Sainsbury opened its first savings product in February, 1997 and now has over 900,000 accounts.

Experts say supermarkets and insurance companies are changing the face of banking in England. Though not yet making a profit at it, last year they captured 2.1% of all money that went into British deposits.

Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 1, 1/99