Customers can now earn Nectar points for buying Sainsbury's financial services products.
Sainsbury's Finance is calling its latest reward scheme the "biggest growth initiative in the bank's history".
It is looking to capitalize on research which suggests 70% of people would consider taking out a financial services product from a supermarket if they felt adequately rewarded.
For double Nectar points on each product, Sainsbury customers can now purchase home insurance, pet insurance, credit card or an Easy Saver account (paying 2.8% Gross AER on balances of £1 and the promise to pay 2% over the Bank of England base rate).
This is the equivalent, says the retailer, of 1% off a Sainsbury's shop in the store, online or at the petrol station.
Sainsbury's new scheme has been launched only days after Tesco announced its personal finance business was being renamed Tesco Bank with the aim of offering a full-service retail range of banking and insurance services through branches, in stores and online.
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