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How to Buy Crypto with Sainsbury’s Bank in United Kingdom

Last updated on November 12, 2023

Quick Summary: While Sainsbury’s Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United Kingdom cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.


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Sainsbury's Bank Homepage

As mentioned in my quick summary, like most United Kingdom banks, Sainsbury’s Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Sainsburys Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Sainsbury’s Bank.

Buy Crypto With eToro

About Sainsbury's Bank

Sainsbury’s Bank plc which trades under the name Sainsbury’s Bank is an British bank owned entirely by Sainsbury’s the national retailer within the United Kingdom. The bank was established on February 19, 1997, through a joint venture of J Sainsbury plc and Bank of Scotland. Sainsbury’s acquired complete ownership of the bank on January of 2014.

The headquarters of the bank are situated within Edinburgh, Scotland and its registered office is in London, England. In 2017, it had more than 2.1 million customers active.

Sainsbury’s along with Bank of Scotland (later a subsidiary of Lloyds Banking Group) formed the bank in an joint venture. it was granted a full bank licence through the Bank of England in January 1997. The bank was officially launched on February 19, 1997.

On May 8th, 2013. Sainsbury’s stated that they would purchase the 50% stake of the business that is that is owned by Lloyds Banking Group. The transaction was concluded on January 31, 2014 which meant that Sainsbury’s Bank became a wholly owned subsidiary of J Sainsbury plc.

The bank offers a variety of financial services, including insurance, travel money, savings and credit card loans. The bank opted out of the mortgage market as of the year 2019. It is authorized through Prudential Regulation Authority. Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority. Sainsbury’s Bank products are linked to the Nectar reward scheme. It are available for application on the internet or via telephone.