By Daniel Hunter

Sainsbury’s Bank research indicates that 51% of people in Scotland are considering taking out a new banking or insurance product over the next 12 months, or switching to another provider. Of those, 41% - or about 865,000 people (compared to 38% in the rest of Britain) - are considering taking out a new banking or insurance product from supermarket banks.

The research also shows that 57% of Scots spend more time researching and shopping around for their banking and insurance needs now than they did three years ago.

And it’s great offers and loyalty schemes that are attracting consumers. The research reveals that 73% of Scots (compared with 69% in the rest of Britain) considering taking out a product from a supermarket bank say it is because they are competitively priced; 59% (61% Brits) due to the attractive offers they provide, and 38% (47% Brits) because of their loyalty or reward schemes.

Peter Griffiths, Chief Executive of Sainsbury’s Bank said: “With many people's household budgets still stretched, doing your research and shopping around for financial products that deliver quality and value is essential.

"Sainsbury’s was the first supermarket to open a bank, back in 1997 and our proposition has never been stronger. We design our products and services with the Sainsbury's supermarket customer in mind, providing great value and quality with the additional benefit of Nectar points."

Across Britain, of those looking for a new personal loan in the coming 12 months, 46% would consider one from a supermarket bank, as would 43% of those considering taking out a new pet insurance policy, and 40% of those looking at having a new credit card.