BUSY shoppers will soon be able to pay money into their savings accounts at the supermarket checkout, it was announced today.

With a swipe of a debit card, customers will be able to invest in their savings using the same technology that currently allows them to ask for cash-back at the till.

The SaveBack scheme, developed for Sainsbury's Bank, will be available in the company's 452 stores by February.

Sainsbury's believes the added convenience could potentially reduce the UK's savings gap by up to £5.94bn a year.

Research commissioned by the company suggested that about 12 million people a year would use such a service.

Challenge

Tim Pile, chief executive of Sainsbury's Bank, said: "We believe the biggest challenge to closing the savings gap now lies in finding ways to make it easier and more convenient for people to save.

"Introducing SaveBack and taking financial services to new environments such as the supermarket is a major stepping stone towards encouraging people to save more."

The company said it was the first service in the UK to allow people to save money into a savings account through the simple swipe of their debit card while at the supermarket checkout.

In 2001 it was estimated that there was a consumer savings gap of £27bn.