Four agencies have been shortlisted to pitch for the business.
The digital agency AKQA, the online agency of record for the Sainsbury's supermarket business, is not involved in the pitch.
Sainsbury's Bank is looking to overhaul its website architecture and creative image in line with its strapline of "fresh banking".
The move comes as competition hots up between the major supermarket chains' financial products.
Sainsbury's Bank claims to have opened more than 1.4 million customer accounts since opening in February 1997. J. Sainsbury owns 55 per cent of the bank and HBOS holds 45 per cent.
McCann-Erickson Manchester and its digital arm, McCann-I, have done some integrated work for Sainsbury's Bank.
However, in January Abbott Mead Vickers BBDO, Sainsbury's above-the-line agency, launched the first TV campaign for Sainsbury's Bank, which featured Jamie Oliver and his friends.