M&S Bank

M&S current accounts

M&S have been providing financial services for over 30 years, originally beginning as St Michael Financial Services Limited. They opened their first bank branch in London’s Marble Arch in 2012.

M&S M&S

Current Account

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account
M&S M&S

Premium Current Account

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Online Banking
  • Overdraft Facility
  • Direct Debits
  • Standing Orders
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • Get £224 in M&S vouchers every year (£129 to spend on hot drinks, £40 for clothing and homeware, £45 for treats and delights and a £10 birthday gift)
  • You can also open an M&S Monthly Saver account and earn 5% AER
But be aware that:
  • You'll have to pay a £10 monthly fee
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account

 

See more current accounts

What types of current account does M&S offer?

M&S offers two types of current account:

  • M&S Current Account – an everyday current account
  • M&S Premium Current Account – a current account with extra benefits, but charges a £10 monthly fee

What features do M&S current accounts have?

Both the M&S Current Account and the M&S Premium Current Account give you access to:

An overdraft: you’ll receive a minimum overdraft of £500 (subject to status), where the first £100 is interest-free*. The remainder of your overdraft has an interest rate of 15.9% EAR (variable), with no additional fees. The EAR is the rate you would pay if you were in your overdraft for a year.

*Representative example (assumed overdraft £1,200): 0% EAR variable on the first £100, 15.9% EAR variable thereafter.

A competitive savings account: you’ll be able to save between £25 and £250 per month in the M&S Monthly Saver account which has a competitive interest rate for 12 months. You won’t be able to access your savings during this time. Be aware you’ll only qualify if you switch your current account using the Current Account Switch Service and your account has at least two active direct debits.

A loyalty bonus: if you have a current account with M&S, you can earn one point for every £1 you spend on your M&S debit card when you shop with Marks and Spencer.

Exclusive Premium current account offers

If you hold a Premium current account with M&S, you’ll also get:

An overdraft buffer: if a payment goes out of your account and takes you over your overdraft limit, you’ll get a £50 buffer. There’s no charge, but you will have to pay it back straight away.

An enhanced loyalty bonus: as well as earning one point per £1 spent on your debit card at M&S, if you have an M&S credit card, you’ll get triple points for every £1 spent on it at M&S.

Rewards: you can also take advantage of exclusive benefits such as:

  • £40 a year in M&S vouchers for clothes and homeware
  • £45 worth of treats vouchers every quarter
  • A birthday gift voucher worth £10
  • 48 hot drinks vouchers a year - worth £129 in M&S cafés
M&S M&S

Current Account

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account
M&S M&S

Premium Current Account

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (62%) Ok (29%) Poor (9%)

Customer service ratings provided by users of

  • Online Banking
  • Overdraft Facility
  • Direct Debits
  • Standing Orders
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • Get £224 in M&S vouchers every year (£129 to spend on hot drinks, £40 for clothing and homeware, £45 for treats and delights and a £10 birthday gift)
  • You can also open an M&S Monthly Saver account and earn 5% AER
But be aware that:
  • You'll have to pay a £10 monthly fee
  • To get the £125 gift card, you must use the current account switch service and you must have at least four active direct debits from the account
  • To get the £5 monthly top up you must pay in at least £1,250 every month, and you must have at least four active direct debits from the account

 

See more current accounts

M&S credentials

Since 1 April 2013, Marks and Spencer Financial Services plc has been authorised and regulated by the Prudential Regulation Authority, as well as also being regulated by the Financial Conduct Authority.

Why you should compare current accounts

Because most of us use our current account on a regular basis, it’s important to find the right one for you. There’s a wide range of current accounts on the market, so by comparing them carefully, you’ll be able to pick the account that meets your needs best - whether that’s an account with a decent overdraft facility, an account that offers rewards such as cashback or one that pays interest on your balance.

Once you’ve found the account you want, switching is easy thanks to the Current Account Switch Service.

The Service was introduced by the government in 2013 and guarantees that your current account switch will be completed within seven working days. All of your outgoing payments, such as direct debits and standing orders, will be transferred automatically during that time, along with your incoming payments such as your salary.

The bank or building society you’re switching to will take care of everything and guarantees that, in the unlikely event of a problem arising, it will resolve the matter, including taking care of any penalty charges that might occur as a result.

What’s more, the Service will redirect any payments that accidentally go to your old account into your new account for 36 months after the switching date.

Current accounts. Trust us to explain them simply