M&S Bank

M&S current accounts

Originally beginning as St Michael Financial Services Limited in 1985 offering the M&S Chargecard, M&S Money had been providing financial services for over 30 years when they launched as M&S Bank and opened their first branch in London’s Marble Arch back in 2012. A stalwart of the British high street, Marks and Spencer the retailer was founded in Leeds in 1884 by Michael Marks and Thomas Spencer.

M&S Current Accounts Guide

Offering a range of services, including mortgages, credit cards, loans, insurance, savings accounts, investment accounts and current accounts, M&S Bank aim to bring their trusted values of the high street to the world of banking. Designed wholly around the customers, the bank pride themselves on what they call ‘new fashioned banking’.

M&S has a solid offering of two types of current account: the M&S current account supplies all your everyday banking needs plus some great benefits, while the M&S premium current account gives you even more benefits in exchange for a small monthly fee.

Customers are offered a £185 M&S gift card for switching to an M&S current account. They’ll also have access to a minimum £500 overdraft upon opening their account (subject to status), a Visa debit card, the option to bank online or via the M&S banking app, and access to the M&S Loyalty Scheme, which awards 1 point for every £1 spent on your M&S Bank card.

The M&S Premium current account offers a little extra, including exclusive awards in the form of seasonal gifts, 48 hot drinks vouchers and a £50 overdraft buffer.

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 two active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,000 every month, and you must have at least two active direct debits from the account
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

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

  • 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 two active direct debits from the account
  • To get the £5 monthly top up, you must pay in at least £1,000 every month, and you must have at least two active direct debits from the account
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

 

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Current accounts. Trust us to explain them simply