This deal is ONLY available if you apply via MoneySuperMarket.
So what’s it all about?
Our exclusive offer
Switch from your existing current account to the M&S Current Account via MoneySuperMarket between now and October 31 and you’ll get a FREE £125 gift card.
You must use the M&S Current Account Switch Service to qualify.
Everyone who applies directly to M&S for the account or via other sites will only get a £100 gift card, so you’ll be £25 better off going through MoneySuperMarket.
Your gift card will be sent by post within one calendar month of your switch being completed.
You can use it to buy anything you like in M&S, although you can’t put it towards financial products such as travel money.
But, of course, with something as important as a current account, you will need to look beyond freebies – even great ones like this. So what else does the M&S current account offer?
What’s the deal?
There’s no monthly fee on this account, and it comes with a £500 overdraft, the first £100 of which won’t cost you anything in interest. But if you borrow over £100, you’ll be charged an effective annual rate (EAR) of 15.9%.
You can request a higher or lower overdraft if you want. And if a payment you make takes you over your agreed limit, there are no fees to pay.
On the downside, though, you won’t earn any interest at all when you’re in credit.
Unlike many other bank’s current account offerings, you don’t have to pay in a set amount each month to qualify for this account.
You can collect loyalty points with your debit card too, earning one for every £1 you spend at M&S, either in stores or online. You need 100 loyalty points to get a £1 voucher.
You can make banking transactions in M&S branches seven days a week during normal store hours, or 24/7 if you use internet or telephone banking.
If you take your debit card abroad, there are no cash withdrawal fees, but there is a 2.75% foreign exchange fee.
Who’s it good for?
If you shop regularly in M&S and you are not particularly with your existing current account, this could be the deal for you.
Not only will you be able to spend the £125 gift card in-store, but you’ll also collect loyalty points on all your M&S spending.
You’re likely to find this account especially useful if you tend to only keep a small balance (so won’t miss the credit interest) and you slip into your overdraft from time to time.
This is also a good account if you travel overseas a lot, as you won’t be hit by hefty fees when you use your debit card abroad.
The biggest drawback of this account is that you don’t earn any interest when you’re in the black. So if you tend to keep a high balance in your current account, you should look elsewhere.
For example, you can earn 5% interest on balances up to £2,000 with TSB’s Classic Plus current account and must pay in at least £500 each month to qualify.
Similarly, you can earn 5% interest on balances up to £2,500 with Nationwide Building Society’s FlexDirect account. This rate is fixed for the first 12 months, but you must pay £1,000 a month into the account to qualify. After 12 months, the interest rate drops to 1%.
Find more details on these and other high-interest current accounts at our dedicated channel.
What’s the verdict?
If you’re feeling the pinch after the summer holidays, a free £125 gift card could be just the tonic. But make sure you don’t base your decision entirely on this, as – if you keep a credit balance in your account – the interest payments you could be missing could far outweigh it.
If you’ve never switched current accounts before, don’t let that put you off moving. Switching is easier than it’s ever been, thanks to rules introduced almost exactly a year ago.
Any switch will be completed in seven working days – unless you state you want it to take longer. Under the service, you’ll be refunded any fines charged or interest lost if any mistake is made during the switching process. You can find out more about current account switching at our 7-Day Switch hub.
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.