M&S to charge for current accounts

Source: Marks and Spencer

From today, (Wednesday 18th July) customers can pre-register for the new M&S Premium Current Accounts ahead of its launch in October.

The new accounts are designed specifically around the M&S customer - offering a transparent account structure.

For a monthly fee of £20 the Premium Current Account with insurance provides customers with the following key features:

Over £500** worth of annual benefits, including M&S vouchers, hot drinks vouchers for the M&S Café, a birthday gift and seasonal treats and delights four times a year
Worldwide multi trip family travel insurance, including winter sports, (available under age 70)***
An additional 12 vouchers for 20 per cent off M&S shopping**** in the first year if customers switch their account - worth up to £600
Loyalty points on debit card purchases made at M&S (both in store and online)
An automatic £500 overdraft limit with the first £100 interest-free
No overdraft fees and free text alerts when the overdraft limit is approached
No M&S Bank debit card charges for ATM use abroad
Exclusive access to a high rate savings account with a fixed rate of 6.00% AER/gross*****

The M&S Premium Current Account without insurance costs £15 a month and comes with all the above banking and reward benefits with the potential to gain over £300 worth of annual benefits.

The accounts have an automatic £500 overdraft, with the first £100 interest-free and there are no additional overdraft fees. In addition, there are no default or return fees associated with the account, so customers won't receive any unexpected charges.

Colin Kersley, CEO of M&S Bank comments: "With over 25 years in personal finance, our loyal customers trust us to deliver the products and services that are right for them. A current account is the natural next step and we have designed this product with our customers in mind - combining the exclusive M&S benefits they love, with a transparent account structure that has no hidden fees."

The popular M&S Credit Card already makes reward redemption easy and it will be exactly the same for debit card customers; with loustomers; with loyalty points automatically turned into vouchers and sent out via post every 12 weeks.

The debit card for the Premium Current Accounts has been exclusively designed for M&S Bank by Sir Terence Conran, Britain's most influential designer. Incorporating Conran's design principles, the card celebrates all that's quintessentially British.

New customers will be supported by M&S Bank's dedicated switching team to help make moving their current account a quick and easy process

Comments: (0)