Source: Marks & Spencer
M&S Bank announces the launch of its first current account with no monthly fee; the M&S Current Account is available from today (Thursday 15th May).
Customers can apply for the account online (www.marksandspencer.com/bank) in-branch or via M&S Bank's 24x7 UK-based contact centre.
Sue Fox, CEO of M&S Bank, said: "M&S Bank brings the trusted Marks & Spencer brand values to banking, delivering a new choice of bank on the high street, and the new M&S Current Account combines a transparent account structure, debit card reward points, and the great customer service you'd expect from M&S."
M&S Current Account customers will benefit from a transparent account structure with an automatic £500 overdraft, the first £100 of which is interest-free and the remainder is charged at 15.9 per cent EAR*. The M&S Current Account has no overdraft fees and customers will receive free text alerts as they approach their overdraft limit.
The cost of using the M&S Current Account overdraft works out considerably less than the average current account. For example, the annual cost of using the M&S overdraft for £600, seven days per month, would be £18, compared to an average of £56.10** across the market (average calculated across 16 current account providers).
In addition, M&S Bank does not charge an ATM transaction fee for withdrawals abroad*** made with the M&S debit card.
M&S Current Account customers will earn loyalty points on their M&S debit card spend, with one point earned for every £1 spent in M&S (both in-store and online). Customers receive £1 in M&S vouchers for every 100 points earned and points are automatically converted into M&S vouchers and sent to customers each quarter****.
M&S Current Account customers will also receive a £100 M&S gift card once they've switched their current account using the Current Account Switch Service*****. In addition, M&S Current Account customers can also benefit from exclusive offers on selected M&S Bank products.
M&S Bank offers the longest opening hours of any high street branch in the UK, including evenings and weekends and was the highest ranking financial brand on the high street for customer experience in the recent Nunwood Customer Experience Excellence survey. M&S Bank has also been shortlisted in the Best Banking Brand category in the 2014 Which? Awards******.
M&S Bank branches offer a pager service which means customers don't need to wait for an appointment; instead they can enjoy doing their weekly food shop, browse for a new outfit, or relax with a hot drink at the M&S Café and they'll be alerted as soon as a member of the team is available.