Quantcast
Menu
Save, make, understand money

News

M&S Bank launches fee-free current account

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
05/12/2014

Marks & Spencer Bank is to extend its current account offering later this year with the launch of its first ‘no fees’ product.

The M&S Current Account will be available from the summer and follows the roll-out of two premium accounts in 2012 which both came with a monthly fee and a range of benefits targeted primarily at M&S shoppers.

The new account will offer a range of perks aimed at attracting a “broader audience”.

These include a £500 overdraft facility – the first £100 of which is interest free; no unauthorised overdraft charges or fees; and loyalty points on debit card spending.

There will also be no transaction charges for overseas ATM cash withdrawals and new customers will receive a £100 M&S gift card for switching using the Current Account Switch Service.

Colin Kersley, CEO of M&S Bank, said: “Our Premium Current Accounts, developed specifically for the regular M&S shopper, have proven popular with this audience and following the launch of the Current Account Switch Service, which has made switching faster and easier, we want to offer the same transparent banking and great service to a broader audience with the launch of the M&S Current Account.”

Andrew Hagger of Moneycomms.co.uk said: “It looks like a good all round package with no hide nasties and is likely to prove a popular product particularly as it’s backed up with 7 days per week branch banking in 29 M&S stores nationwide and a 24/7 UK call centre.

“With Tesco Bank and Virgin Money also due to lunch their bank accounts in the coming months, maybe 2014 will be the year that consumers finally have some worthwhile new options to choose from,” he added.


Share: