M&S Bank to close down all current accounts
M&S Bank is ditching current accounts and shutting 29 in-store bank branches in order to focus on credit cards, rewards, and a new digital payment option.
The bank says it’s refocusing its bank service “to create a digitally enabled and uniquely rewarding shopping and payment experience for M&S customers”.
Closing down current accounts
M&S Bank will start contacting current account customers from today to make them aware that their accounts will be shut.
The bank says it’s exiting the current account market due to an increase in online and mobile banking.
Paul Spencer, CEO of M&S Bank, said: “As we adapt to meet the changing needs of our customers, and we deliver some new – more digitally-focused products and services – it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.
“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
M&S’ in-store travel money bureaux, which are located in more than100 stores, will be unaffected by the changes.
New reward card and digital payments
M&S Bank plans to launch a new reward credit card in the summer. It says it will offer “a range of new and digitally-focussed benefits”.
The bank will also launch a cardless “digital credit” option later this year. It says this will create an easy payment solution for members of its Sparks loyalty scheme.
The new digital payment option will be available on M&S.com or through the M&S app.
Spencer said: “We have developed the next phase of our transformation programme to enhance the M&S shopping experience, with an expanded range of payment solutions, which are increasingly integrated with M&S – both in-store and online – offering customers a more seamless shopping and payment experience. We look forward to sharing more details on these new products and services soon.”