The new account will be M&S Bank’s first current account with no monthly fees. Customers can register their interest here.

Crawford Prentice, deputy CEO of M&S Bank, said: “A current account with no monthly fee is the natural next step for M&S Bank and we have seen significant interest in the M&S Current Account since announcing details in March. As such, we wanted to provide a registration facility which would enable customers to receive more information as soon as the account is available.”

M&S Current Account customers will have access to an automatic £500 overdraft, the first £100 of which is interest-free and the remainder of which will be charged at 15.9 per cent AER. There will be no overdraft fees and customers will receive text alerts as they approach their overdraft limit.

In addition, M&S Bank does not charge an ATM transaction fee for withdrawals made abroad with an M&S debit card.

Customers earn loyalty points on debit card spends and will receive a £100 M&S gift card once they’ve switched using the Current Account Switch Service.