M&S Bank reduces monthly fee ahead of current account switch service
M&S Bank has announced a reduction in the monthly fee of its Premium Current Accounts, ahead of the launch of the Current Account Switch Service on Monday 16th September.
The move will make rewarding banking even better value for consumers thinking about moving accounts following the introduction of the new switching service.
Designed specifically to meet the needs of the regular M&S customer, the M&S Premium Current Account without travel insurance will be reduced from £15 to £10 per month from 16th September, while the M&S Premium Current Account with worldwide multi-trip annual travel insurance will move from £20 to £17.50 per month. The new prices will apply to both new and existing customers and there will be no changes to account benefits.
The introduction of the Current Account Switch Service is expected to boost consumer confidence in the switching process. The M&S Bank Ready to Switch Index revealed that while 26 per cent of current account customers have considered switching, just five per cent have made the decision to move accounts in the last 12 months. The perceived ‘hassle of switching' (25%) and concerns around payments going in and out of the wrong account (23%) were among the biggest barriers for 48 per cent of those considering switching. Under the Current Account Switch Service the process will take just seven working days, making switching simpler for consumers.
Colin Kersley, CEO of M&S Bank, commented: "The introduction of the Current Account Switch Service is arguably the biggest change the current account market has ever seen and we expect to see a significant increase in switching across the industry.
"Having the right bank account can make a huge difference, so it's important that consumers do their research and find the account that fits their lifestyle; whether that's banking at a time that suits them, an interest-free overdraft, or perks and rewards."
M&S Premium current account customers have access to an exclusive high rate monthly savings account with a fixed rate of 6.00% AER/gross, loyalty points on debit and credit card spend, no overdraft fees and free text alerts when their overdraft limit is approached, so customers won't receive any unexpected charges.
Each year M&S Premium Current Account holders receive 48 hot drinks vouchers for the M&S Café worth £127, four treats vouchers worth £45 and M&S vouchers worth £40, as well as a birthday treat. Customers opening an M&S current account will also receive a £50 M&S gift card, customers switching their account will receive an additional £50 M&S gift card and 12 vouchers for 20 per cent of M&S shopping (clothing and homeware) in the first year.
For more information, visit marksandspencer.com.