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M&S Bank launches high rate monthly saver for current account customers

7th January 2015 Print

M&S Current Account customers will have access to a high rate monthly savings account with a rate of six per cent AER/ gross. The M&S Current Account, which launched in May 2014, is the first M&S current account with no monthly fee.

M&S Current Account customers can save up to £250 a month into the savings account, with the potential to earn over £97 in interest over a 12 month period.

Sue Fox, CEO of M&S Bank, said: “The M&S Current Account has proven incredibly popular since its launch last year and we want to ensure that our customers can come to us for all of their everyday banking needs. So, in addition to some of the most competitive loan and credit card rates on the market, we’re delighted to be able to offer all our current account customers access to an exclusive high rate monthly savings account.”

M&S Current Account customers 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 receive free 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 the M&S debit card.

New M&S Current Account customers will receive a £100 M&S gift card once they’ve switched their current account using the Current Account Switch Service. M&S Current Account customers also 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 quarter5.

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. In addition, M&S Bank branches offer a pager service which means customers don’t need to wait for an appointment. Customers 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.

M&S Bank was shortlisted in the Best Banking Brand category in the 2014 Which? Awards and the Best Current Account Provider category in the 2015 Consumer Moneyfacts Awards.