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M&S Bank welcomes new current account customers with up to £185 to spend in M&S

1st May 2017 Print

New M&S Current Account customers can enjoy up to £185 to spend in M&S (online and in-store) when they switch and stay with M&S Bank.

New customers who switch to one of the M&S current accounts using the Current Account Switch Service (CASS) with two active Direct Debits, will receive a £125 M&S gift card. In addition, customers who then deposit at least £1,000 per month into their account will also receive £5 to spend at M&S each month for the first year.

Customers who switch to an M&S Current Account will also have exclusive access to the high rate M&S Monthly Saver account with a rate of five per cent AER / gross. Customers can save between £25 and £250 a month, with the potential to earn approximately £81 in interest over a 12 month period.

M&S Current Account customers also earn loyalty points on M&S debit card spend, with one point for every £1 spent in M&S (in-store and online). Customers receive £1 in M&S vouchers for every 100 points earned, the equivalent of one per cent back in M&S vouchers. Points are automatically converted into M&S vouchers and sent to customers each quarter. M&S Current Account Customers will also receive double sparks when shopping in M&S.

All 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. There are no overdraft fees and customers receive free text alerts as they approach their overdraft limit.

Paul Stokes, Head of Products at M&S Bank, said: “We want banking with M&S to be as rewarding as possible, which is why we’re welcoming new customers with a £125 M&S gift card when they switch to us, and the potential to receive a further £60 in the first year. On top of this, customers have the opportunity to earn £81 in interest over 12 months from our exclusive high-rate monthly saver account.

“Customers will continue to enjoy even more M&S with debit card reward points, double sparks every time they shop in M&S and a transparent account structure aligned to the M&S brand values.”

M&S Bank offers the longest opening hours of any high street bank in the UK, including evenings and weekends. In addition, all 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.

Last year, the M&S Current Account was awarded a five-star rating by Moneyfacts in its standard account category.