This is no ordinary fee-free current account…
M&S, when it’s not designing unattractive middle aged lady clothes and selling prawn sandwiches, is now hoping to compete with the banking big guns with a new free current account.
Up until now, M&S Bank, which is owned by HSBC, has only offered premium access accounts which offer a variety of cosy middle class perks, like coffee vouchers, travel insurance and access to a nice savings account with a 6% rate.
Free current account customers will have to buy their own coffee, but the deal isn’t half bad. You get an automatic £100 M&S gift card for switching, and account holders can earn M&S loyalty points when they use their debit card in store. There’s also a £500 overdraft, the first £100 of which is interest free.
M&S bank chief Colin Kearsley said: ‘Our premium current accounts, developed specifically for the regular M&S shopper, have proven popular with this audience and following the launch of the current account switch service, which has made switching faster and easier, we want to offer the same transparent banking and great service to a broader audience with the launch of the M&S current account.’
Initially, the account will be offered to M&S Bank’s existing customers, but will be available to us plebs very soon. So even if you’re not a regular M&S junkie with a thing about ready meals and wide fitting shoes, you can get a decent deal with the high quality M&S cache.
Well, it beats an account at Costcutters.