Marks & Spencer launch bank account that'll cost you £240 per year
Marks & Spencer now have a bank and, if you want in, it'll cost you £240 per year for the privilege. There'd better be some perks for an account that costs you £20 per month, right?
There are, but it's up to you whether or not you think they're much cop. Firstly, there's worldwide family travel insurance for four people (up to the age of 70 though because, beyond that, you're clearly too close to dying anyway). There's also the chance to get vouchers for the M&S Cafe which is... well... not brilliant.
The current account has £45 worth of vouchers and you get loyalty points when you use your debit card and credit card. There's also a £100 interest-free overdraft of £100 and an automatic £500 overdraft limit. You'll also get a card designed by Sir Terence Conran which features a load of jingoistic images of red London buses, a cup of tea and a passage from the 'rivers of blood speech'. One of those may be made up.
One boon is that, when M&S open their branches, they'll be open when the shops are. That means banking on Sundays and late nights, should you need to.
That said, the overdraft interest is 15.9 per cent and overseas transactions still incur a 2.75 per cent loading charge, which in real money, adds £5.50 to every £200 you spend abroad. And this account is only open to anyone over 18 who is willing to stick at least £1,000 a month in their account.