This is not just a Bank account, this is an M&S Bank account – and it will cost you £240 per year!
Retail commercial property chain, Marks and Spencer (M&S) will charge customers a £20 per month fee to have a current account with them, with a few benefits thrown in there. By opening a bank account with M&S you will be entitled to worldwide travel insurance, a savings account will a 6 per cent fixed rate, discounts and money off vouchers, birthday treats, as well as free drinks and cakes in the commercial property in store cafés. But do these benefits really justify the annual £240 price tag?
You don’t have to decide now if you want to switch banks to M&S as the bank accounts are not opening until autumn. The company’s flagship commercial property in Marble Arch, London will be the first branch, followed by 50 branches over the next two years.
Speaking of the bank account, Colin Kersley, Chief Executive of Marks and Spencer Bank said: “Our loyal customers trust us to deliver the products and services that are right for them.
“A current account is the natural next step and we have designed this product with our customers in mind.”
But as well as the perks mentioned above, customers will also enjoy an overdraft automatically added to the account worth £500, with the first £100 interest-free. This is a generous offer compared to some banks, for example Halifax alone charge their customers £1 per day for stepping into their overdraft even if it is as little as £3.58.
Are you happy with your high street bank, or will you be switching to an M&S bank account in autumn? Share your banking stories below.
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I wouldn’t pay a penny for a bank account. No amount of freebies would convince me! 😀
I think quite a few people will share your view Anna, but if you are a frequent flyer, the worldwide travel insurance may just sway the deal.