M&S Bank has announced the launch of its first current account with no monthly fee, which is available from today.
Customers who sign up to the new M&S Current Account will receive 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 will receive free text alerts as they approach their overdraft limit.
M&S gift card welcome offer
As a welcome offer, new customers will receive a £100 M&S gift card once they’ve switched their current account using the Current Account Switch Service.
With more banks offering cashback and other types of rewards, M&S Bank’s new current account will allow customers the chance to earn loyalty points on their M&S debit card spend.
Customers will be able to earn one point for every £1 spent in M&S, both in-store and online.
This translates to £1 in M&S vouchers for every 100 points earned and points are automatically converted into M&S vouchers and sent to
customers each quarter.
High street bank choices
Loyal M&S customers may be tempted by the benefits of doing their banking and shopping in one go.
M&S Bank branches have a pager service which means customers will be alerted as soon as a member of the team is available, allowing them time to shop while they wait.
Sue Fox, CEO of M&S Bank, said: “M&S Bank brings the trusted Marks & Spencer brand values to banking, delivering a new choice of bank on the high street, and the new M&S Current Account combines a transparent account structure, debit card reward points, and the great customer service you’d expect from M&S.”