This well-known name in retail provides no fee current accounts, and insurance policies. M&S Bank also offers lending facilities via credit cards and personal loans.
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M&S Bank is the banking arm of the leading food and clothing retailer Marks & Spencer. They aim to simplify banking, and offer an alternative to the traditional banking institutions found in the high street.
It’s what they call ‘new fashioned banking’, and is providing a wide range of financial products and services to customers across the United Kingdom. M&S don’t just offer facilities online through their internet banking portal, and via telephone, they also have dedicated bank branches inside their stores at 29 locations nationwide, including a branch in Lisburn, Northern Ireland.
Marks & Spencer is one of the most famous names in world retail, and it was first founded by Mr Marks and Mr Spencer in 1884, at a stall in Leeds market. The roots of the banking division are much more modern, but still go back further than you may think.
Its forebear, St Michael Financial Services Limited (later to become M&S Money) was created in 1985, to offer financial products to the shop’s customers. At its inception it had a store card available, and in 1989 it started to offer personal loans.
In 1999, the M&S ISA was available to its customers looking for saving options. M&S Money was officially rebranded as M&S Bank in 2012, with the first bank in Marble Arch, central London.
As well as providing a no fee current account, and insurance policies, M&S Bank also offers lending facilities via credit cards and personal loans.
The APR of their loans varies depending upon the amount borrowed, which can be between £1,000 and £25,000. Banking customers have the option to defer their loan repayments for a period of up to 3 months.