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Marks & Spencer to open 50 bank branches in next two years

High street shop to launch first current account

Marks and Spencer logo

Marks and Spencer is to open 50 bank branches offering a full banking service, including current accounts and mortgages

Marks & Spencer (M&S) has announced that it is launching a full banking service with 50 branches and including current accounts and mortgages.

M&S has confirmed it plans to open 50 Marks & Spencer Bank branches in stores across the UK, with the first branch set to open next month at the high-street giant’s flagship Marble Arch store. The new branches will offer current accounts, as well as exisitng products such as savings accounts and cash Isas.

Branch opening times will match M&S store opening hours, meaning that M&S will offer banking services seven days a week, as well as longer opening hours than most of its banking competitors. M&S Bank will also offer online banking and UK-based call centres.

Marks & Spencer bank account available from autumn 2012

The M&S current account will be available from autumn 2012, while customers can pre-register their interest in July. Mortgages will follow at a later date.

Marks & Spencer chief executive Marc Bolland said: ‘M&S is one of the most trusted brands on the UK high street. This bank will be built on M&S values: putting the customer at the heart of the proposition and delivering the exceptional service that sets us apart from the competition.’

M&S Bank is backed by high-street banking giant HSBC. Head of HSBC in the UK Joe Garner commented: ‘This is our most significant innovation in retail banking since we launched First Direct over 22 years ago.’

Existing financial products from M&S – how good are they?

Marks & Spencer savings accounts and cash Isas

M&S’s one- and three-year fixed-rate savings accounts appear in our Best rate tables, while its Everyday Savings account just scrapes into our Best Rate table of non-internet accounts with an interest rate of 2.35% AER. The top-payer from Aldermore currently offers 2.75%, while Post Office pays 3.17% AER on its internet-based instant access account.

M&S’s cash Isa currently pays 3% AER and features in our Best Rate instant-access cash Isa table. Its fixed-term Isas are also Best Rate accounts in our one-, two- and three-year Best Rate tables.

However, M&S currently only has a slightly-above-average savings customer satisfaction score of 57%, far behind First Direct’s 77%.

Marks & Spencer credit card and loans

M&S Money is a Which? Recommended Provider for credit cards with a strong customer score of 78%. The M&S credit card consistently appears in our Best Rate tables for 0%-on-purchases and reward credit cards.

If you’re looking to borrow £10,000 over five years, M&S also currently tops our Best Rate loans table.

Marks & Spencer car insurance

M&S is a Which? Recommended Provider for car insurance, with a customer satisfaction score of 72% and a Which? policy score of 66%.

Marks & Spencer is also a Which? Recommended Provider for home insurance, scoring 70% for customer service, 75% for its buildings policy cover and 83% for its contents insurance. 

While not a top-scoring Recommended Provider for travel insurance, M&S does score well, with a customer satisfaction score of 72% and an annual policy score of 69%. 

More on this…

  • Bank accounts – find the best current accounts for service, credit interest and overdrafts
  • Savings accounts – check how much extra interest you could be earning on your savings
  • Cash Isas – get the best interest rate on your tax-free savings account
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