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%.
- 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