M&S Bank launches current accounts

| September 26, 2012
M&S Bank launches current accounts

M&S Bank which opened its first branch in July, launched its first current accounts today.

The accounts are available from the bank’s 13 in-store branches.

The retailer hopes to attract customers by capitalising on its reputation as a trusted brand.

A marketing campaign, launched to promote the new accounts, uses the strapline ‘new fashioned banking’ and states that the current accounts offer the ‘same quality, service and trust you expect from M&S with your money’.

The accounts offer £500-worth of annual benefits, including vouchers, a birthday gift, and seasonal treats four times a year.

However customers will be charged £15 a month for a premium account without insurance, or £20 with insurance included.

Customers will receive loyalty points on debit card purchases made online and in M&S stores and will be able to open a savings account with a fixed rate of 6 per cent.

Colin Kersley, chief executive at M&S Bank, said: “Our customers have been pre-registering for the M&S premium current accounts since July.

“We understand that our customers want to bank at a time that suits them and our branches are open the same hours as M&S stores, including weekends.”

M&S Bank is planning to open 28 bank branches across the UK by the end of the year and 50 by the end of 2013.

The bank has reduced its interest rate for loans between £7,500 and £15,000 by 0.2 per cent to 5.8 per cent.

The minimum borrowing term for the M&S Bank Personal Loan is twelve months.

Mr Kersley said: “We’re conscious of the need to reduce the cost of borrowing for our customers, so we’re constantly reviewing our rates to ensure we’re offering the best deal we can and are pleased to be able to offer our lowest ever rate this autumn.”

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