M&S | Current Account

45 reviews

Monthly fee: Free

AER: 5%

Representative example: Representative example (assumed overdraft £1,200): 0% EAR variable on the first £100, 15.9% EAR variable thereafter.

M&S | Current Account customer reviews.

45 reviews

1.4 out of 5 stars

Our review of M&S | Current Account

M&S have made sure that their customers can reap benefits with their Current Accounts. However, these rewards are usually tied back to shopping at M&S - so if you’re an M&S regular it’s worth considering, if not it then they may not be that attractive. When spending in an M&S store or online using the debit card linked to your M&S Current Account you will accrue points, these are then converted into vouchers that can be used on any of M&S’s food, homeware or clothing products. If there is a bigger purchase you have in mind these points can be saved up over a 15 month period.

One thing to watch out for if you’re going to apply for the M&S Current Account is that you will have to undergo a credit check to see if you are eligible for the account. So if you have blemishes on your credit file, or have had CCJs, IVAs or bankruptcy in the last six years then it might be worth looking at other current accounts as it is unlikely that you will be accepted for the M&S Current Account.

Looking online for M&S Current Account reviews doesn’t provide much information. However, we can take a look at M&S as a company to gauge the type of experience that customers are having. It’s quite difficult to apply their ‘bad’ rating on TrustPilot to their banking products as this also covers their clothing and food as well. If we search through and find the reviews about M&S Bank customers seem to be pleased with the ease of applying and good rates, however there has been problems with the responsiveness of the customer service team.

Overall verdict: If you have good credit and regularly shop at M&S their Current Account is right up your street. You can earn rewards every time you spend in store or online which you can then exchange for treats and even more shopping – which is great when you consider that there’s no monthly fee!

Written by: Alex

Highlights

  • £185 M&S gift card for switching (must stay for 24 months)
  • No monthly fee
  • Automatic £500 overdraft when opening the account (first £100 is interest free)
  • Overdraft interest is charged at 15.9% EAR variable on all balances over £100
  • Manage the account with the mobile app
  • Earn 1 point for every £1 spent in M&S

Minimum criteria

  • You must be aged over 18
  • You need to be a UK resident
  • You must agree to a credit search for the application

Fees

  • Maximum APR %
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

About M&S | Current Account

The M&S Current Account comes without a monthly fee. By switching to the M&S Current Account and staying with M&S for a year customers can earn a £185 gift card – this is broken up into two parts and the first £125 is received during the initial switch. Once the gift card has been received, it'll be topped up with an extra £5 per month if you've got two active Direct Debits and a minimum of £1,000 in the account. Customers are given an automatic £500 overdraft when the account opens and the first £100 is interest-free, after this it’s charged at 15.9% EAR variable.

M&S Current Account holders can also earn 1 point for every £1 they spend using their M&S debit card both in store and online. These points are then converted into M&S rewards vouchers four times a year and posted to your home to be used for food, homewares or their clothing. These vouchers can also be saved up for up to 15 months to help towards bigger purchases.

Customers can keep control over their M&S Current Account using the M&S Balance mobile app. This lets you view your balance, your last six transactions and even make mobile phone top ups if needed. Online banking, in-branch or 24 hours a day via the UK call centre are all available to account holders.

Company information

Registration number: 01772585

bank.marksandspencer.com

08459000900

Kings Meadow, Chester Business Park, Chester, Cheshire, CH99 9FB

FCA registration

Reference No: 151427

Trading names: Marks & Spencer Financial Services PLC, M & S Bank

Place of business: Kings Meadow, Chester Business Park, Chester, Cheshire CH99 9FB

Data protection registration

Registration No: Z7484152

Data controller: Marks & Spencer Financial Services PLC

Address: Kings Meadow, Chester Business Park, Chester, Cheshire CH99 9FB

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