M&S Bank closing all current accounts

Money, investing, mutuals etc
planteria
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M&S Bank closing all current accounts

Post by planteria » Thu Mar 04 2021 10:11am

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Re: M&S Bank closing all current accounts

Post by planteria » Thu Mar 04 2021 10:14am


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Re: M&S Bank closing all current accounts

Post by Sarah » Thu Mar 04 2021 10:38am

Interesting. I wonder if they'll offer any compensation for the inconvenience... anyone remember Zurich Bank, wasn't it £200 they paid us when they closed? I'm not very hopeful of such a generous goodbye from M&S Bank! :|
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Re: M&S Bank closing all current accounts

Post by planteria » Thu Mar 04 2021 11:01am

it's a nice idea Sarah.. but i'd be pleasantly surprised, i'm similarly not very hopeful.

their personal finance/loyalty scheme overall offer hasn't worked, but i don't think the changes they make will have an impact on the banking/saving sector either. their Rewards/Sparks combination is messy and it was obvious that they needed to sort it out and pull it together, and it'll be interesting to see if/how they pull financial services into it effectively. that said, beyond Sparks, or a loyalty scheme that supersedes it, i don't see us having any M&S financial products in the foreseeable.

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Re: M&S Bank closing all current accounts

Post by Sarah » Thu Mar 04 2021 12:02pm

I suppose any compensation might consist of loyalty/sparks points. I'll probably keep their credit card unless they decide to close that too.

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Re: M&S Bank closing all current accounts

Post by pabenny » Thu Mar 04 2021 1:34pm

I don't know which of their other products are actually provided by HSBC. Perhaps they are driving the closure of that business.

The lack of an alternative offer - or even a solution for customers with benefits linked to having a M&S current account suggests it's rushed announcement. That said, they have a March year end and it may be about being able to report the costs of exiting that activity into the year end numbers.
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Re: M&S Bank closing all current accounts

Post by planteria » Fri Mar 05 2021 8:46am

i don't think they'll close the credit card, which is an HSBC product too.
i'd have thought they will integrate it more fully into their loyalty scheme(s).
perhaps M&S will break ties with HSBC :think:.
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Re: M&S Bank closing all current accounts

Post by Sarah » Mon May 31 2021 9:35am

I received a letter with more closure details a few days ago. No compensation on offer, they just want us to go away with minimal fuss.

M&S Bank branches close 2 July and accounts close 31 August. Switch out or empty current accounts (together with linked monthly savers, if you have one) before that date to avoid difficulties. The only slight benefit appears to be monthly savers that are forced to close early will receive a full years interest based on £250/month contribution level.

Just by coincidence, I also received a replacement M&S debit card last week. It's plain grey now, unlike the bizarre cup-on-legs collage design of the previous one!
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Re: M&S Bank closing all current accounts

Post by planteria » Mon May 31 2021 10:46am

i have the letter in the office.
plain grey sounds nicer.
taking their RegSav interest is a nice touch for those with a current RegSav running.
for those who can transfer to another provider there might be some bonuses to be had, or perhaps some will come up in the next couple of months. doesn't seem to be anything available from Metro at the moment.

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Re: M&S Bank closing all current accounts

Post by planteria » Sat Jun 05 2021 9:27am

anyone coming up with ideas re where to move our M&S accounts to?

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