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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planteria
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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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