Marks & Spencer Financial Services PLC trades under the name M&S Bank. It is a UK-based retail bank, formed as the financial services arm of Marks & Spencer in 1985 as St Michael Financial Services. It was renamed M&S Money in 2003.
The bank was sold to HSBC in 2004 in an effort to cut costs and return money to shareholders and has been operated by them since then. The name M & S Bank is licensed to HSBC by Marks & Spencer. Marks & Spencer and HSBC will share profits from M & S Bank until sometime next year.
St Michael Financial Services was launched in 1985 with a ‘chargecard’ store card. Marks & Spencer Unit Trust arrangement, a trust fund provider, was added in 1988. Marks & Spencer started opening in-store branches of M & S Bank in 2012.
M&S Bank Products and Services
M&S Bank offers a wide range of services:
On opening, current account customers can have a minimum £500 overdraft facility (subject to status) and receive a £185 M&S Gift Card after 12 months. This gift card is automatically topped up with £5 each month if at least £1250 is paid into the account.
Loans are available between £1,000 and £25,000 over 12 to 84 months. Customers can estimate their own repayments using a calculator on the M&S Bank website. Mortgage customers can claim 30% off M & S homewares and furniture (not available for remortgages).
Security at M&S Bank
M & S Bank has several security and encryption systems in place to keep accounts secure.
M & S Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.