M&S Bank

M&S Bank

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.

Reviews Rating
20%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
42%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

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.

Features

Contact Info

Email
customer.care.team@hsbc.com
Address
51 Saffron Rd, Wigston LE18 4UL, UK
Phone
0800 997 996

About M&S Bank

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:

  • Current accounts
  • Credit products
  • Savings products
  • Insurance
  • Mortgages

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.

Marks & Spencer Bank Contact Details

51 Saffron Road
Wigston
LE18 9FT

Telephone: 0800 997 996

Email: customer.care.team@hsbc.com

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M&S Bank Reviews

Gary Shields
August 8, 2023

“I am not sure how this organisation survives. The customer service is dire and is not satisfying client's needs”

I am not sure how this organisation survives. The customer service is dire and is not satisfying client's needs. I recently attempted to obtain an email address for customer services. The postal strike was making it very difficult to contact the company via mail. Every time I telephone to request a credit limit the contact centre agents were instructed to say the same thing. The experience was so awful and unhelpful. I would avoid getting involved with this bank had I known beforehand. I am going to close my account forthwith.

One person found this helpful
Shaun Tutt
August 8, 2023

“An appalling bank We had credit cards with them for years We always paid the full amount every month without fail”

An appalling bank
We had credit cards with them for years
We always paid the full amount every month without fail. One payment went missing and m&s bank sent threats via text, email and letter
Eventually they agreed it was entirely their fault.
And then they chose to start the aggression all over again for 76p interest on the payment they lost!
We wrote to Archie Norman at M&S proper who basically said it is nothing to do with them as they sold the name, etc to HSBC, but they do take a massive annual fee even though it is nothing to do with them. Pathetic.

2 persons found this helpful

M&S Bank Accounts

M&S Current Account
M&S Current Account
Current
Monthly Fee
Interest Rate
Yes
Overdraft
Overdraft Rate
M&S Premium Current Account
M&S Premium Current Account
Current
Monthly Fee
Interest Rate
Yes
Overdraft
Overdraft Rate
M&S Premium Current Account with insurance
M&S Premium Current Account with insurance
Current
Monthly Fee
Interest Rate
Yes
Overdraft
Overdraft Rate
Everyday Savings Account
Everyday Savings Account
Savings
Free
Monthly Fee
0.01%
Interest Rate
Overdraft
Overdraft Rate
1 Year M&S Fixed Rate Savings
1 Year M&S Fixed Rate Savings
Savings
Monthly Fee
0.15%
Interest Rate
Overdraft
Overdraft Rate
2 Year M&S Fixed Rate Savings
2 Year M&S Fixed Rate Savings
Savings
Monthly Fee
0.20%
Interest Rate
Overdraft
Overdraft Rate
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