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.
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.
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 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).
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.
51 Saffron Road
Wigston
LE18 9FT
Telephone: 0800 997 996
Email: [email protected]
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I had an M&S credit card with £2,000 limit. Consistently paid on time until lately, when I made 2 payments a few days late due to a family bereavement. Their response? They halved my credit to £1000! I closed my account & found a more understanding card! What an appalling card provider! No customer care whatsoever!
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.
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.
