From today, (Wednesday 18th July) customers can pre-register for the new M&S Premium Current Accounts* (at www.marksandspencer.com/bank) ahead of its launch in October.
The new accounts are designed specifically around the M&S customer – offering a transparent account structure.
For a monthly fee of £20 the Premium Current Account with insurance provides customers with the following key features:
- Over £500** worth of annual benefits, including M&S vouchers, hot drinks vouchers for the M&S Café, a birthday gift and seasonal treats and delights four times a year
- Worldwide multi trip family travel insurance, including winter sports, (available under age 70)***
- An additional 12 vouchers for 20 per cent off M&S shopping**** in the first year if customers switch their account – worth up to £600
- Loyalty points on debit card purchases made at M&S (both in store and online)
- An automatic £500 overdraft limit with the first £100 interest-free
- No overdraft fees and free text alerts when the overdraft limit is approached
- No M&S Bank debit card charges for ATM use abroad
- Exclusive access to a high rate savings account with a fixed rate of 6.00% AER/gross*****
The M&S Premium Current Account without insurance costs £15 a month and comes with all the above banking and reward benefits with the potential to gain over £300 worth of annual benefits.
The accounts have an automatic £500 overdraft, with the first £100 interest-free and there are no additional overdraft fees. In addition, there are no default or return fees associated with the account, so customers won't receive any unexpected charges.
Colin Kersley, CEO of M&S Bank comments: “With over 25 years in personal finance, our loyal customers trust us to deliver the products and services that are right for them. A current account is the natural next step and we have designed this product with our customers in mind - combining the exclusive M&S benefits they love, with a transparent account structure that has no hidden fees.”
The popular M&S Credit Card already makes reward redemption easy and it will be exactly the same for debit card customers; with loyalty points automatically turned into vouchers and sent out via post every 12 weeks.
The debit card for the Premium Current Accounts has been exclusively designed for M&S Bank by Sir Terence Conran, Britain's most influential designer. Incorporating Conran's design principles, the card celebrates all that's quintessentially British.
New customers will be supported by M&S Bank's dedicated switching team to help make moving their current account a quick and easy process. To find out more about the M&S Premium Current Accounts visit (www.marksandspencer.com/bank) or call 0800 756 7777.
| With travel insurance | Without travel insurance | |
|---|---|---|
| M&S Premium Current Accounts benefits | Worth | Worth |
| M&S Café hot drinks vouchers (x48) | £127 | £127 |
| Worldwide multi trip family travel insurance¹ | £245 | n/a |
| Birthday gift | £10 | £10 |
| Treats and delights vouchers (x4) | £45 | £45 |
| M&S vouchers | £40 | £40 |
| Approximate gross interest earned from our high rate Monthly Saver (6.00% AER)² | £96 | £96 |
| M&S reward vouchers³ (debit card only) | £19 | £19 |
| TOTAL | £582 | £337 |
| With M&S Credit Card | Worth | Worth |
| M&S reward vouchers4 (credit card only) | £95 | £95 |
| Total | £658 | £413 |
| With M&S switching incentive | Worth | Worth |
| Vouchers for 20% off M&S shopping (x12) **** | £600 | £600 |
| Total | £1258 | £1013 |
| Monthly fee (x12) | £240 £20 a month |
£180 £15 a month |
1. Value is calculated on an annual worldwide multi trip family travel insurance policy worth up to £245 (policy for a person aged 54 from AXA Insurance UK plc). Worldwide multi trip family travel insurance is only available to customers aged under 70.
2. Based on paying in the maximum monthly contribution of £250 each month for 12 months.
3. M&S loyalty points calculated on an average M&S retail spend of £1,900 over a 12 month period using an M&S Debit Card.
4. M&S loyalty points calculated on an average M&S retail spend of £1,900 and £7,800 external spend over a 12 month period using an M&S Credit Card.
*To be eligible for the M&S Premium Current Accounts customers have to be a UK resident aged 18 or over and we'd expect to see at least £1000 paid in each month from a salary, pension etc. Customers who choose M&S Premium Current Account with insurance must also be aged under 70 and are required to keep their current account for at least 12 months.
***M&S worldwide multi-trip family travel insurance covers the policyholders and their partner up to age 70, plus children and grandchildren, up to age 18, that the policyholder has responsibility for while travelling.
****20% off general merchandise for the first year, including Home but excluding furniture and household electrical. Will be issued as 12 vouchers, for use in-store or online, valid one per month with maximum spend of £250 per voucher. Voucher must be used in conjunction with the M&S debit or credit card. Vouchers can be used in conjunction with other deals in stores, but not in conjunction with other vouchers and cannot be redeemed against sale or clearance items.
*****M&S Premium Current Account monthly saver requires customers to commit to saving between £25 and £250 a month, payments are made by standing order from their M&S Premium Current Account.
If customers need access to their money during the term, they will need to close their account early. If this happens, they will lose the Monthly Saver interest rate and interest will be paid at the prevailing rate of the M&S Everyday Savings Account. The savings account earns an impressive 6.00% AER/Gross, which will produce over £90 in interest in just one year, if saving the maximum of £250 a month.
AER is the Annual Equivalent Rate and illustrates what the rate of interest would be if interest is paid and compounded once a year. Gross means the rate of interest before the deduction of tax applicable to interest on savings.
For More Information Contact:
M&S Money Press Office: 01244 686177
M&S Corporate Press Office: 0208 7188132
HSBC Press Office: 020 7992 2748
Notes To Editors:
The M&S Money brand, along with its existing product portfolio, will be re-branded to M&S Bank later this year. For more information visit http://money.marksandspencer.com
M&S Money (the trading name of Marks & Spencer Financial Services plc) was founded in 1985 as the financial services division of Marks and Spencer plc. In November 2004, HSBC bought 100 per cent of the share capital of Marks & Spencer Retail Financial Services Holdings.
Today, M&S Money operates as a joint venture arrangement between HSBC and Marks & Spencer, however, M&S Money retains its own board.
HSBC Bank Plc
HSBC serves 16.1 million customers in the UK and employs approximately 50,000 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 7,200 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,637bn at 31 March 2012, the HSBC Group is one of the worlds largest banking and financial services organisations.