Marks and Spencer Current Account to Cost £20
The new current account offered by Marks and Spencer will cost consumers £20 per month, or £240 per year. As well as this, in order to gain the perks of the account, holders are required to pay at least £1000 though the account per month.
Once you look past the price of the account however, there are many advantages that come tailored towards M&S customers.
These include worldwide travel insurance, which covers four people up to the age of 70. This can be stretched to 80 however and will cover grandchildren; something which most policies won’t do. The account also entitles holders to all of the perks of the M&S loyalty card, which costs £15 per month and entitles holders to vouchers for the M&S café as well as birthday gifts.
You also get a £100 interest-free overdraft, £45 worth of treat vouchers, £40 M&S vouchers and loyalty points whenever you use your debit or credit card. Finally you get a regular savings account that pays 4.8pc after tax.
However M&S bank is now owned by HSBC, who are currently defending themselves amid allegations of money laundering between 2004 and 2010. At a time when trusts in banks is low after recent problems across the industry, consumers will no doubt be looking for a bank they can trust; rather than one offering travel insurance and loyalty points – especially when it costs £20 per month.
Share this..
Related stories
Have You Declared That Offshore Account?
The tiny European country of Liechtenstein is at the centre of a massive investigation by HM Revenue & Customs (HMRC) into British citizens who have asset hidden overseas. The UK government forced five major banks to hand over the records of 400,000 customers with offshore accounts and has been investigating these hidden assets for some time.
While not all of the 400,000 customer...
Savings providers fined for misleading marketing
17/06/2014 Credit Suisse and the Yorkshire Building Society have been fined by the Financial Conduct Authority (FCA) for the use of “misleading” marketing when promoting an investment product. Credit Suisse was fined £2.4m, whilst Yorkshire Building Society received a smaller fine of £1.5m. The financial services institutions, which both accepted the fines, were found to have promot...
Read MoreIrish authorities act to quell fears over banking sector
The Irish authorities have tonight announced a plan which they believe will allow the Irish banking sector to rebase and regroup for the future. This comes after a dramatic time for the Irish banking sector which has seen a number of banks bailed out by the government and a number of controversies hit the headlines. So what is the government offering? While many people believed that the Irish g...
Read MoreEU banking rescue plan in disarray
Britain and France have expressed dissatisfaction with an EU proposal to create a new funding initiative to cover failing banks in the future. Despite the fact that the likes of Germany and other EU members are in agreement over the creation of "national fund" to help wind up and reorganise troubled banks the UK and France are now arguing heavily against the deal. The national funds would be cr...
Read MoreIs the government set to remutualise Northern Rock?
The Building Societies Association has today issued a report suggesting that the UK government should remutualise Northern Rock to prevent a repeat of the company's collapse in the future. There is also feeling that if this were to occur it would highlight the mutual sector again and potentially inject more confidence into a sector which has been battered by the recession and various financial dif...
Read More