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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.

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