• Text size      
  • Send this article to a friend
  • Print this article

M&S takes on banks with 'no-fee' current account

MARKS & SPENCER stepped up competition in the banking sector today by launching its first no-fee current account.

M&S Bank, which has 3.7 million customers, launched its first current accounts 18 months ago but these were "premium" products which charged fees of £120 to £210 a year for a package of perks.

The new account comes with an automatic £500 overdraft, the first £100 of which is free. It will also offer loyalty points which customers can spend in Marks & Spencer stores, while those switching to the new account will receive a £100 gift card.

The moves are part of a pattern which has seen new lenders come into the market in recent years to challenge major high street banks.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

233439