M&S to open bank branch at Braehead

Wednesday 26 September 2012

Marks & Spencer today announced plans to open 12 more bank branches by the end of the year, as its first current accounts went live.

The retail giant has so far opened 13 bank branches out of 16 locations already announced, and unveiled a further list of 12 branches planned by the end of 2012, including one at the Braehead shopping centre in Renfrewshire. Other new venues include 10 busy and/or affluent English areas, and Lisburn, Belfast.

Meanwhile, customers can apply for M&S premium current accounts from today, which carry fees of up to £240 a year in return for "transparent" terms and a range of in-store perks.The retailer opened its first bank branch in July, offering seven days a week banking facilities and a pager service meaning customers can carry on with their shopping instead of queuing.The launch of a new player in the market came as mainstream banks have been battling to win back confidence in the wake of incidents such as NatWest's IT chaos and Barclays' Libor-fixing scandal.M&S has previously confirmed that it intends to open a total of 50 bank branches by the end of 2013, with opening hours mirroring the shops in which they are sited.Customers have been able to pre-register for the new M&S current accounts since July.A spokeswoman for M&S Bank declined to give any figures for the level of interest during pre-registration, but said the accounts have been "well-received".For £20 a month, the premium current account with insurance promises customers more than £500-worth of annual benefits such as M&S vouchers, travel insurance and loyalty points on debit card purchases. Customers will also be given access to a savings account with a fixed rate of 6%.The M&S premium account without insurance costs £15 a month and comes with similar banking and rewards and the potential to gain more than £300-worth of annual benefits.M&S Bank is wholly owned by HSBC but runs on a 50/50 profit share with Marks & Spencer. Legally, the new bank is structured as a separate entity to HSBC, meaning it has its own registration with the Financial Services Compensation Scheme (FSCS), which compensates people if their bank goes under.The move has been hailed as positive for mainstream consumers, and analysts have predicted M&S Bank is likely to target its products at "vanilla" customers, who already have strong credit records.They have said that as with any paid-for service, customers should consider how much they will benefit from the perks included in the current accounts.

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 then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.

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.

M&S to open bank branch at Braehead

Commenting & Moderation

MOST READ

SPONSORED LINKS

MOST COMMENTED