MSE News: M&S to offer current accounts in banking push

MoneySaverLog

Another HSBC clone, I hope they don't go buying into project Verde we need a new bank with more competition not another clone.

pqrdef

Everything about banking is bad news. Tesco have damaged their brand by going into banking. M&S will do the same. Why would they do that?

Because they can't resist the money that's sloshing around in the insurance-churning and mortgage-churning industries.

yangptangkipperbang

Dr_Cuckoo3 wrote: »

I disagree - First Direct are a branch of HSBC and they provide competition

First Direct are not really a competitor of HSBC - HSBC don't give a damn' if 20% of FD's customers have come from HSBC, the other 80% have come from elsewhere !

Dr_Cuckoo3

yangptangkipperbang wrote: »

First Direct are not really a competitor of HSBC - HSBC don't give a damn' if 20% of FD's customers have come from HSBC, the other 80% have come from elsewhere !

I didn't say that First Direct are a competitor of HSBC

Both HSBC and it's First Direct brand compete for customers - they offer different products and appeal to different types of customer

yangptangkipperbang

Dr_Cuckoo3 wrote: »

I didn't say that First Direct are a competitor of HSBC

Dr_Cuckoo3 wrote: »

I disagree - First Direct are a branch of HSBC and they provide competition

Your second statement does not differentiate between banks with whom First Direct might or might not compete

50Twuncle

What next - Ann Summers Bank ?

BugsyBrowne

I read yesterday in the sun That M&S Bank will target wealthy older woman for their banks and called HSBC the younger generation bank and first direct they said its the over 40 market they target.

MoneySaverLog

BugsyBrowne wrote: »

I read yesterday in the sun That M&S Bank will target wealthy older woman for their banks

Their clientele is mainly made up of this market so would make sense to target them in store.

rb10

There are some bits of their press release that are interesting...

M&S wrote:

New current account will be available by autumn 2012

Yet...

M&S wrote:

the first branch scheduled to open in July

What do they plan on doing between July and the autumn? The branch will be open, but they won't have anything to sell...

And...

M&S wrote:

Branches will be open twice as long as traditional high street banks

I find this interesting. The high street banks in most towns are open 9-5 Monday-Friday and at least 9-1 on Saturdays. That's 44 hours. Even M&Ss 'flagship' store does not (quite) currently have opening hours that are twice as long as this, so I do wonder how M&S will achieve this claim.

JuicyJesus

rb10 wrote: »

What do they plan on doing between July and the autumn? The branch will be open, but they won't have anything to sell...

http://money.marksandspencer.com/

Take your pick.