M&S Bank Current Account Rant !!

D3xt3r5L4b

Deleted_User said:

D3xt3r5L4b said:

M&S are picky as they are HSBC who are also notoriously picky.

Have never had an issue with HSBC in regards to anything. The only one issue Ive ever had with them is when I went to open my bank account the visa debit card came as non contactless, rang up and complained and they told me I wasn't t eligible, threatned to close my account, 5 minutes on hold, and the lady said my contactless card was on its way.

Im guessing she went to the underwriting department and asked them to override it. 

Maybe so. But if you check some recent (and older) post on the Bank Account forum you’ll see stack of people not being accepted despite meeting the criteria 

jazzyja

I have an m&s credit card, they gave me a higher limit than anyone else offered, 20 month at 0% balance transfer and my credit isn't  perfect so I wouldn't say theyre picky?! Did I just get lucky? 

Yahoo_Mail

jazzyja said:

I have an m&s credit card, they gave me a higher limit than anyone else offered, 20 month at 0% balance transfer and my credit isn't  perfect so I wouldn't say theyre picky?! Did I just get lucky? 

Yes.

[Deleted User]

MalMonroe said:

I think you're right when you say that it could be your income level that's too low. I've also tried in the past to get an M&S current account as well as an M&S credit card without success. Funnily enough, they did once accept my application for car insurance. . . 

When I became a mature student a few years ago, I applied to HSBC (along with many others on my course) for a current account - declined.  Others on my course were accepted, even though my income - as a mature student - was higher than theirs! Now I know why. HSBC and M&S are in collusion. It really does beggar belief.

However, now I just have one of their Sparks cards and won't bother them with applications for accounts or credit cards again. Why keep chasing them? There are other banks who would be glad to have your custom, I'm sure. It feels a bit like chasing someone you are attracted to who just isn't attracted to you.

I'd leave them alone and go with someone who wants you. It's not half as hurtful that way!

I suppose your right, do note though car insurance generally is not considered a "credit facility" as if you dont pay the monthly premium, then you are not insured.

The strange thing in my case though is that I have an personal and business account with HSBC plus a commercial and personal credit card with them, so its slightly odd considering that I have a good history with them and my external credit file is squeaky clean. 

Yahoo_Mail

Deleted_User said:

MalMonroe said:

I think you're right when you say that it could be your income level that's too low. I've also tried in the past to get an M&S current account as well as an M&S credit card without success. Funnily enough, they did once accept my application for car insurance. . . 

When I became a mature student a few years ago, I applied to HSBC (along with many others on my course) for a current account - declined.  Others on my course were accepted, even though my income - as a mature student - was higher than theirs! Now I know why. HSBC and M&S are in collusion. It really does beggar belief.

However, now I just have one of their Sparks cards and won't bother them with applications for accounts or credit cards again. Why keep chasing them? There are other banks who would be glad to have your custom, I'm sure. It feels a bit like chasing someone you are attracted to who just isn't attracted to you.

I'd leave them alone and go with someone who wants you. It's not half as hurtful that way!

I suppose your right, do note though car insurance generally is not considered a "credit facility" as if you dont pay the monthly premium, then you are not insured.

The strange thing in my case though is that I have an personal and business account with HSBC plus a commercial and personal credit card with them, so its slightly odd considering that I have a good history with them and my external credit file is squeaky clean. 

Most insurance (including car insurance) is billed annually and any option for monthly repayments is on a credit basis.  Non-payment doesn't mean you're uninsured, but you might end up with late payment markers or a default if you fail to keep up repayments.

phillw

Deleted_User said:
so I assume their customer profile would be more geared towards those on 3 figures who vote tory 

That isn't my experience, I don't know about now but certainly a few years ago you could open an account with a lower than average wage. HSBC advance on the other hand is picky, if your salary doesn't match their monthly pay in then they aren't interested. Everyone else you can just move your own savings in and out.
You may be being declined because you've been applying every six months, the original reason you were declined may be academic now.

[Deleted User]

Their retail and banking services operate with common branding but otherwise separate 

What is the big appeal of M&S Bank to you? - it's essentially a colourful version of First Direct with similar basic online services but aimed at baby boomer clientele.