M&S Bank closing all current accounts

MSE_Helen_K

Thanks for your discussion on this issue - we've detailed what we know in this MSE News story below for now, which we'll be updating as we find out more... 

Read the full story:
'M&S Bank to close all current accounts in August and shut in-store bank branches'

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superM

Wouldn't be best if customers were given option to move there accounts to HSBC.  Technically it is an HSBC account with just a different name. 

colsten

superM said:

Wouldn't be best if customers were given option to move there accounts to HSBC.  Technically it is an HSBC account with just a different name. 

This option exists. You just ask HSBC to transfer your M&S account and Bob's your uncle.

block10

I imagine this was also preparation for negative interest rates. Current/savings accounts likely to be prohibitively expensive for M&S

xylophone

My 2.75% RS  isn't due to mature until November.

I had intended to  switch the account then anyway because with the demise of the RS, there seemed no point in keeping it.

It'll just be switched earlier than I thought!

colsten

block10 said:

I imagine this was also preparation for negative interest rates. Current/savings accounts likely to be prohibitively expensive for M&S

Not sure why that would be. The current account didn't pay any interest anyway, and - as you can see from the M&S announcement - M&S will continue to offer savings accounts (just not a Regular Saver).

Ashen

colsten said:

superM said:

Wouldn't be best if customers were given option to move there accounts to HSBC.  Technically it is an HSBC account with just a different name. 

This option exists. You just ask HSBC to transfer your M&S account and Bob's your uncle.

It's probably fair to say it's not really an equivalent option, given you'd need to go through the entire HSBC account opening bureaucracy - worst of the high street banks I've experienced - can be pretty much of the level of having to evidence that Bob is indeed your uncle.

colsten

Ashen said:

colsten said:

superM said:

Wouldn't be best if customers were given option to move there accounts to HSBC.  Technically it is an HSBC account with just a different name. 

This option exists. You just ask HSBC to transfer your M&S account and Bob's your uncle.

It's probably fair to say it's not really an equivalent option, given you'd need to go through the entire HSBC account opening bureaucracy - worst of the high street banks I've experienced - can be pretty much of the level of having to evidence that Bob is indeed your uncle.

There is that, true. Still, if you haven't already got an HSBC account, they are currently paying you for the trouble.

But let's not forget: by my reckoning, very few of the M&S current account holders are actually profitable customers. Thus there is no incentive on HSBC to making an offer to those people. Nor can I see much point in having an account with HSBC, now that their RS interest rate is just an also-run. Their online banking and their app aren't particularly enticing, either.

Zanderman

colsten said:

I just remembered, there is another current switch offer which one or two people may still be able to go after: Virgin Money.
The offer is not for 'real' money but for 15,000 Virgin Red points, which may or may not turn you on. Gregg's sausage roll fans could be set for life, or at least until the end of summer, with 75 sausage rolls. Or you could learn how to make chocolate truffles, exchange them into wine etc etc.

Isn't the Virgin Money Wine offer still running too?

colsten

possibly...