M&S Bank

ffiscool

I had a letter today from M&S bank saying they are closing their current accounts.  So whilst it means they will transfer your funds, direct debits etc, surely they should be paying compensation or something.  It takes ages to update all the sites you use, with new bank details, assuming you even remember them all. 

I know as you go to use a site, to buy something, you can update but I feel it’s not ok to just say we closing current accounts, bye 

JustAnotherSaver

https://forums.moneysavingexpert.com/discussion/6247452/m-s-bank-closing-all-current-accounts#latest

phillw

ffiscool said:

I know as you go to use a site, to buy something, you can update but I feel it’s not ok to just say we closing current accounts, bye 

Maybe you could ask them to refund the fee you paid when you opened the account? oh wait...

DrSyn

M&S Bank is run by HSBC. If you switch to HSBC bank the correct way, then maybe the £125 switching incentive will ease your pain. Or there is First Direct (also part of HSBC) with their £100 incentive.
If these two banks do not want to give you the switching incentives, then you could always complain and ask for a refund of any fee (if you paid one) when you opened the M&S account.

Zanderman

DrSyn said:

M&S Bank is run by HSBC. If you switch to HSBC bank the correct way, then maybe the £125 switching incentive will ease your pain. Or there is First Direct (also part of HSBC) with their £100 incentive.
If these two banks do not want to give you the switching incentives, then you could always complain and ask for a refund of any fee (if you paid one) when you opened the M&S account.

There would not have been any fee!  That was just phillw making a joke.

And as JustAnotherSaver has posted, this whole subject is covered in a long existing thread at 
https://forums.moneysavingexpert.com/discussion/6247452/m-s-bank-closing-all-current-accounts#latest

Probably better to carry this on there.  Maybe someone can merge the two threads in due course.

colsten

 @ffiscool, M&S are acting entirely within the terms you agreed to.