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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 18th Jul 12, 8:06 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: M&S Bank reveals its current account
    • #1
    • 18th Jul 12, 8:06 AM
    MSE News: M&S Bank reveals its current account 18th Jul 12 at 8:06 AM
    "M&S has unveiled its current account which will be available from October, which is best for its shoppers..."

Page 1
    • Loughton Monkey
    • By Loughton Monkey 18th Jul 12, 8:34 AM
    • 8,706 Posts
    • 12,428 Thanks
    Loughton Monkey
    • #2
    • 18th Jul 12, 8:34 AM
    • #2
    • 18th Jul 12, 8:34 AM
    The account is apparently backed by HSBC. One assumes you can not only buy your clothes at M&S, but have them laundered as well!
    • marathonic
    • By marathonic 18th Jul 12, 8:40 AM
    • 1,764 Posts
    • 1,318 Thanks
    marathonic
    • #3
    • 18th Jul 12, 8:40 AM
    • #3
    • 18th Jul 12, 8:40 AM
    Well, at least MSE don't have to go to the bother of updating the Best Buy lists....
    • SaveTheEuro
    • By SaveTheEuro 18th Jul 12, 8:46 AM
    • 876 Posts
    • 422 Thanks
    SaveTheEuro
    • #4
    • 18th Jul 12, 8:46 AM
    • #4
    • 18th Jul 12, 8:46 AM
    Well, at least MSE don't have to go to the bother of updating the Best Buy lists....
    Originally posted by marathonic
    But how many other bank accounts include 48 cups of tea?
    • exel1966
    • By exel1966 18th Jul 12, 8:47 AM
    • 4,815 Posts
    • 11,861 Thanks
    exel1966
    • #5
    • 18th Jul 12, 8:47 AM
    • #5
    • 18th Jul 12, 8:47 AM
    Looking at the details I don't think the main high street banks will be too concerned about this new entrant. It seems to be a case of an adapted HSBC Premium account manufactured to M&S needs. HSBC have not exactly been known for enticing accounts and this one follows suit. M&S does have an outdated loyal following and I'm sure those customers could be enticed by the 'freebies', but it's going to cost an awful lot to get them which is why I don't think too many others will be rushing to sign up.

    There are far better products out there on the market.

    Why can't these banks just do away with all the gimmicks and offer straight forward, interest earning accounts?
    Last edited by exel1966; 18-07-2012 at 8:50 AM.
    • fatboyonadiet
    • By fatboyonadiet 18th Jul 12, 8:52 AM
    • 5,310 Posts
    • 2,250 Thanks
    fatboyonadiet
    • #6
    • 18th Jul 12, 8:52 AM
    • #6
    • 18th Jul 12, 8:52 AM
    IF you claimed all the freebies it would outweigh the cost of the bank account
    2p off is still 2p off!
  • innovate
    • #7
    • 18th Jul 12, 8:55 AM
    • #7
    • 18th Jul 12, 8:55 AM
    It's not just a current account, it's an M&S current account
    • marathonic
    • By marathonic 18th Jul 12, 9:01 AM
    • 1,764 Posts
    • 1,318 Thanks
    marathonic
    • #8
    • 18th Jul 12, 9:01 AM
    • #8
    • 18th Jul 12, 9:01 AM
    Why can't these banks just do away with all the gimmicks and offer straight forward, interest earning accounts?
    Originally posted by exel1966
    Exactly. I'm a Republic of Ireland residend hoping to move to Northern Ireland shortly.

    My brother moved to Ulster Bank recently on my advice (before the recent issues) as AIB started charging transaction and quarterly fees on standard accounts.

    The salesperson (that's all they are) in the bank persuaded him to open a uFirst account with a 10 monthly fee. His main attraction to this account was for the 'free' phone insurance (he has an iPhone).

    I told him to downgrade to a standard account and increase the amount he intends to put into the regular savings account from 100 to 110. The phone insurance has a 35 excess which means that, if he loses a phone within a year, the replacement through insurance will have cost him 120 in bank fees + 35 excess = 155.

    There are plenty of replacement phones available for 155 if he does happen to lose the iPhone and, if he doesn't lose it, he's up 155.
    • marathonic
    • By marathonic 18th Jul 12, 9:02 AM
    • 1,764 Posts
    • 1,318 Thanks
    marathonic
    • #9
    • 18th Jul 12, 9:02 AM
    • #9
    • 18th Jul 12, 9:02 AM
    It's not just a current account, it's an M&S current account
    Originally posted by innovate
    Carlsberg don't do current accounts but, if they did, ......
    • zerog
    • By zerog 18th Jul 12, 9:30 AM
    • 2,416 Posts
    • 849 Thanks
    zerog
    IF you claimed all the freebies it would outweigh the cost of the bank account
    Originally posted by fatboyonadiet
    The cost to you, but probably not the cost to M&S
    • callum9999
    • By callum9999 18th Jul 12, 9:43 AM
    • 3,950 Posts
    • 2,408 Thanks
    callum9999
    Looking at the details I don't think the main high street banks will be too concerned about this new entrant. It seems to be a case of an adapted HSBC Premium account manufactured to M&S needs. HSBC have not exactly been known for enticing accounts and this one follows suit. M&S does have an outdated loyal following and I'm sure those customers could be enticed by the 'freebies', but it's going to cost an awful lot to get them which is why I don't think too many others will be rushing to sign up.

    There are far better products out there on the market.

    Why can't these banks just do away with all the gimmicks and offer straight forward, interest earning accounts?
    Originally posted by exel1966
    They do, they are called savings accounts. Current accounts won't start paying interest again until the base rate rises.
    • InsideInsurance
    • By InsideInsurance 18th Jul 12, 9:59 AM
    • 22,215 Posts
    • 11,383 Thanks
    InsideInsurance
    Evidently the bank wont do something that intentionally leaves them out of pocket but does it really matter how much a tea bag, a dash of milk, to heat water and a waitress costs them -v- how much the drink would have cost you at list price?
  • innovate
    Current accounts won't start paying interest again until the base rate rises.
    Originally posted by callum9999
    Lloyds and Santander current account do pay interest, beating many savings account rates.
    • exel1966
    • By exel1966 18th Jul 12, 10:23 AM
    • 4,815 Posts
    • 11,861 Thanks
    exel1966
    They do, they are called savings accounts. Current accounts won't start paying interest again until the base rate rises.
    Originally posted by callum9999
    I thought this article subject was current accounts. As already pointed out, other organisations manage it and unsurprisingly they're very popular accounts
    • jobdone1
    • By jobdone1 18th Jul 12, 11:22 AM
    • 719 Posts
    • 540 Thanks
    jobdone1
    forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.
    So now it time to jump on the band wagon because all banks and building society's will charge in the future, To make it look good they will offer some poor excuse of insurance for either a phone or travel with many restrictions and high excess.
    • callum9999
    • By callum9999 18th Jul 12, 11:24 AM
    • 3,950 Posts
    • 2,408 Thanks
    callum9999
    Lloyds and Santander current account do pay interest, beating many savings account rates.
    Originally posted by innovate
    I thought this article subject was current accounts. As already pointed out, other organisations manage it and unsurprisingly they're very popular accounts
    Originally posted by exel1966
    Obviously some places pay (I'm sure there are other accounts that pay as well) - but before the rate was slashed, it was the norm to pay interest on current accounts whereas it is now the norm not to. I simply meant that it won't return to the norm until the rate is back up to it's old levels (though not even that is guaranteed).
    • callum9999
    • By callum9999 18th Jul 12, 11:25 AM
    • 3,950 Posts
    • 2,408 Thanks
    callum9999
    forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.
    So now it time to jump on the band wagon because all banks and building society's will charge in the future, To make it look good they will offer some poor excuse of insurance for either a phone or travel with many restrictions and high excess.
    Originally posted by jobdone1
    No they won't.
  • innovate
    forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts.
    Originally posted by jobdone1
    Where / how else do you want your money paid to? I bet if you could think of any possible alternatives, they would all remarkably resemble current accounts.
  • innovate
    Obviously some places pay (I'm sure there are other accounts that pay as well)
    Originally posted by callum9999
    tell me where please, I might be interested in an account there. I currently only know of Lloyds and Santander
    • JuicyJesus
    • By JuicyJesus 18th Jul 12, 12:19 PM
    • 3,481 Posts
    • 3,939 Thanks
    JuicyJesus
    forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.
    Originally posted by jobdone1
    All of those activities cost the banks money to process. Especially benefits - they don't stand a hope in hell of making back the money it costs them to maintain benefit claimants' accounts. Most of the services banks provide, they do it for free.

    If you don't go overdrawn, you could quite easily never pay a penny for your current account and still get access to all of the banks' services. I'm not exactly sure how you are being stiffed on the deal, or how they win here.
    urs sinserly,
    ~~joosy jeezus~~
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