MSE News: M&S Bank reveals its current account

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Budgeting & bank accounts
"M&S has unveiled its current account which will be available from October, which is best for its shoppers..."
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M&S Bank reveals its current account


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  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    First Anniversary Combo Breaker Hung up my suit!
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    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
    marathonic Posts: 1,778 Forumite
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    Well, at least MSE don't have to go to the bother of updating the Best Buy lists.... :D
  • SaveTheEuro
    SaveTheEuro Posts: 970 Forumite
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    marathonic wrote: »
    Well, at least MSE don't have to go to the bother of updating the Best Buy lists.... :D

    But how many other bank accounts include 48 cups of tea?
  • exel1966
    exel1966 Posts: 4,978 Forumite
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    edited 18 July 2012 at 9:50AM
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    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 M&S does have an outdated loyal following and I'm sure those customers could be enticed by the 'freebies', but it's going to cost an awful lot to get them which is why I don't think too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?
  • fatboyonadiet
    fatboyonadiet Posts: 5,397 Forumite
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    IF you claimed all the freebies it would outweigh the cost of the bank account
    2p off is still 2p off!
  • innovate
    innovate Posts: 16,217 Forumite
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    It's not just a current account, it's an M&S current account
  • marathonic
    marathonic Posts: 1,778 Forumite
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    exel1966 wrote: »
    Why can't these banks just do away with all the gimmicks and offer straight forward, interest earning accounts?

    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
    marathonic Posts: 1,778 Forumite
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    innovate wrote: »
    It's not just a current account, it's an M&S current account

    Carlsberg don't do current accounts but, if they did, ......
  • zerog
    zerog Posts: 2,478 Forumite
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    fatboyonadiet wrote: »
    IF you claimed all the freebies it would outweigh the cost of the bank account

    The cost to you, but probably not the cost to M&S
  • callum9999
    callum9999 Posts: 4,392 Forumite
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    exel1966 wrote: »
    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?

    They do, they are called savings accounts. Current accounts won't start paying interest again until the base rate rises.
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