M&S current accounts for January 2020

M&S current accounts have plenty of rewards to offer to the retailer's most loyal shoppers.

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Food? Check. Clothes? Check. Furniture? Check. Financial products? Check. If you’re not the type that likes going to different places for different needs, M&S is probably a good bet for you with its huge range of products and services – including current accounts.

With their series of M&S-related perks and rewards, M&S current accounts suit the needs of a loyal customer who loves M&S and wants to see its consistency appreciated.


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Types of current accounts from M&S

M&S only offers two current account options: a basic and a premium one. If you’re looking for a different type of current account, such as a student or a child account, you can head to our current account section to compare other banks’ deals.

  • Everyday current account

    M&S’ Current Account has no monthly fees and comes with access to a high-interest savings account. Compare everyday current accounts to find the one that offers the most appealing switching incentive.
    Learn more everyday current accounts

  • Premium current account

    Enjoy a series of M&S vouchers for hot drinks, clothing and food in return for a monthly fee. Unlike other premium accounts, M&S’ doesn’t have any salary requirement you need to meet in order to be able to apply for it.
    Learn more about premium current accounts

The benefits of banking with M&S

  • Switching incentive. If you switch your account to M&S (including at least four direct debits), you get a £100 M&S gift card – plus an £80 one if you stay for a year and pay at least £1,250 into the account every month.
  • Access to a high-interest savings account. M&S Monthly Saver comes with a 5% AER (Annual Equivalent Rate). You can pay up to £250 a month into it, which means you can earn up to £81 a year in interest.
  • M&S rewards. If you shop with M&S often, you’ll be interested in the vouchers you can earn thanks to the M&S premium current account.
  • Mobile banking app. With M&S you can easily manage your finances online or on your smartphone – the app is pretty straightforward, but doesn’t have any budgeting features for now.
  • Multiple ways to bank. Aside from online banking, M&S also has a 24/7 customer service contact line and 31 branches across the UK.
  • A wide range of related products. Aside from shopping for apples or renewing your closet, with M&S you can also get a mortgage, a savings account, a credit card or a loan.
  • Global acceptance. M&S cards are all either Visa or Mastercard, so you can make purchases with them at millions of locations around the world.

Opening an account with M&S

To open an account with M&S, you’ll have to provide the following information:

  • How much you expect to pay in/spend each month.
  • Your salary details and any assets you have.
  • Your employment history.
  • Your nationality/citizenship.
  • Three years of address history.
  • Your residence status/tax residence status.
  • Proof of identity (passport, driving licence, EEA or Swiss national identity card).
  • Proof of address (bank statement, utility bill or tenancy agreement).

You can open an M&S account online or by visiting a branch.

Why should I compare current accounts anyway?

Current accounts aren’t just about finding one that has no fees and does the job fine enough. Depending on how much you spend every month and where, how you prefer to manage your finances and whether you also need other banking products, there will be different deals available that are most suitable to your needs.

If you’re unhappy with your bank, it’s also worth taking a look at switching incentives – you can often get £100 or so in cash and secure a better service at the same time. Switching, by the way, is easier than you think thanks to the Current Account Switch Guarantee, a government scheme that forces banks to handle any current account switching within seven days, and to automatically transfer any payments to your new account.

What about digital banking?

Digital banking isn’t for everyone, but if you don’t mind branchless banking you may be in for a treat – challenger banks usually come with a quick sign up process, a slick mobile app with tons of cool features and fee-free spending, even when you travel abroad. Discover some of their deals here or go to our digital banking hub to learn more.

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