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M&S Bank savings accounts
M&S Bank offers a variety of savings accounts with interest rates up to 4%.
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M&S is yet to release a seductive advert for its savings accounts. Perhaps it should declare “this isn’t just a savings account, this is an M&S savings account”.
Well this might be because it’s not. Because while M&S launched its financial services arm over 30 years ago, it’s been jointly run with HSBC since 2004.
These days M&S Bank offers a wide range of savings accounts and ISAs. So whether you’re looking for short term or long term savers, M&S could have something for you.
Easy access savings accounts
Table: sorted by interest rate
M&S Bank's best easy access rate of 2.3% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
M&S Bank's best cash ISA rate of 4% is very slightly lower than today's market-best rate of 4.26%.
Compare more ISAs up to 4.26%
Fixed-rate bonds
Table: sorted by interest rate
M&S Bank's best fixed-rate bond rate of 4% is slightly lower than today's market-best rate of 4.68%.
Overview of M&S Bank savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 2.3% |
| Best cash ISA rate | 4% |
| Best fixed-rate bond rate | 4% |
| Fixed bond terms | 1 year - 3 years |
| Opening options | Website, post, telephone |
| FSCS protection |
How do I decide which account is for me?
Firstly, you need to work out what you want out of your savings account. You need to decide if you can afford to put your money away for a year. You might feel you can’t and that you probably are going to withdraw money from the account.
Once you’ve worked out what type of savings account you need then you can weight up the different savings accounts available. Useful aspects to consider are:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access, for instance)
- Rewards and loyalty schemes (if you’re into add-ons or switching bonuses)
What are the pros and cons of banking with M&S?
Pros
- Online banking. Apply for its savings accounts online. Plus you can manage your Everyday Savings Account online and look at your ISA balance too.
- Physical presence. There are around 30 M&S bank branches across the UK.
- Market leading interest rate. The monthly saver account offers one of the best interest rates on the market.
Cons
- Clunky, outdated security. All current account customers need an ‘M&S PASS’. Without this small authentication gadget you won’t be able to login. Nor make payments and transactions.
- Basic app. Only lets you see transactions on any of your savings accounts. You can’t manage your money through a mobile app.
- Inconsistent monthly saver. The very competitive interest rate drops off after 12 months. Plus, you only get the good rates when you transfer you current account to M&S.
Our verdict
M&S Bank savings accounts include everyday, monthly, tax-free and fixed-rate options, so they should cover your needs, whether you’re looking to save little and often or in big chunks. Read our savings reviews first, though, to make sure an M&S savings account is right for you and see how it weighs up against other savings providers.
Frequently asked questions
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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