
M&S Bank savings accounts
M&S Bank offers a variety of savings accounts with interest rates up to 4%.
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
Cash ISAs
Fixed-rate bonds
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- Clunky, outdated security.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
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
More guides on Finder
-
How to open a new savings account
Learn more about opening a savings account with our guide.
-
Flexible ISAs: What they are and how they work
Learn more about how flexible ISAs work.
-
Compare 2-year fixed rate cash ISAs
Find out more about the pros and cons of 2-year fixed rate cash ISAs
-
Kuda money app review
We take a detailed look at the Kuda money app to see how it works.
-
Volopa review
Is Volopa’s business payments platform right for your business? We take a closer look at Volopa’s business solutions.
-
Best ISAs for 2023
Discover the key differences between a cash ISA and a stocks & shares ISA and which option is right for you.
-
How to buy Nestlé shares
Learn more about Nestlé’s recent performance and where you can invest in Nestlé shares. We also run through some helpful rules of thumb for any investor
-
Christmas spending in the UK set to drop by more than £5.5 billion in 2022 as cost of living crisis bites
This latest research explores how much the UK is set to spend on Christmas in 2022, and how much Brit’s spend on unwanted gifts.
-
5 assets investors are buying in the dip: From commodities to ETFs
Markets have taken a hit in 2022. We share which assets are popular in the recent market pull-back. Created in collaboration with eToro
-
Over half of Brits plan to make a New Year’s resolution in 2023, with health and money leading the way
Over half of Brits plan to make a New Year’s resolution in 2023
Ask an Expert