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M&S Bank savings accounts
M&S Bank offers a variety of savings accounts with interest rates up to 4.05%.
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M&S Bank offers a wide range of savings accounts and ISAs. So whether you’re looking for short-term or long-term savings, M&S could have something for you.
M&S Bank's top savings rate of 4.05% is available on one of its cash ISA accounts.
Easy access savings accounts
Table: sorted by interest rate
M&S Bank's best easy access rate of 2.35% is significantly lower than today's market-best rate of 6.89%.
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Cash ISAs
Table: sorted by interest rate
M&S Bank's best cash ISA rate of 4.05% is lower than today's market-best rate of 5.25%.
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Fixed-rate bonds
Table: sorted by interest rate
M&S Bank's best fixed-rate bond rate of 4.05% is slightly lower than today's market-best rate of 4.6%.
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What is M&S Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts M&S Bank offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds |
|---|---|
| Best easy access rate | 2.35% |
| Best cash ISA rate | 4.05% |
| Best fixed-rate bond rate | 4.05% |
| 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 lock your money away for at least a year or if you’d prefer to be able to access it as and when.
You’ll generally get a better interest rate if you are happy to tie up your money in a fixed rate bond. But this type of account is best for those who have a lump sum to invest as you can’t usually add to your savings after the initial deposit. If you’d prefer to be able to top up your funds, as well as withdraw them, an easy access savings account will likely be the better option.
Once you’ve worked out what type of savings account you need, you can weigh 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)
What are the pros and cons of banking with M&S?
Pros
- Range of accounts. Choose from an Everyday Savings account, fixed rate savings bonds and cash ISAs.
- Online banking. Apply and manage your M&S savings accounts online.
- FSCS protection. Your money is protected under the Financial Services Compensation Scheme.
Cons
- Clunky, outdated security. Customers need an ‘M&S PASS’ (either a physical or digital one). Without this small authentication gadget you won’t be able to login online, or make certain transactions.
- Basic app. Only lets you manage the Everyday Savings account.
- No bank branches. M&S Bank closed all of its bank branches in 2021 so you’ll no longer be able to benefit from face-to-face services.
Customer service information for M&S Bank
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
Our verdict
M&S Bank savings accounts include everyday, 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
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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