M&S Bank has rolled out its first current account with no monthly fee as part of its strategy to strengthen its customer base.
Dubbed as the M&S Current Account, the account has a transparent structure with an automatic £500 overdraft, the first £100 of which is interest-free, while the remainder is charged at 15.9% EAR.
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Commenting on the launch of the new account, M&S Bank CEO Sue Fox said that M&S Bank brings the trusted Marks & Spencer brand values to banking, delivering a new choice of bank on the high street.
He further added that the new M&S Current Account combines a transparent account structure, and debit card reward points, among other benefits.
The bank sends free text alerts to inform account holders about their approaching overdraft limit, and doesn’t charge an ATM transaction fee for withdrawals abroad made with the M&S debit card.
The new current account holders can also earn loyalty points on their M&S debit card spend, with one point earned for every £1 spent in M&S (both in-store and online).
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By GlobalDataFor every 100 points earned, customers will receive £1 in M&S vouchers with the points automatically converted into M&S vouchers and sent to customers each quarter.
Following successful switch of current account using the Current Account Switch Service, M&S Current Account customers will also receive a £100 M&S gift card.
