M&S is now closing all of its in-store bank branches
Last day of M&S bank branches: All 29 branches were closed today and current accounts will be closed at the end of August – here are four banks you could choose next …
- Marks & Spencer is closing its 29 bank branches today
- M&S Bank will also close all its current accounts on August 31
- Customers must then have changed bank
Marks & Spencer is closing its 29 bank branches today, and the closure of all of its current accounts will follow on August 31.
This means that by the end of August, M&S Bank – whose branches are all located inside its stores – will be an Internet and telephone bank only for its customers.
This means that today is the last day that elderly and vulnerable clients can go in person to close accounts.
The bank, half-owned by the supermarket and HSBC, first unveiled the closings in March, when it said it would instead focus on credit cards, digital payments and currency exchange services.
Permanent closure: Marks & Spencer is now closing all of its 29 bank branches
M&S has already withdrawn the sale of the checking account for new applicants, while existing customers will have to change banks by the end of August, M&S said today.
Customers can close their checking accounts through the M&S website, but they will need to have a zero balance to do so.
This means that any money deposited into the account will need to be transferred to another bank before closing the account.
Likewise, if a client is overdrawn, they must first delete it before closing the account.
If by August 31 there are any funds or debts left in the account, they will be frozen and customers will need to contact M&S to transfer the balance elsewhere.
They are part of a growing trend on Main Street, with banks claiming it is an increase in online banking.
In reality, for M&S, the decision is more likely due to the fact that the current account activity is not making a lot of money.
In contrast, it is a significant player in the credit card, personal loan and travel money industries, where it is likely to be more focused.
M&S still has branches of travel money offices located in 100 stores.
Banks recently stepped up branch closures after numerous restructurings halted for much of last year to focus on responding to the pandemic.
Last month, Lloyds Banking Group announced the closure of 44 additional bank branches in England and Wales this year.
In March, M&S Bank Managing Director Paul Spencer said: “As we adapt to meet the changing needs of our customers and deliver new, more digitally-focused products and services, unfortunately this means that we will move away from the branch. in-store banking and 29 branches and the associated checking account will close this summer. ‘
Customers can request copies of statements by August 31 and list all recurring payments, such as direct debits, to minimize disruption.
Here is Money’s pick of the top four checking accounts
1. Better account for interest income: Nationwide Building Society FlexDirect Account – 2% interest on balances up to £ 1,500.
2. Better account for cash: HSBC – he pays £ 125 to have people switch to his Advance account, including the M&S Bank client who would have been exempt previously.
3. Better account for interest on a large balance: Lloyd Club – 0.6% interest on balances up to £ 3,999; 1.5% interest on balances between £ 4000 and £ 5000.
4. Best ‘newcomer to the block’: Starling Bank – his checking account can be downloaded via a smartphone app and can now also be managed online, and pays 0.05% interest on up to £ 85,000