Marks and Spencer’s Bank have recently confirmed the closure of all their current accounts is to come in August.
Whilst M&S Bank have been offering current accounts since 2014, they also offer some other services, such as loans and credit cards, insurances, and travel money, which they have decided will remain.
We’ll know more in May
Although a date hasn’t been set, it has been confirmed that the following accounts will be closed sometime in August 2021:
- M&S Current Account
- M&S Premium Current Account
- M&S Premium Current Account with insurance
- Monthly Saver accounts linked to current accounts
M&S Bank have advised that they will be contacting all of those affected in May with more information regarding the closure and specific dates, which means there’s plenty of time to line up a new current account provider.
The move is said to have been sparked by the evolution of online banking, which may have been influenced by the COVID-19 pandemic.
What do I need to do as a current account user?
M&S Bank have advised that they’ll only be able to close the accounts if they have a zero balance.
If you’re still using your M&S Bank account, you’ll need to get a new one lined up. There are some online comparison websites to use, such as Money Supermarket or Money. You can use their sites to decide which account is best for you, Money Supermarket also confirms if the provider offers the Current Account Switch Service.
If you’re not using your M&S Bank account and have a zero balance, it will be automatically closed in August and they’ll write to you to confirm. You can also close it sooner if you’d prefer.
What happens when my account is closed?
- You’ll be sent a copy of your transaction history covering up to 5 years. This will be emailed to you, so be sure to check your contact details are up to date with M&S Bank.
- You can request a copy of your transaction history for up to 5 years after the account is closed, so you’ll be able to contact M&S Bank to request this if you realise you need it in the future.
- Your statements will no longer be available – ensure you request any you need before your account is closed.
- If you incur any bank account charges or interest after your account is closed, M&S Bank will bill you for them once they’re confirmed.
If you have an overdraft open with your current account and aren’t able to move it across to your new account, or would like some advice on how you should manage this and any other debts you may have, you can speak to one of our experienced debt advisors in complete confidence today on 01925 599400, or by using our Online Debt Advice Tool.