MARKS & Spencer plans to close ALL current accounts and its 29 bank branches this year.
The closures, which will take effect this summer, are a result of a surge in online banking.
1
The bank branches are located within M&S stores, but the travel money bureaux branches, which are located in over 100 stores, are unaffected.
M&S told The Sun it aims to redeploy branch workers where possible, but it couldn’t confirm how many are at risk of redundancy due to an ongoing consultation.
M&S’ current account has already closed to new customers, but it’ll be available to existing customers until the summer.
The bank said it’ll start contacting those customers and others who use the bank branches from today to explain their options.
Where are M&S Bank’s branches located?
M&S Bank plans to shut its 29 bank branches from this summer.
- Aberdeen – St Nicholas Street
- Birmingham – High Street
- Bristol – Cribbs Causeway
- Bromley – High Street
- Cardiff – Culverhouse Cross
- Dartford – Bluewater
- Edinburgh – The Gyle
- Ellesmere Port – Cheshire Oaks
- Exeter – High Street
- Gateshead – Metro
- Glasgow – Argyle Street
- Glasgow – Braehead
- Leeds – Briggate
- Lisburn – Sprucefield
- London W12 – Westfield White City
- London – Marble Arch
- Manchester – Market Street
- Milton Keynes – Saxon Gate East
- Norwich – Rampant Horse Street
- Oxford – Queen Street
- Pudsey – Stanningley
- Sandhurst – Camberley
- Sheffield – Meadowhall
- Shoreham – Holmbush Centre
- Southampton – Hedge End
- St Albans – London Colney
- Tipton – Merryhill
- Warrington – Gemini
- Wilmslow – Handforth
The M&S bank branches will close in early July, with all services moving to online, mobile and telephone channels.
Following the changes, the bank will focus on credit cards and rewards with plans to merge further with its Sparks Card.
It also said it’ll continue to offer its existing range of general insurance, savings and loan products.
M&S Bank has over three million customers in total, but told The Sun “a very small proportion” are current account customers.
Paul Spencer, M&S Bank’s chief executive, said: “We have developed the next phase of our transformation programme to enhance the M&S shopping experience.
“It does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.
“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
Best current accounts on the market
THE top current accounts for interest rates currently pay around 2%.
Virgin Money pays 2.02% variable on the first £1,000 in your account, with no minimum pay in.
Right now, Virgin Money also has a switching offer where you can get 12 bottles of wine for free – check the terms and conditions first though to make sure you’re eligible.
The next best rate current account is Nationwide FlexDirect, which pays a fixed interest rate of 2% for a year on up to £1,500.
Alternatively, you may want to switch to HSBC’s Advance account, which gives new customers a £125 switching bonus.
Just keep in mind that the account requires you to pay in a minimum of £1,750 each month, or £10,500 over six months.
CREDIT CUT
Rishi Sunak confirms Universal Credit will be cut by £20 a week in October
BEER WE COME
Wetherspoons to reopen almost 400 pubs in April – is YOUR local on the list?
FOR RISHER, FOR POORER
We work out which families are richer or poorer after Rishi’s Budget
A-MAZING!
First look inside Amazon’s real-life shop as it goes to war with supermarkets
BITTERSWEET BUDGET
Housing to income tax – have Rishi’s policies left your glass half full?
The closures come after HSBC announced in January that it’s shutting 82 branches this year.
In September, TSB announced plans to close 164 branches, with the loss of more than 900 jobs.
Meanwhile, Halifax and Bank of Scotland closed 56 branches last year too.
New cash machine scam warning as con artists use iPods to swipe bank card details
