Time is running out for M&S Bank customers to switch providers before all current accounts are closed on Tuesday, August 31.
M&S Bank closed all 29 of its in-store bank branches on July 2, however, customers should be aware that other M&S financial products including credit cards, loans and insurance are not affected by the closure of the current accounts. M&S travel money bureaux branches, which are located in over 100 stores across the UK, are also unaffected and will remain open.
The closure of all current accounts means customers who have not taken action only have one day left to move their money and make other banking arrangements.
The following M&S account will all close on August 31, 2021:
- M&S Current Account
- M&S Premium Current Account
- M&S Premium Current Account with insurance
- Monthly Saver accounts linked to current accounts
In March, when M&S Bank first announced the closures, it said the move was largely down to a shift towards online banking services, mostly brought about by restrictions imposed by the coronavirus pandemic.
MoneySavingExpert.com reports that M&S Bank has three million customers in total, although it does not have a figure for how many of those have current accounts.
If you are an M&S Bank customer, you can continue to use your account as normal and view it on internet banking or via the app up until August 31.
However, if you want to switch, which is probably the easiest and quickest option, you need to start the process August 31, as it takes seven working days to complete, with a switch date of no later than September 10, 2021.
You can use the Current Account Switch Service (CASS) to switch to an existing current account you have or to a new current account. This will ensure all your direct debits, standing orders, recurring payments and incoming payments such as salary or benefits are moved over to your new account.
MoneySavingExpert.com highlights the top current switching deals on the website here.
These include:
- Nationwide - £125 free cash
- Virgin Money - Virgin Experience Day gift card worth £150
Once you start the switch process, your M&S current account will automatically close.
M&S Bank current account customers with an overdraft will need to clear this by August 31. If you can't pay it off right now, contact M&S on 0345 900 0900 to discuss your options as soon as possible.
If you have money in your M&S Bank account and don't switch by the deadline, your funds will be automatically sent to you via cheque after account closure on August 31.
MoneySavingExpert.com said: “It's unclear how quickly this cheque will arrive, so it may be best to withdraw funds now if you need immediate access.”
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