Marks & Spencer customers who will lose their bank accounts when the lender closes this summer could get £100 to switch away this month.
The retail giant, which is closing all current accounts in August, said customers have until mid-summer to transfer their money into an alternative account before its banking arm closes.
And right now, customers could get paid to switch away thanks to a bonus being offered by First Direct – which is also owned by HSBC, the company behind M&S Bank.
Banks and building societies offer switching incentives all year round to help win over competition from market rivals, but until now, M&S Bank customers could not reap the rewards from HSBC and First Direct because they're all run by the same bank.
But these rules have now changed, which means customers can get £100 to switch to an account almost identical to M&S.
"Anyone who'd opened an M&S current account since 2018 couldn't grab bribes to switch to sister brands First Direct and HSBC (the market's standouts)," consumer expert Martin Lewis wrote in this week's MoneySavingExpert email.
"But that restriction's been lifted, subject to normal eligibility criteria."
That means customers can now switch to First Direct, whose current account is almost identical account to M&S - and get £100 in the process.
The account includes a 1% savings account and for those who qualify, a £250 0% overdraft.
In February, Marks & Spencer announced plans to close 3million accounts later this year as it switches its focus to digital banking.
Paul Spencer, CEO, M&S Bank, said: "As we adapt to meet the changing needs of our customers, and we deliver some new - more digitally-focused products and services – 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."
Find out more on M&S bank closures including what happens to overdrafts, here.
See our guide on the best savings accounts for your money, here.
