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'Transformation' plan

M&S closes bank branches and current account

M&S credit cards will remain

Marks & Spencer Bank is terminating current and saver accounts and closing all 29 in-store branches.

The bank has three million customers, though only 150,000 of these hold current accounts. Its in-store travel money bureaux, which are housed in more than 100 stores, are unaffected by the decision.

M&S will also retain its digitally-facing credit cards and rewards, as well as its loans, and insurance products. It intends to merge its credit cards and with its Sparks card in the near future.

The current account launched in 2014 with a £100 gift card, and debit card which earnt points for every £1 customers spend.

M&S puts the closure down to customers moving to online banking, particularly in the last year.

“We have developed the next phase of our transformation programme to enhance the M&S shopping experience,” said Paul Spencer, M&S Bank’s chief executive.”

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