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M&S to launch in-store banking

M&S to launch in-store banking

Category: Banking

Updated: 14/12/2012
First Published: 08/06/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Marks & Spencer has announced that it will be launching in-store banking this summer.

The high street retailer said it plans to open 50 branches over the next two years, which will create up to 500 jobs in the UK .

The first branch is scheduled to open in July at M&S's flagship Marble Arch store in London .

M&S has also revealed that customers will be able to open a current account from autumn this year, whilst mortgages will be offered at a later date.

The venture, known as M&S Bank, will add to the services already offered by M&S Money, which includes credit cards, savings accounts, unsecured loans and insurance products.

Sure to be an attractive proposition in terms of convenience, M&S Bank branches will mirror M&S store opening hours, meaning they'll be open twice as long as traditional high street banks, seven days a week.

"This bank will be built on M&S values; putting the customer at the heart of the proposition and delivering the exceptional service that sets us apart from the competition," said Marc Bolland, chief executive at Marks & Spencer.

The bank has said that in each branch there will be private meeting areas, self service banking points and a bureau de change. Customers of M&S Bank will also have access to online banking 24 hours a day, as well as UK-based call centres.

"We know loyal M&S customers will be genuinely excited by the prospect of banking with their favourite retailer. With over 25 years financial services experience, M&S Bank is the natural next step for M&S Money and will provide customers with a credible, alternative choice in the banking sector," added M&S Bank's new chief executive, Colin Kersley.

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