Marks and Spencer Launches Bank

Marks and Spencer Launches Bank.

Marks and Spencer (M&S) will launch an in-store banking service this summer, backed by HSBC.  The first branch is set to open in July at Marble Arch in London.

The retailer plans to open a total of 50 branches in its stores over the next 2 years.  M&S have advised it would start offering a current account from autumn 2012, with mortgages becoming available at a later date.

M&S began offering financial products in 1985, and its M&S Money operation - which offers credit cards, loans and savings - has more than 3 million customers.
Our view

Be wary of having too much money invested in both HSBC and Marks and Spencer Bank as you may only have one level of investor compensation scheme protection.