Marks and Spencer to launch in-store banking service
Rumours of plans by retail heavyweight Marks and Spencer to launch an in-store banking service this summer, backed by HSBC, have been confirmed.
Rumours of plans by retail heavyweight Marks and Spencer to launch an in-store banking service this summer, backed by HSBC, have been confirmed.
The retail chain is set to open 50 branches of the bank in its stores over the next 24 months, with the first due to open in firm's flagship store in Marble Arch, London, in July.
Mortgages will become available "at a later date", with the initial focus of the business being current accounts.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company's existing money business, known as M&S Money, was purchased by HSBC in late 2004 and is run an a joint venture; it currently has three million customers with deposits totalling £3.2bn. The bank's profits will be shared between HSBC and M&S equally.
By comparison, Tesco Bank has 6.5m customers and Sainsbury's Bank has 1.4m customers.
Colin Kersley, who is the Chief Executive of the new M&S Bank, described the move as "an evolution into current accounts and banking".
He added that mortgage would only be introduced once the current accounts and banking were running smoothly.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How much more you would need to save if UK state pension age hit 70
Denmark is raising its retirement age to the highest in Europe – could the UK follow suit?
-
Pension savers could get £6,000 boost under ‘megafunds’ plans, government says
Reforms are underway to get workplace pension schemes investing more in the UK