Marks and Spencer Group plc is a major British multinational retailer with headquarters in Westminster, London. In 1985 M&S launched a financial arm to its services, M&S Bank, which offers a range of financial services from current accounts to insurance, savings products and credit cards.
M&S offer two Cash ISA products:
Cash ISA Fixed Rate ISA
With the M&S Fixed Rate ISA you can invest up to a maximum of £20,000 tax-free, with a fixed interest rate between 0.40% AER and 0.50% AER tax-free over a 1, 2 or 3 year period. The minimum investment amount is £500 and there is a charge if you withdraw your money before the end of the fixed term. These are £50 (1 year fixed rate), £75 (2 year fixed rate) and £100 (3 year fixed rate).
M&S Advantage Variable Rate ISA
With the M&S Advantage Variable Rate ISA you can invest up to a maximum of £20,000 tax-free, with a 0.10% AER tax-free variable interest rate. Since this account is flexible you can dip into (or top up) your savings whenever you want, without any penalty.
Other Services
M&S Bank offers a range of financial services including current accounts, mortgages, personal loans, savings and investments, as well as car, pet, travel and home insurance products.
M&S Bank Reviews and Ratings
Online reviews for M&S Bank are generally very good with customers praising the warm, friendly and helpful staff, although there have been some frustrations noted with the online payment systems not working adequately and customers being unable to access their online accounts properly.
Reviews.co.uk – 4.1/5 (based on 70 reviews)
Pros
- A long established trusted UK brand
- Excellent customer feedback
- A large range of financial services offered
- A decent library of downloadable supporting literature and help guides
- An online virtual assistance for additional help
- Free £100 gift voucher offered to new customers
- Unlimited transfers from other ISA providers
- Fast easy online signup
Cons
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs and other ISA products not offered
- Some customers frustrated with access to their online accounts
- A large website with some fairly overwhelming information
- Some complaints about online resources not working
- Minimum investment amount of £500 for the Fixed Rate Cash ISA ISA
- Fees to withdraw your money before the end of the fixed term
Website: M&S Bank