Marks and Spencer to close ALL current accounts and 29 branches this year

MARKS & Spencer plans to close ALL current accounts and 29 bank branches this year.

The closures will take effect this summer as a result of a surge in online banking.

Affected bank branches are located within M&S stores, but the in-store travel money bureaux, which are located in over 100 stores, are unaffected.

M&S' current account has already closed to new customers, but will be available to existing customers until the summer.

The bank said it'll start contacting those customers and others who use the bank branches from today to explain their options.

The bank branches will close in early July, with all services moving to online, mobile and telephone channels.

Following the changes, the bank will focus on credit cards and rewards with plans to merge further with its Sparks Card.

M&S also said it'll continue to offer its existing range of general insurance, savings and loan products.

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

"It does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.

"We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online."

More to follow…

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