M&S Bank has brought back its leading introductory offer, in an attempt to lure new current account customers with up to £220 in M&S Vouchers.
The offer was available earlier this year before it got pulled in April, but it’s now back.
It sees people who switch to an M&S bank account via the Current Account Switching Service and transfer two direct debits receive a £100 M&S gift card. There’s no minimum deposit to qualify for the £100 voucher.
- See our Compare current accounts tool to check if you can switch and save.
However, customers who do deposit at least £1,000 a month into their account - roughly equivalent to £14,000 income, pre-tax – will receive an additional monthly £10 voucher for a year, taking the total to £220. The first voucher will be sent within a month of joining, the others will be sent on a monthly basis.
Prospective M&S Bank account holders can either get its standard Current Account, or its Premium Current Account, although this comes with a £10 monthly fee.
Both accounts include a £500 automatic overdraft. The first £100 of which is free. There are no fees for using the overdraft, but interest is charged on balances of over £100 at 18.9% AER.
M&S Current account customers also earn one loyalty point for each £1 spent in M&S, equivalent to 1% of their shopping. Points are rewarded with quarterly vouchers.
If you’re happy with M&S vouchers instead of cash, this is a significantly more generous deal than can be found elsewhere at the moment.
It’s also possible to boost the value of the account even further, as M&S offers a regular savings account to customers, paying 6% interest. Here, if you pay the maximum £250 per month into the account,you can earn an extra £96.63 interest in the first year, taking the full value to £316.63.
However, if you want to get paid a decent bonus to change bank account but don’t want vouchers, the Co-operative Bank offers a £150 sign up bonus, in cold, hard cash. To qualify, customers must join via the Current Account Switching Service, set up two direct debits and pay in at least £800 each month.
- See our Best current accounts guide for weekly updated top picks.