What is happening with M&S Bank?
M&S Bank, which was operated by HSBC on behalf of Marks & Spencer, announced its closure to new customers in 2023 and began winding down existing accounts in 2024. The M&S Bank current accounts, savings accounts, and credit cards are affected. HSBC and M&S Financial Services confirmed that existing customers are being contacted with details of account closures, refunds of any credit balances, and options for moving to alternative providers.
What happens to M&S credit cards and savings accounts?
M&S Bank credit card customers are having their accounts closed and balances transferred or paid off. Outstanding balances must be repaid before account closure. Savings account holders have received redemption notices with instructions for withdrawing or transferring their funds. M&S credit card loyalty points and Sparks card rewards linked to the bank products have also been wound down alongside the banking closure.
What about M&S personal loans?
M&S personal loans, administered through HSBC, are not affected in the same way — existing loan agreements continue until they are repaid according to the original terms. Customers with M&S loans should continue making repayments as normal. The M&S Bank closure does not affect the contractual obligations of existing borrowers. For balance queries, customers can call the M&S Bank helpline.
Open Banking in Practice: M&S Bank was one of the UK’s larger affinity bank partnerships and its closure reflects consolidation in the retail banking market. HSBC’s decision to wind down the M&S Bank brand follows similar moves by Tesco Bank (acquired by Barclays in 2023). Open banking connections to M&S Bank accounts will cease once those accounts are closed; customers should revoke any linked third-party permissions before closure. Read more on openfuture.world.
FAQ
How do I log into M&S Bank online banking?
Log in at marksandspencer.com/banking or via the M&S Bank app while the service remains active; after closure, contact HSBC for any outstanding account matters.
What number is the M&S Bank helpline?
M&S Bank customer services can be reached on 0345 900 0900; check the M&S Bank website for current contact details and opening hours.
Is M&S credit card closing in the UK?
Yes — M&S Bank credit cards are being closed as part of the wind-down of M&S Bank; affected customers are contacted directly with closure timelines and options.