Marks & Spencer to charge for its bank accounts

The high street retailer’s financial operation, backed by HSBC, is expected to be the first to scrap free accounts in the UK.
A number of high street banks offer “packaged” bank accounts that charge a montly fee, with the FSA claiming that one-in-five UK adults has such an account.
M&S, which will unveil its first bank branch in London on Thursday, will offer customers two accounts – one priced at £20 a month and one at £15 a month.
The £20 account offers travel insurance and in-store benefits worth up to £658 a year, according to M&S. These include £40-worth of vouchers, 20pc off a monthly spend of £250 for the first year and free hot drinks. Customers will also be given access to a savings account with a fixed rate of 6pc.
The lower-priced account does not come with insurance and contains a lower amount of potential benefits.

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