HSBC and first direct are currently offering change deals for new customers and recently Martin Lewis urged savers to look into them as M&S Bank is about to close their checking accounts. As Martin detailed in mid-March: “M&S Bank will close up to 300,000 people’s current accounts.
“You will have to retire by August. If you are in the open, you will need to adjust it. “
In light of this, Martin urged consumers to research the current account switching incentives that are available now.
He continued, “So look, there are offers of free money to switch bank accounts right now, but we don’t know if they will be in July or August, so you can also give up and switch to the moment.
“The most similar to M&S is direct first – give switches £ 100 free, £ 250 at zero percent overdraft like M&S did, and it sits near the top of all customer service ratings. C ‘is a sister bank of M&S, so for account as new, you should have opened the M&S account before January 1, 2018. “
Martin also pointed out that HSBC offers new customers cash payments of £ 125 if they switch to HSBC Advance checking account, subject to certain eligibility criteria.
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“As we adapt to meet the changing needs of our customers and deliver new, more digitally-focused products and services, unfortunately this will mean we will move away from in-branch service and the 29 in-store and checking bank branches. partner will be closed this summer.
“We are now firmly focused on supporting our clients and colleagues throughout this change and on implementing our transformation plans, which will create rewarding new payment solutions for M&S buyers, at the same time. both in store and online. “
However, following this announcement, HSBC UK and first direct confirmed today that their switch offers are extended to all M&S current account customers, who will now be able to benefit from the offer available at the time of the switch.
These changes will apply from March 4 and, as such, they will be applied retrospectively for anyone who started their change from that date.
M&S Bank isn’t the only company to cut services recently, with Santander also revealing plans today to close 111 branches in 2021.
Santander announced the plans in response to changes underway among customers towards mobile and online banking, a trend that has been accelerated by the coronavirus.
Adam Bishop, Director of Santander Branches, commented on this: “The use of branches by customers has decreased significantly in recent years, so we have made the difficult decision to consolidate our presence in areas where we have several branches. relatively close to each other.
“The majority of branches that close are within three miles of another branch and the furthest is five miles away.
“We will provide all the necessary support to clients who are closing branches to find alternative ways of banking with us that best meet their individual needs.
“We are also working alongside our unions to support our colleagues in these changes and to find alternative roles for those affected where possible.
“We continue to believe that branches have an important role to play and we expect our network size to remain stable for the foreseeable future.
“We are committed to supporting our customers and responding to changes in the way customers want to access services. “
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