How will my overdraft arrangement be impacted by Covid-19 if I have an M&S
Current Account or M&S Premium Current Account?
On 14 March 2020, we made changes to our arranged overdraft pricing, so we don't charge
interest on the first £250 borrowed. Subsequently, we introduced temporary measures to
overdrafts to support our customers who may have been financially impacted by Covid-19.
From 9 April until 29 August 2020 we temporarily won't charge interest on the first £500
of arranged overdraft borrowing, 19.9% EAR (variable) will temporarily be charged for
any arranged overdraft balances above £500.
We will then apply our normal pricing. From 30 August 2020 we won't charge interest on
the first £250 of arranged overdraft borrowing. The standard 39.9% EAR (variable) will
then charged for any arranged overdraft balances above £250. No interest-free amount
applies to Additional Accounts.
Representative example: 0% EAR variable on the first £250, 39.9% EAR variable on
anything above that, giving a representative rate of 30.5% APR variable (assumed
arranged overdraft £1,200).
How does our overdraft compare?
You can compare our overdrafts with other ways of borrowing by looking at the Annual Percentage Rate (APR). APR is the cost of borrowing over a year and lets you compare the costs with other credit products.
These are temporary measures and do not change the account and overdraft contractual
terms and conditions, which remain the same.
How will my overdraft arrangement be impacted by Covid-19 if I have an Additional
If you have an Additional Account, no interest free amount applies, any arranged
overdraft borrowing will temporarily be charged at 19.9% EAR (variable) until 29 August
2020. From 30 August 2020 any arranged overdraft borrowing will be charged at the full
contractual rate of 39.9% EAR (variable).
What if I am still struggling financially?
If you'll continue to be affected financially by Covid-19 beyond 29 August 2020, and
you're experiencing a reduction in your income or increase in expenditure, we may be
able to help. Until 31 October 2020, you can apply to keep your temporary arranged
overdraft pricing for a further three months. To do this please complete the extending overdraft support form.
We've done this to help customers experiencing financial difficulties due to the
I don't currently have an overdraft; will anything change for me?
If you don't already have an overdraft in place, there is no change to your account. You
can call us if you need to add an overdraft to your account. If approved for an arranged
overdraft before the 31st October, and you are financially impacted by Covid-19 you can
apply for a 3-month temporary interest waiver on the first £500 of any arranged
overdraft and any borrowing above £500 to be temporarily be charged at 19.9% EAR
(variable). These temporary measures will not change the account and overdraft
contractual terms and conditions, once the 3 months completes the standard 39.9% EAR
(variable) will then charged for any arranged overdraft balances above £250.
Are overdraft limits being increased?
We're not automatically increasing existing overdraft limits or adding a limit for
customers who haven't already got an arranged overdraft on their account.
Customers with a limit of £500 or more will automatically get the first £500 of overdraft
borrowing interest free until 29 August 2020. This does not apply to Additional
Accounts, which have no interest-free amount.
Can I access funds from a fixed-term savings account early if I have been
financially impacted by Covid-19?
If you're financially impacted by Covid-19 and need to access your savings, we will be
waiving access restrictions and early closure fees for the M&S Bank Fixed Rate Saver
product. Customers can still close their Monthly Saver account and withdraw the funds
earlier if they need to.
Will the money in my M&S Bank Savings or M&S Bank Current Account still be
M&S Bank is covered by the Financial Services Compensation Scheme (FSCS), which
covers deposits up to £85,000 per person. This covers all eligible deposits in both sole
or joint current or savings accounts. View our
dedicated page for more information on FSCS.
How can I make a deposit into my account?
Cash and cheque payments to an M&S current account can be made at HSBC self service
deposits must be made using your M&S Debit Card.
How do I deposit cheques into my M&S Bank Current Account?
During this current time, with our branches being inaccessible you can post your cheques
into us to be
deposited into your current account.
Please ensure to write your full name, sort code and account number on the back of the
The address to send a cheque to is:
PO Box 10565
51 Saffron Road
Please allow a few extra days for processing when posting.