Thousands of customers of M&S Bank will be looking for a new current account in August after the supermarket bank said it was closing its banking services to focus on credit cards and digital payments.
The bank, half-owned by the supermarket and HSBC, said a small percentage of its 3million customers will be affected by the change, which has come out of the blue to account holders.
It has already taken the current account off-sale for new applicants and will close all of its accounts in August.
M&S Bank is closing 29 in-store branches and its current account in the summer
Britain s transition into a nation of accidental savers last year certainly had an impact on its credit card bill.
Those with extra disposable income and nowhere to spend it as a result of the lockdown opted to pay down their debts and fatten their bank balances, where once the nation eschewed a savings habit.
Britain owed £58.4billion on credit cards at the end of 2020, according to the Bank of England, down 16.2 per cent from the end of 2019, after billions of pounds were paid off balances last year.
After a new credit card? We pick six of the best available in this regularly updated guide