Finance: Expert on impact of inflation on savings accounts
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M&S Bank previously told its existing customers it would be closing current accounts by August 31. The move came as the bank also closed 29 of its in-store banks on July 2, due to a surge in demand for online banking. The account closures, however, mean Britons have just one day left to make other banking arrangements.
Paul Spencer, CEO of M&S Bank, explained the reasoning behind the decision set to impact customers.
He said: “As we adapt to meet the changing needs of our customers, and we deliver some new – more digitally-focused products and services – it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer.
“We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
As accounts close, there are two different options Britons can take as it relates to their money.
The first is to switch their bank account to another provider, which M&S Bank recommends is actioned through the Current Account Switch Service (CASS).
CASS allows individuals to switch to an existing current account they already have, or as part of opening a new current account with a different provider.
The service ensures all Direct Debits, standing orders and regular payments such as salary are moved across.
When a person makes this formal switch using the service, their M&S Current Account will close automatically.
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Alternatively, savers can simply close down their existing M&S Current Account, but this can only be done if it has a zero balance.
It will be automatically closed on August 31, should a zero balance be reached, and the bank will write to customers to confirm this.
If an account is overdrawn or in credit, individuals will need to either deposit or withdraw funds to ensure a zero balance.
Those who have a credit balance will need to provide M&S Bank with alternative account details.
By doing so, the bank explains, it will be able to transfer funds and credit the account.
Those who close the account closure option will see their Direct Debits and standing orders automatically cancelled.
As a result, it will be important to take action regarding the payments today, before the account closes on August 31.
The bank has said it is “crucial” for Britons to close or switch their account by tomorrow’s deadline.
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Individuals will not be able to make any further debit or credit transactions after this date.
Once an account closes, the online statement history will also no longer be available.
As a result, Britons may wish to take the time today to print or download the records they may need before closing the account.
If asked, M&S Bank will email individuals a copy of their transaction history free of charge to cover a period of up to five years.
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