Meadowhall home to M&S Bank branch

RETAILER Marks & Spencer has opened one of its first in-store bank branches at its shop at the Meadowhall Shopping Centre.

M&S plans to open 50 in-store banks over the next two years.

Colin Kersley, chief executive of M&S Bank, said: “Our branches have been designed around the needs of our customers, offering them the style of banking they want; available at times to suit their busy lifestyles.”

Opening hours will mirror those of the stores they are sited in. The Meadowhall branch, located on the first floor, will open on evenings and weekends.

Current account holders could be charged fees of up to £240 a year in return for “transparent” terms and a range of in-store perks.

The company, which expects to create 500 UK jobs from the roll-out of the M&S Bank business, will offer mortgages at a later date.

Customers will be offered a brand new pager service, aimed at cutting down queues.

The retailer already provides credit cards, loans and savings to more than three million customers under M&S Money, which is run as a joint venture with HSBC.

M&S Bank will also be run with HSBC.