M&S Bank savings accounts review: ISAs, fixed-rate bonds (2024)

M&S is yet to release a seductive advert for its savings accounts. Perhaps it should declare “this isn’t just a savings account, this is an M&S savings account”.

Well this might be because it’s not. Because while M&S launched its financial services arm over 30 years ago, it’s been jointly run with HSBC since 2004.

These days M&S Bank offers a wide range of savings accounts and ISAs. So whether you’re looking for short term or long term savers, M&S could have something for you.

Easy access
Cash ISAs
Fixed-rate bonds

Easy access savings accounts

Table: sorted by interest rate

M&S Bank's best easy access rate of 3% is significantly lower than today's market-best rate of 7.49%.

Updated daily

Compare more instant and easy access accounts up to 7.49%

Cash ISAs

Table: sorted by interest rate

M&S Bank's best cash ISA rate of 4.3% is slightly lower than today's market-best rate of 5.25%.

Updated daily

Compare more ISAs up to 5.25%

Fixed-rate bonds

Table: sorted by interest rate

M&S Bank's best fixed-rate bond rate of 4.3% is slightly lower than today's market-best rate of 5.26%.

Updated daily

Compare more fixed-rate bonds up to 5.26%

What is M&S Bank's best savings account with the highest interest rate?

Remember that the best savings account will depend on what you want from your savings. If you're after fast access to your money then an easy access account should suit. However, if you're looking to happy to lock your money away for a period of time to unlock a higher rate, then a fixed-rate bond is a good option. Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below we've listed the different types of accounts M&S Bank offers plus the highest interest rate currently available.

Savings account types includeEasy access, cash ISAs, fixed-rate bonds
Best easy access rate3%
Best cash ISA rate4.3%
Best fixed-rate bond rate4.3%
Fixed bond terms1 year - 3 years
Opening optionsWebsite, post, telephone
FSCS protection

How do I decide which account is for me?

Firstly, you need to work out what you want out of your savings account. You need to decide if you can afford to lock your money away for at least a year or if you’d prefer to be able to access it as and when.

You’ll generally get a better interest rate if you are happy to tie up your money in a fixed rate bond. But this type of account is best for those who have a lump sum to invest as you can’t usually add to your savings after the initial deposit. If you’d prefer to be able to top up your funds, as well as withdraw them, an easy access savings account will likely be the better option.

Once you’ve worked out what type of savings account you need, you can weigh up the different savings accounts available. Useful aspects to consider are:

  • Interest rates
  • Fees (if there are any)
  • Access to cash (if you need quick access, for instance)
  • Rewards and loyalty schemes (if you’re into add-ons or switching bonuses)

What are the pros and cons of banking with M&S?


  • Range of accounts. Choose from an Everyday Savings account, fixed rate saving bonds and a cash ISA.
  • Online banking. Apply and manage your M&S savings accounts online.
  • FSCS protection. Your money is protected under the Financial Services Compensation Scheme.


  • Clunky, outdated security. All current account customers need an ‘M&S PASS’. Without this small authentication gadget you won’t be able to login. Nor make certain transactions.
  • Basic app. Only lets you manage the Everyday Savings account.
  • No bank branches. M&S Bank closed all of its bank branches in 2021 so you’ll no longer be able to benefit from face-to-face services.

Customer service information for M&S Bank

Email support
Telephone support
In-app or live chat
Contact form
Branch support

Our verdict

M&S Bank savings accounts include everyday, tax-free and fixed-rate options, so they should cover your needs, whether you’re looking to save little and often or in big chunks. Read our savings reviews first, though, to make sure an M&S savings account is right for you and see how it weighs up against other savings providers.

Frequently asked questions

  • Yes, M&S Bank is covered by the FSCS, so if it goes bust your savings would be covered for up to £85,000 per person, per financial institution.

  • M&S PASS (Personal Access Security Solution) is designed to protect you against online fraud and provides an additional layer of banking security. It generates unique security codes when you sign into internet banking and carry out certain transactions.

    There are two types – a digital PASS which is available within the banking app or a physical PASS which is a small calculator-like device.

Savings ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circ*mstances when you compare products so you get what's right for you.


M&S Bank savings accounts review: ISAs, fixed-rate bonds (19)

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M&S Bank savings accounts review: ISAs, fixed-rate bonds (2024)
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