Millions of M&S Bank customers are set to be moved over to HSBC. M&S Bank, which is run by the high street chain and has Birmingham branches, was legally transferred to HSBC on Monday, June 1.
What the Transfer Means for Customers
Under the takeover plan, M&S Bank will continue to operate with the same name. This means customers can continue to access their direct debit and account numbers. If you have a credit card or insurance with M&S, you can also continue to use it. Savings and ISA customers will see their money now be held with HSBC, though they can still access funds as usual.
Protection and Key Dates
M&S, HSBC, and First Direct (also owned by the bank) now share the same Financial Services Compensation Scheme (FSCS) protection. The transfer required court approval, with key dates as follows: the transfer was announced on 24 November 2025, the final court hearing was held on 23 March 2026, and the transfer took effect on 1 June 2026, as confirmed by Money Saving Expert.
M&S explained: "M&S Bank already was a wholly owned subsidiary of HSBC UK, operating in partnership with M&S plc but the transfer of M&S Bank to HSBC UK allowed for the further streamlining of the business, enabling HSBC UK to operate in a simpler and more agile way."
Any information that M&S Bank held about you or about your products or services has transferred to HSBC UK, and they have taken over as data controller. They will use and process your information in the same way and for the same purposes as M&S Bank did before the transfer.
