Transfer Scheme

We have transferred the business of M&S Bank to HSBC UK. This means that any accounts, products and services you previously held with M&S Bank, including any credit cards, personal loans, savings products, general insurance services and store cards, will now be provided by HSBC UK.

To do this, we used a legal process called a banking business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the Scheme).

The Scheme transferred existing customers of M&S Bank and any products they held to HSBC UK.

As you may know, prior to the transfer, M&S Bank was already part of the HSBC Group. The transfer brought the business of M&S Bank into HSBC UK which is the UK consumer-facing bank of the HSBC Group and includes first direct.

Following the transfer, you will still have access to the same accounts, products and services, through the same channels. The M&S branding remains the same and M&S Bank is now a trading name of HSBC UK.

The transfer required the approval of the Court at a court hearing and the key dates for this were:

24 November 2025 – we announced the proposed transfer.

23 March 2026 – the final court hearing for the Court to consider the terms of the transfer, review any objections raised and decide whether to approve the transfer.

01 June 2026 - the date of the transfer following approval from the Court.

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.

There’s nothing you need to do to maintain your day-to-day banking activities, but we recommend that you read the customer booklet and the summary of the Scheme document, which can be found here. This will help you understand if the transfer may affect you and what steps you might want to take.

If you previously held deposits with both M&S Bank (including M&S Savings and Investments) and HSBC UK Bank plc (which includes HSBC UK, HSBC Private Bank and first direct), these deposits are now held within the same regulated bank (that is, HSBC UK Bank plc) and you are covered by a single Financial Services Compensation Scheme (FSCS) protection limit in respect of HSBC UK Bank plc only.

You can find more information on what you may need to do to keep your balances protected by the FSCS on page 14 of the customer booklet (which can be found here).

You can read a summary of the Scheme document, which sets out the terms of the transfer, as well as a copy of the full Scheme document here. 

You can ask us to send you a copy of the full Scheme document using the contact details below. We’ll do this free of charge. You can also read a digital version of the customer booklet and letter we sent you here.

Documents are available in large print, audio or braille.

You can call us on 0800 028 9001. Lines are open 9am to 5pm, Monday to Friday.

All accounts, products and services that you previously held with M&S Bank have now transferred to HSBC UK.

Other than the changes set out in the “What’s changed?” section below, your products and services haven’t changed as a result of the transfer and the way you bank with us is not affected.

Any communications we continue to send will maintain the M&S branding but will show HSBC UK company information.

All products provided by M&S Bank have transferred to HSBC UK, including any credit cards, personal loans, savings products, general insurance services and store cards. Customers with insurance products should read page 12 of the customer booklet, which can be found here.

Products in relation to M&S Unit Trust Funds were not part of the transfer, as they are provided by a different company in the HSBC Group, Marks and Spencer Unit Trust Management Limited.

If you previously held deposits with both M&S Bank (including M&S Savings and Investments) and HSBC UK Bank plc (which includes HSBC UK, HSBC Private Bank and first direct), these deposits are now held within the same regulated bank (that is, HSBC UK Bank plc) and you are covered by a single Financial Services Compensation Scheme (FSCS) protection limit in respect of HSBC UK Bank plc only.

You can find more information on what you may need to do to keep your balances protected by the FSCS on page 14 of the customer booklet (which can be found here).

• Our trading name – M&S Bank has become a trading name of HSBC UK.
• Our interest rates and charges have not changed because of the transfer.
• Your account number and how you manage your account.
• Our payment details and bank accounts, including any Direct Debits you may have set up.
• How you contact us.
• If you are a credit card customer, you are still able to use your card and earn Rewards points.

Your personal data

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.

The M&S Bank privacy notice was updated on the Scheme effective date to reflect the change in data controller. This updated privacy notice is available on our website.

The information included on this page is intended to give you information about the transfer and is not intended to give tax advice on the tax consequences of the transfer.

If you’re resident in the United Kingdom for tax purposes, based on HSBC’s tax review of the Scheme, it is not likely that the transfer has resulted in you having been treated as having sold or disposed of your products for United Kingdom tax purposes.

If you’re in any doubt about the tax implications of the transfer or if you are tax resident in another jurisdiction, you should consider seeking independent professional tax advice.

If you have a Cash Individual Savings Account (ISA) product with us, the ISA Manager changed to HSBC UK on 01 June 2026.

The address for HSBC UK is: 1 Centenary Square, Birmingham, United Kingdom, B1 1HQ. Other than the change of ISA Manager, your ISA product will continue to run as normal, and you don’t need to take any action.

To keep the tax-free status of your ISA, the change of ISA Manager was completed by an ISA bulk transfer on 01 June 2026.

HSBC UK is now the provider of both the M&S Bank products and the HSBC UK products, under the terms and conditions relating to these, and as such may have rights that it would not have had if the transfer hadn’t happened.

To protect you, the transfer has restrictions which mean HSBC UK won’t be able to use rights it has gained because of the transfer. More information about these restrictions can be found on page 19 of the customer booklet (which can be found here). If HSBC UK could have exercised these rights anyway before the transfer happened, the restrictions do not apply.

For set-off rights, the restrictions will only last for a limited amount of time.

Set-off rights are when a bank can use money in a customer’s account to reduce or pay off amounts that you owe to the bank and are usually only used by a bank where a customer has not made repayments on their credit card, loans or other debts. HSBC UK and M&S Bank have agreed that HSBC UK will not be allowed to exercise any set-off rights that it gains as a result of the transfer to reduce or pay off a debt owed under your M&S Bank loan or your HSBC UK loan (as applicable) for three months from 01 June 2026. If your deposit account is on a fixed term or on a promotional rate, then HSBC UK will not be permitted to use the set-off rights for three months from the date your fixed term or promotional rate ends.

Yes, you will continue to earn Rewards points when you spend on your M&S Credit Card, and you can continue to use your M&S Rewards vouchers in M&S stores or online.

Yes, there will be no change to the M&S Bank trading name, and we will continue to operate in partnership with M&S in the same way as we did prior to the transfer. When we contact you, we will still use the M&S Bank name and logo. M&S Bank was previously part of the HSBC Group so you shouldn’t notice any change to your products, services, or relationship with M&S Bank.

There is nothing you need to do regarding any of your credit cards with either M&S Bank, HSBC or first direct. The transfer has now taken place and you are still able to use your credit cards in the same way as you did previously.

There is no impact to the way you pay your M&S Bank Credit Card as a result of the transfer. You can make payments today in the same way you did previously.