Marks & Spencer (M&S) has announced it will not offer free current accounts when it enters the British banking sector later this year.
The retailer is planning to make inroads into the UK financial system by opening 50 bank branches across the country in the next two years, the first of which - in Marble Arch, London - will be unveiled tomorrow (19 July).
And, ahead of this event, M&S has today revealed details of its current account packages with one involving a £20 ($31) monthly fee and the other available with a £15 monthly charge.
The more expensive option includes benefits such as travel insurance and store vouchers, while both accounts will offer holders an automatic overdraft of £500.
Colin Kersley, head of M&S Bank, said that because the company has in excess of 25 years worth of experience in personal finance, "our loyal customers trust us to deliver the products and services that are right for them".
"A current account is the natural next step," he added.
By Gary Cooper