MoneyHSBCThe bank was acquired by HSBC in 2004 but has continued to operate under its own brand name14:41, 02 Jun 2026M&S Bank has completed its official transfer to HSBC - but what does this mean for its customers?The bank was acquired by HSBC in 2004 but has continued to operate under its own brand name. However, the high street lender has now been legally transferred to HSBC.It explains on the M&S Bank website: "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."The M&S Bank brand name will continue, but the biggest change will come for those who have substantial savings across M&S Bank, HSBC and First Direct - as these brands now share the Financial Services Compensation Scheme (FSCS) protection.This means you now only get a combined £120,000 limit across all these banks. M&S Bank savings and cash ISAs are now also held with HSBC UK, although you will still be able to access your money in the same way and your account number, payment details and direct debits will remain the same.Your interest rates will also not change. However, MoneySavingExpert.com reports that customers have until July 31 to transfer or close a fixed ISA penalty-free.MSE said: "If you fixed some time ago, it's worth checking your rate to see if you can beat it elsewhere, as the move means you won't be charged the usual early withdrawal charges. Of course, if you close an ISA rather than transferring it, the money LOSES its tax-free status."If you have a credit card or personal loan with M&S Bank, you will be able to keep using these services as normal.Your payment details and bank accounts will also stay the same including any direct debits. M&S credit card holders can make payments at HSBC branches, similar to that of First Direct customers.First Direct customers can continue to use HSBC branches for basic banking needs, such as paying in cheques, depositing cash and withdrawing money.If you have an insurance policy, this will continue as normal for now - but once it expires, you will need to find new cover.Article continues belowThis is because M&S Bank no longer offers renewals or new insurance policies. M&S also does not offer current accounts.It closed its 29 branches in 2021, in a move that was blamed on more people banking online. All its banks were located inside M&S stores, although its M&S travel money bureaux desks were unaffected.Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌HSBCFirst Direct Ltd.BanksCredit cardsInterest ratesCash ISA