Summary: M&S Bank allows customers to transfer British pounds to digital asset exchanges for the purpose of buying, selling and trading cryptocurrency like Bitcoin. We recommend using a platform registered with the Financial Conduct Authority (FCA) to ensure asset security and regulatory compliance in the country. To clarify, you cannot purchase tokens directly from M&S Bank but can use your funds to invest in the asset class.

After conducting extensive research, we have determined that eToro is an excellent option for M&S Bank users. eToro offers over 3,000 cryptocurrencies, stocks, exchange-traded funds (ETFs), and commodities to trade in a secure environment registered with the Financial Conduct Authority. It boasts over 30 million users in 150 countries globally, including the UK, and provides a multilingual interface available in 40 languages.

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Can I Buy Bitcoin with M&S Bank?

Absolutely, funds can be transferred from M&S Bank to approved cryptocurrency exchanges in the UK for the purpose of purchasing Bitcoin. Once the transaction is complete, many different types of digital assets can be purchased directly with your GBP. It is important to remember that the bank does not directly facilitate trading through its web interface but approves transfers to investing platforms. We recommend using one governed by the FCA to ensure the safety of your financial dealings. 

How to Buy Crypto with M&S Bank

Our expert team has identified eToro as the most suitable exchange for M&S Bank clients looking to buy Bitcoin, Ethereum, Solana, and other digital currencies. This FCA-registered platform supports over 3,000 cryptocurrencies, stocks, ETFs, and more for industry-leading prices. It accepts deposits in GBP through multiple payment channels, such as bank transfer, FPS, debit card, and more.

Here are some easy steps for M&S Bank customers to get started:

  1. Account Setup: Join eToro with your email address and complete the identification verification process.
  2. Transfer Funds: Select ‘Deposit Funds’, pick British Pounds as your currency, and transfer funds from your M&S Bank account.
  3. Find Asset: Head to the search bar, find your desired asset, and tap ‘Trade’.
  4. Buy Crypto: Input the amount you want to purchase and click the ‘Open Trade’ button.
How to Buy Crypto with M&S Bank.
Buy Crypto with M&S Bank via eToro.

M&S Bank Cryptocurrency Policy

M&S Bank is ahead of the curve when it comes to cryptocurrencies, as the bank embraces the future of finance while adhering to all regulations set out by the Financial Conduct Authority. Our recommended platform eToro registered with the FCA under Firm Reference Number 583263 and operates under Company No. 07973792. It’s main office is located at 24th floor, One Canada Square, Canary Wharf, London E14 5AB.

Digital Asset Investing Fees

Knowledge of fees associated with the purchase and sale of digital assets on exchanges is crucial for the efficient execution of trades and investment decisions. Customers of M&S Bank who are interested in trading tokens like Ethereum and Solana should review the following fee information:

  • Trading spreads: These are the costs associated with buying and selling coins. Spreads for cryptocurrencies on eToro are typically variable and less than 1%.
  • Deposit Fees: Users may be charged a fee on their GBP deposits, depending on the chosen method. Our research shows that bank transfers and Faster Payments are typically the cheapest payment methods, while debit and credit cards may incur fees of more than 2%.
  • Fees for Withdrawals: The cost of a withdrawal varies depending on the crypto. For instance, the majority of platforms have a fixed fee for Bitcoin withdrawals of 0.0005 BTC.

The combination of eToro's low fees, extensive asset selection, and security as an FCA-registered platform makes it attractive for M&S Bank clients wanting an affordable option.

What is M&S Bank?

M&S Bank was founded in 1985 as St Michael Financial Services, named after the St Michael brand that was synonymous with the Marks & Spencer retail stores. Initially, it started by offering personal loans and quickly expanded its portfolio to include various financial products like credit cards and insurance. In 2012, the bank underwent a significant transformation, rebranding itself as M&S Bank and launching its first current account services.

The bank operates as a subsidiary of HSBC but maintains its own brand identity, closely aligned with the Marks & Spencer ethos of quality and customer service. Over the years, it has received numerous awards for its customer service and has built a reputation for offering competitive interest rates, especially in its savings and loan products. It has also been an early adopter of digital banking solutions, offering online and mobile banking features.

M&S Bank
M&S Bank: Home Page.

Final Thoughts

In conclusion, M&S Bank customers can invest in cryptocurrency by using a trading platform registered with the Financial Conduct Authority in the UK. We recommend eToro as it is FCA-registered, supports six asset classes, has competitively low fees, and provides fast GBP deposits. It is considered the most secure digital currency exchange in the country and boasts over 30 million users worldwide.