The first M&S bank will open in July at their flagship store in Marble Arch, London, with plans to open a further 50 within branches across the UK over the next 2 years.
The clothing giant already offers credit cards, loans, savings and a bureau de change through M&S Money, and their new in-store banking will offer current accounts from Autumn 2012, and mortgages 'at a later date'.
A spokeswoman for the provider said that there were no details as yet about whether the current account would be free, or carry a monthly charge.
M&S Money was bought by HSBC in November 2004, with the operation being run by the bank and the retailer as a joint venture. HSBC, which also runs First Direct, and M&S share any profits in the bank equally.