M&S will offer two versions of its Premium Current Account, the first of which charges consumers a fee of £20 per month, boasting the added benefit of travel insurance, while the second account charges £15 with no insurance offer.
M&S said consumers that open an account will receive over £500 worth of annual benefits, ranging from M&S vouchers to hot drinks vouchers in the café, a birthday gift and "seasonal treats" four times a year.
Benefits for the account that costs £15 are worth £300.
Customers can pre-register for the accounts today and they will be available from October.
Account holders get an overdraft limit of £500, with the first £100 interest-free.
The brand claims to have designed its new accounts around the M&S customer, stating that it offers a "transparent account structure".
The brand intends to launch 20 in-store bank branches across the country over the course of the year, with 40 more opening in 2013. The accounts will be available from October.
Colin Kersley, chief executive of M&S Bank, said: "With over 25 years 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 and we have designed this product with our customers in mind - combining the exclusive M&S benefits they love, with a transparent account structure that has no hidden fees."