Switching to M&S

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Gers
Gers Posts: 12,033 Forumite
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in Budgeting & bank accounts
Morning.

I've just opened an M&S current account (for the 6% monthly saver) and was told that I have three months to do a switch from a different account. The only account I have 'spare' is the Nationwide Flex one which is now empty of funds. (that 12 months went past very quickly).

Can I switch from an empty account, no funds, no DD no SO no nothing? Or is it best to put some money into it?

Thanks
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  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    Gers wrote: »
    Morning.

    I've just opened an M&S current account (for the 6% monthly saver) and was told that I have three months to do a switch from a different account. The only account I have 'spare' is the Nationwide Flex one which is now empty of funds. (that 12 months went past very quickly).

    Can I switch from an empty account, no funds, no DD no SO no nothing? Or is it best to put some money into it?

    Thanks

    M&S has no requirement for direct debits etc for the switch account - although I would put at least £10 in say so there is something to 'transfer'.

    However you might want to check if the flex one account would qualify - as its an account for under 18s. You can open a cash account with Barclays - no credit check - which definitely does qualify albeit you can only do this in a branch. Alternatively other feeder accounts can be set up online - but might involve a check.

    Given you have 3 months to do do - assuming the switch offer doesn't end - you have time to do that.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    MARTYM8` wrote: »
    However you might want to check if the flex one account would qualify

    I think the OP means they have A FlexDirect, not a FlexOne.

    Seems a brilliant idea to switch a 1% FlexDirect, to start the 12 months 'rest period' asap.
  • nearlyretired2004
    nearlyretired2004 Posts: 501 Forumite
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    Again, I've seen this 'rest period' mentioned on here recently - presumably meaning that after 12 months you can get another flex direct?

    When I enquired with NW a while ago ....(and it was a while ago now.....) I was told that you couldnt qualify for the incentive a second time as long as they had you on record ....and this was much more than 12 months.

    Anyone know which it is as I will probably qualify again now if its 12 months.......
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    Archi_Bald wrote: »
    I think the OP means they have A FlexDirect, not a FlexOne.

    Seems a brilliant idea to switch a 1% FlexDirect, to start the 12 months 'rest period' asap.

    Yes - sorry. Nationwide have too many flexes - it gets confusing.

    Flexone, flexplus, flexaccount, flexexlusive, flexdirect

    Maybe they will offer a f(l)exoff account for people who switch from them?:D
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    nearlyretired2004 wrote: »

    When I enquired with NW a while ago ....(and it was a while ago now.....) I was told that you couldnt qualify for the incentive a second time as long as they had you on record ....and this was much more than 12 months.

    Anyone know which it is as I will probably qualify again now if its 12 months.......

    Hmh, may be they will change their terms, or there are some unwritten terms, but for now, they still say
    If you have previously held a FlexDirect account in the last 12 months, you will not be entitled to the introductory rate or offer under a new agreement and therefore you will receive the standard 1% AER interest rate.

    http://www.nationwide.co.uk/products/current-accounts/landing-page/flexdirect#tab:rates-and-fees

    Same wording is also in their T&Cs (page 15)

    Probably best not to ask too many Nationwide employees about it! Although one or two of them might pick it up from here.

    See this thread, too: http://forums.moneysavingexpert.com/showthread.php?t=5185625. Someone will no doubt find out in the next month or two. It can't be me as I didn't close my last Flexdirect until sometime in July last year.
  • Gers
    Gers Posts: 12,033 Forumite
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    edited 1 March 2015 at 2:50PM
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    Archi_Bald wrote: »
    I think the OP means they have A FlexDirect, not a FlexOne.

    Seems a brilliant idea to switch a 1% FlexDirect, to start the 12 months 'rest period' asap.


    Thanks - yes, that's it, I couldn't remember the exact name of it and wasn't near my account list.


    And thanks to MartynM8 - will put some money in and then do the switch.

    IN EDIT - just sent £20.00 across to the Nationwide - thanks again.
  • System
    System Posts: 178,094 Community Admin
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    I closed my FlexDirect shortly before the 12 months as i had paid off the overdraft and the forthcoming 1% wasn't appealing.

    I just got a new one.

    They had to add the 5% and make the overdraft free again manually but it's up and running.
    nearlyretired2004 wrote: »
    Again, I've seen this 'rest period' mentioned on here recently - presumably meaning that after 12 months you can get another flex direct?

    When I enquired with NW a while ago ....(and it was a while ago now.....) I was told that you couldnt qualify for the incentive a second time as long as they had you on record ....and this was much more than 12 months.

    Anyone know which it is as I will probably qualify again now if its 12 months.......
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    SPalin wrote: »

    They had to add the 5% and make the overdraft free again manually but it's up and running.
    How did you know that they had to do this?
  • COOLTRIKERCHICK
    COOLTRIKERCHICK Posts: 10,510 Forumite
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    I have been trying to find out the terms for the switch,


    but I cant see if I need to set up any DD's or deposit x amount per month to qualify for the £100 gift card, so is it basically open an account and switch a dormant account which will just have a few quid in it, and that's it??


    the new m$s cuurent account then doesn't need to be actively used?? http://bank.marksandspencer.com/banking/mands-current-account/overview/#important-information
    Work to live= not live to work
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
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    COOLTRIKERCHICK wrote: »
    I have been trying to find out the terms for the switch,


    but I cant see if I need to set up any DD's or deposit x amount per month to qualify for the £100 gift card, so is it basically open an account and switch a dormant account which will just have a few quid in it, and that's it??


    the new m$s cuurent account then doesn't need to be actively used?? http://bank.marksandspencer.com/banking/mands-current-account/overview/#important-information

    And don't forget - if its not too late - to open your M&s account via another site which Sharon Osborne advertises.

    You get a £125 M&S gift card - rather than the standard £100 one if you apply direct - until 31 March. Not sure if I can post the link to the competition!
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