Free M&S current account - £100 in M&S vouchers if you switch

Options
innovate
innovate Posts: 16,217 Forumite
Combo Breaker First Post
in Budgeting & bank accounts
Nothing yet on the M&S website but it is being talked about on BBC Breakfast, and it's in some papers, e.g. http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/10830198/New-MandS-bank-account-now-available.html

I'll be switching my Coop account unless the switching terms are prohibitive.
«134567…45

Comments

  • innovate
    innovate Posts: 16,217 Forumite
    Combo Breaker First Post
    Options
    Account online now. Terms for the £100 voucher are very straight forward - just switch an account within 6 months of opening the account.

    Offer terms:

    http://bank.marksandspencer.com/pdf/CPSwitchingTermsAndConditions.pdf


    You can't request the switch as part of the application but need to call them or go into a Branch once your account is open. There is no immediate acceptance decision if you apply as a new customer.
  • myth123
    myth123 Posts: 386 Forumite
    First Anniversary First Post Combo Breaker
    edited 15 May 2014 at 11:51AM
    Options
    Now do I get rid of the co-op or my last FlexDirect account?!?! :rotfl:
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    Options
    innovate wrote: »
    Account online now. Terms for the £100 voucher are very straight forward - just switch an account within 6 months of opening the account.

    Offer terms:

    http://bank.marksandspencer.com/pdf/CPSwitchingTermsAndConditions.pdf


    You can't request the switch as part of the application but need to call them or go into a Branch once your account is open. There is no immediate acceptance decision if you apply as a new customer.

    Am I going crackers on that link? I dont understand the reference to the £50 gift card on those T&Cs - is it an old account?
  • innovate
    innovate Posts: 16,217 Forumite
    Combo Breaker First Post
    Options
    The terms apply to all their current accounts (as it says in the terms....). You can get £150 (£100+£50) for the fee ones but the extra £50 doesn't pay for the extras that come with those packaged accounts. The £150 offer has been available for ages.

    Personally, I see no value in the M&S packaged accounts unless someone does a lot of their shopping at M&S and generally likes packaged accounts.
  • oldfella
    oldfella Posts: 1,534 Forumite
    First Post Combo Breaker First Anniversary
    Options
    what do we make of this clause, is it saying you are not eligible if you have switched before to any bank ?

    you must not have previously used the Current
    Account Switch Service or submitted a
    ‘Switching your standing orders and Direct
    Debits’ form to us for any of your M&S current
    accounts (whether or not they are currently
    open) in order to be eligible for the offer.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    I can't see the words "any bank". It just says you won't get the voucher if you have previously asked them to do a partial or full switch for you. It's a fair enough clause I think.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    First Anniversary Name Dropper First Post
    edited 15 May 2014 at 10:53AM
    Options
    Archi_Bald wrote: »
    I can't see the words "any bank". It just says you won't get the voucher if you have previously asked them to do a partial or full switch for you. It's a fair enough clause I think.

    This.

    And there is surely no way that M&S would know (or should be able to know) if you have used this switching service previously anyway (for other non M&S accounts)
  • benjus
    benjus Posts: 5,433 Forumite
    First Post First Anniversary
    Options
    What's the attraction of this? Just the M&S voucher or is there more to it? It's basically an HSBC account and doesn't seem to have any particularly interesting features as far as I can see...
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
  • Zanderman
    Zanderman Posts: 4,683 Forumite
    First Anniversary Name Dropper Photogenic First Post
    edited 15 May 2014 at 12:04PM
    Options
    benjus wrote: »
    What's the attraction of this? Just the M&S voucher or is there more to it? It's basically an HSBC account and doesn't seem to have any particularly interesting features as far as I can see...

    Just the £100 voucher I think. Though there is no monthly fee as well, but lots of basic accounts have that.

    I'm applying, and thinking that I'll switch my old FlexDirect account to it for the voucher. Once switched I'll still have a 'spare' current account (which can be switched again when another offer comes up) and have the voucher.
  • innovate
    innovate Posts: 16,217 Forumite
    Combo Breaker First Post
    Options
    Similar for me as for Zanderman.

    But some people will like things like late opening hours, 7-day branch banking (albeit in only 29 Branches), and I believe a £100 free overdraft.

    The M&S Banking CEO, Sue Fox, went out of her way this morning on the BBC to say that, whilst they have a relationship with HSBC, they are not part of HSBC and have their own banking licence and management team.

    She also made a vain effort to suggest this account would be of interest to people who want a savings account with interest......at 0.75%. Seems she is still a bit new in her job if she thinks this would appeal to any saver.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards