Marks & Spencer Current Acccount £100 giftcard

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lulu650
lulu650 Posts: 1,158 Forumite
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in Budgeting & bank accounts
Seems a good deal. Open a Premium Current Account costing £15 per month and close after receiving £100 gift voucher. This may end up costing £30 in bank costs in order to receive £100 vouchers. However there are other vouchers that are given out. Seems hit or miss whether those vouchers would be sent out within a few weeks of opening though

Quote from the website - M&S Premium Current Account is £15 a month with no minimum term. M&S Premium Current Account with insurance is £20 a month for a minimum of 12 months.

We will send you a £100 M&S gift card, if you apply for a M&S Premium Current Account (with or without insurance) between 7 January and 28 February 2013 and your application is subsequently accepted by us.

If the account is closed for any reason, or we receive an instruction to close the account, within 21 days of opening, the gift card will not be issued.

http://bank.marksandspencer.com/banking/current-account/overview/?WT.mc_id=MASM_RET_DDCA01#account-benefits

Any thoughts??
Saving money right, left and centre
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Comments

  • chanz4
    chanz4 Posts: 10,898 Forumite
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    the terms are not clear, they way I read it is 12 months min
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
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    chanz4 wrote: »
    the terms are not clear, they way I read it is 12 months min

    The £15 a month account has no minimum term. The £20 per month account is the one with a 12 month tie-in.
  • starM
    starM Posts: 1,464 Forumite
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    Hi, Applying online does it give immediate decision?

    Applied this morning and it just said I will be contacted via email within 48 hrs. Just wanted to know if that is normal or if it has been referred?

    Thanks
    MS
  • Pound
    Pound Posts: 2,784 Forumite
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    Looks like a good offer. Things to think about is you're going to pay £30 to get the voucher. You can buy/resell the vouchers on eBay for £90 so the actual benefit is £60 at most. Then you have a record on your credit history.
  • starM
    starM Posts: 1,464 Forumite
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    I applied for it - not thinking to apply for any credit for the next 12 mths and just one credit search will make allot diffirence + a settled current account.
  • version2014
    version2014 Posts: 139 Forumite
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    I been looking at this too, and unless I am missing something...open the account keep it for one month then close. Will cost you £15 but will get a £100 voucher?

    Is this defo right?
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  • starM
    starM Posts: 1,464 Forumite
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    version2014 wrote: »
    I been looking at this too, and unless I am missing something...open the account keep it for one month then close. Will cost you £15 but will get a £100 voucher?

    Is this defo right?

    Thats how I read it. I did apply yesterday for their Premuim Current Account with no minimum term and got an email today stating its been accepted and paperwork will follow to sign and return.
  • Gromitt
    Gromitt Posts: 5,063 Forumite
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    version2014 wrote: »
    I been looking at this too, and unless I am missing something...open the account keep it for one month then close. Will cost you £15 but will get a £100 voucher?

    Is this defo right?

    You can't cancel within the first 21 days if you want the voucher and you need to give them 30 days notice to cancel, so its going to cost you more than £15 as you'll need the account for at least 51 days. So more like £30.
  • lulu650
    lulu650 Posts: 1,158 Forumite
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    Gromitt wrote: »
    ...So more like £30.
    As stated in my opening post.

    You've explained it better though :)
    Saving money right, left and centre
  • surfsister
    surfsister Posts: 7,527 Forumite
    I've been Money Tipped!
    edited 12 April 2013 at 9:10AM
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    saw this in the free daily mail from waitrose today! Also on the m and s website it says:

    £5 monthly discount for M&S Premium Club members
    As a loyal Premium Club customer you’re extremely important to us. That’s why if you open one of the M&S Premium Current Accounts, whichever account you choose to replace your Premium Club membership with, we’ll give you a £5 discount off the monthly fee for the first 12 months – if you apply before the 31 March 2013. Terms and conditions apply.

    anyone a premium club member?? any idea what it is??
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