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  • FIRST POST
    • cmondynamite
    • By cmondynamite 6th Jan 16, 3:56 PM
    • 43Posts
    • 22Thanks
    cmondynamite
    Marks and Spencer Regular Saver
    • #1
    • 6th Jan 16, 3:56 PM
    Marks and Spencer Regular Saver 6th Jan 16 at 3:56 PM
    I opened a Marks and Spencer current account and a 6% regular saver account 12 months ago. I have now paid the maximum into the regular saver (£3,000), and believe the account is due to mature into an everyday saver account this month.

    Does anyone know if you can continue to pay into, or open a new, 6% regular saver, or is this account just for one year only? Anybody been with Marks and Spencer longer than 12 months, and can advise me please?

    If it doesn't continue, I will look to switch to a different provider's current account, with attached regular saver.
Page 1
    • FOREVER21
    • By FOREVER21 6th Jan 16, 4:00 PM
    • 1,689 Posts
    • 999 Thanks
    FOREVER21
    • #2
    • 6th Jan 16, 4:00 PM
    • #2
    • 6th Jan 16, 4:00 PM
    On maturity you can just open another regular saver
    • Archi Bald
    • By Archi Bald 6th Jan 16, 5:05 PM
    • 9,347 Posts
    • 7,394 Thanks
    Archi Bald
    • #3
    • 6th Jan 16, 5:05 PM
    • #3
    • 6th Jan 16, 5:05 PM
    You should have received a maturity letter that specifies your options. The letter also says that they will move the money into your current account.
    • Frogletina
    • By Frogletina 14th Jan 16, 2:43 PM
    • 2,877 Posts
    • 10,447 Thanks
    Frogletina
    • #4
    • 14th Jan 16, 2:43 PM
    • #4
    • 14th Jan 16, 2:43 PM
    I've just opened my second. However, it took half an hour on the phone to do so.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • Archi Bald
    • By Archi Bald 14th Jan 16, 5:17 PM
    • 9,347 Posts
    • 7,394 Thanks
    Archi Bald
    • #5
    • 14th Jan 16, 5:17 PM
    • #5
    • 14th Jan 16, 5:17 PM
    You should have received a maturity letter that specifies your options. The letter also says that they will move the money into your current account.
    Originally posted by Archi Bald

    And despite of what they say in the letter, they didn't put my money into my current account. Instead, they opened a savings account and put the money into there. I was unable to transfer the money out of that account myself, even an internal transfer to my current account wasn't possible. I had to call them to get the money moved.
    • Frogletina
    • By Frogletina 14th Jan 16, 9:39 PM
    • 2,877 Posts
    • 10,447 Thanks
    Frogletina
    • #6
    • 14th Jan 16, 9:39 PM
    • #6
    • 14th Jan 16, 9:39 PM
    And despite of what they say in the letter, they didn't put my money into my current account. Instead, they opened a savings account and put the money into there. I was unable to transfer the money out of that account myself, even an internal transfer to my current account wasn't possible. I had to call them to get the money moved.
    Originally posted by Archi Bald
    Mine was transferred into my current account but it took about 3 days to appear there and until it did I was not able to open another monthly saver account.

    Was your standing order from your Marks and Spencer current account?
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • Archi Bald
    • By Archi Bald 14th Jan 16, 10:05 PM
    • 9,347 Posts
    • 7,394 Thanks
    Archi Bald
    • #7
    • 14th Jan 16, 10:05 PM
    • #7
    • 14th Jan 16, 10:05 PM
    The SO was from my M&S account.
    • Frogletina
    • By Frogletina 14th Jan 16, 10:16 PM
    • 2,877 Posts
    • 10,447 Thanks
    Frogletina
    • #8
    • 14th Jan 16, 10:16 PM
    • #8
    • 14th Jan 16, 10:16 PM
    The SO was from my M&S account.
    Originally posted by Archi Bald
    Seems very odd that they opened a new account instead of putting it in your current account. When I was on the line to them this afternoon they offered me a savings account, with preferential rates as an existing customer - of 0.75%. I declined.

    All I use my current account for is a standing order to my M&S credit card account and the standing order for my monthly saver. I told the adviser I did not use it as my main account because there is no interest on the account.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64
    • DominicH
    • By DominicH 5th Feb 16, 5:47 PM
    • 280 Posts
    • 207 Thanks
    DominicH
    • #9
    • 5th Feb 16, 5:47 PM
    • #9
    • 5th Feb 16, 5:47 PM
    Mine was transferred into my current account but it took about 3 days to appear there
    Originally posted by Frogletina
    (Bumping because it doesn't really merit a new thread)

    Yeah, that happened to me, and it was pretty alarming to see my account with £3K+ in it just vanish without a trace from the website. I phoned them and they were like "oh yeah, don't worry, it'll get transferred to your current account in a few days." A bit too lackadaisical about it for my liking. I actually took a screenshot of an old statement showing payment into the Monthly Saver, as I had no other evidence that it ever existed.
    With my First Direct regular saver there is no delay and it is clear what is going on.
    "Einstein never said most of the things attributed to him" - Mark Twain
    • djpailo
    • By djpailo 14th Sep 17, 3:21 PM
    • 361 Posts
    • 118 Thanks
    djpailo
    Yeah, it seems they haven't improved things since last year, because my money has "disappeared" today too. Guess I'll have to wait til Monday then...
    • indsty
    • By indsty 14th Sep 17, 4:41 PM
    • 352 Posts
    • 864 Thanks
    indsty
    Just opened another one after mine matured. Did it online and it took about three minutes. Got a confirmation letter 2 days later. No problems.
    • Alexland
    • By Alexland 14th Sep 17, 7:43 PM
    • 261 Posts
    • 135 Thanks
    Alexland
    Although it might be alarming not being able to see your money every second of the day I much prefer the M&S auto closure approach compared to the loops Santander make me jump through to close a matured regular saver. Sadly M&S has gone down to 5pc this year and my Nationwide will be down from £500 to £250 next year
    • djpailo
    • By djpailo 15th Sep 17, 2:59 PM
    • 361 Posts
    • 118 Thanks
    djpailo
    To my pleasant surprise, the money has now appeared in my current account. It seems it only "disappears" for one working day now.
    • Alexland
    • By Alexland 15th Sep 17, 9:49 PM
    • 261 Posts
    • 135 Thanks
    Alexland
    Yeah we had both our M&S savers close this month on different days and only 1 night of no sleep. I remember as a child taking my pass book to the building society on interest day to get them to print the interest transaction each year!
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