Safety of M&S Cash ISA

vigman

Is an M&S cash ISA covered by the same guarantee as UK banks if it went bust?

Also are they quite fast at transferring in old funds?

Thanks

Vigman

Baldur

vigman wrote: »

Is an M&S cash ISA covered by the same guarantee as UK banks if it went bust?

Yes - see http://money.marksandspencer.com/legal-information/overview/

Authorised and regulated by the Financial Services Authority. Marks & Spencer Financial Services plc is entered in the Financial Services Authority (FSA) register. FSA registration No: 151427.

vigman

Thanks you. It was just that the following (48K comp) on their site (under Market Volatitlity) did not sound like the usual 50K scheme?:

"M&S Money investments are protected by the Financial Services Compensation Scheme. This scheme guarantees an investment if the provider is unable to meet their liabilities. The maximum compensation for an investment is £48,000 – 100% of the first £30,000 and 90% of the next £20,000."

TIA

Vigman

Baldur

vigman wrote: »

Thanks you. It was just that the following (48K comp) on their site (under Market Volatitlity) did not sound like the usual 50K scheme?:

"M&S Money investments are protected by the Financial Services Compensation Scheme. This scheme guarantees an investment if the provider is unable to meet their liabilities. The maximum compensation for an investment is £48,000 – 100% of the first £30,000 and 90% of the next £20,000."

That's the normal FSCS cover for investments, the Cash ISA would come under the FSCS cover for deposits, which is £50k.

<Edit> See http://www.fscs.org.uk/consumer/key_facts/limitations_of_the_scheme/compensation_limits/

bully1234

Has anyone had any bad experiences transferring from an old ISA account to an M&S Isa variable account?

malik999

I must be totally missing something but i couldnt even get past the first signup screen for the m&s isa.
I was trying to open the m&s to do a isa transfer in. no new money

http://img23.imageshack.us/img23/445/msisa.jpg

glider3560

malik999 wrote: »

I must be totally missing something but i couldnt even get past the first signup screen for the m&s isa.
I was trying to open the m&s to do a isa transfer in. no new money

http://img23.imageshack.us/img23/445/msisa.jpg

Try entering 3600.00 instead of 3600

malik999

Got it thanks. Only to get stuck at payment details page. No option for transfer in only.

glider3560

malik999 wrote: »

Got it thanks. Only to get stuck at payment details page. No option for transfer in only.

You need to fill out the paper form to do a transfer only:
http://money.marksandspencer.com/pdf/ISTransferForm.pdf