M&S Money 4% ISA

sheslookinhot

SallySunshine wrote: »

I agree Ifts, however she knew she could afford to lock this up, I need to ask her about her old NSI and if she has transferred this also.


Hope she's not looking to me for a loan in the near future, as I'm locking mine up also!!!!!

Sally
you can refer to these notes from M&S for future guidance.

http://money.marksandspencer.com/pdf/ISGuidanceNotes.pdf



There is a box on the transfer form for "Interest to be paid out"

I assume this box is left unchecked if you want the interest to be added to you savings.

DavidAC

To transfer an existing ISA do you only need to complete the M&S Cash ISA Transfer form or are there any other forms that need completing?

Do M&S have to allow transfers out to another provider on maturity or early closure or is this at their discretion? In their T&C they only mention the option to transfer to another provider.

SallySunshine

Rang my daughter and she'd opened her account on-line, filled in 3 page application form out and put this years allowance in. Very straightforward.

Certainly better than her old NSI one which had expired/ran out?
she hadn't put anything in since October 2008, and when she looked at a statement it guaranteed that their variable rate had been 0.3% above the base rate:eek:

Is there a way of checking historic rates? she'll be fed-up if it was miniscule, perhaps she was moved automatically into their new rate?
She'll find out tomorrow.

DavidAC
There is only 1 form, just done mine thanks to everyone on here.

I think you'll find you can do what you like with your ISA once it matures or you exit early, but obviously you'll lose the tax-free benefit if you don't put it into another one

jimbow25

DavidAC wrote: »

To transfer an existing ISA do you only need to complete the M&S Cash ISA Transfer form or are there any other forms that need completing?

Do M&S have to allow transfers out to another provider on maturity or early closure or is this at their discretion? In their T&C they only mention the option to transfer to another provider.

I was told you only need to send the transfer form. I was surprised by this - this seemed a little unusual to me - so I did send a covering letter explaining that (name) told me on the phone that this was sufficient, just to cover me in case this was wrong and then the product got withdrawn or something!

Stompa

jimbow25 wrote: »

I was told you only need to send the transfer form.

That's all I sent, and it was fine.

Sam37

Does anyone know whether this account can be viewed through online banking?

I know it needs to be managed by post, but it'd still be nice to see the balance etc online.

sheslookinhot

Sam37 wrote: »

Does anyone know whether this account can be viewed through online banking?

I know it needs to be managed by post, but it'd still be nice to see the balance etc online.

whether it is or not doesn't bother me. Cant see the point of looking at numbers which aint changing.

Sam37

Well... it does bother me

and it doesn't look that M&S offer this at the mo, from what I can gather, had another look at the website and all possible FAQs, the only account visible online is the credit card, so not the ISA or other accounts.

tracker10

i've £48051.34 maturing on the 2nd april with N/W. their new 1yr frisa is 2.75% = £1321.41

M&S 3yr frisa is 4% =£1922.05
(plus the £100 get out fee if needed)
are my sums correct?
i'm glad i seen this post was considering Yorkshire Bank
thanks to you all

Baldur

tracker10 wrote: »

i've £48051.34 maturing on the 2nd april with N/W. their new 1yr frisa is 2.75% = £1321.41

M&S 3yr frisa is 4% =£1922.05
(plus the £100 get out fee if needed)
are my sums correct?

Yes, if you transferred out after a full year, the interest after the £100 'buy out' would be £1822.05.