M&S Money 4% ISA

savit4l8er

RP72 wrote: »

Anyone have any experience with M&S Money? Any reason why I shouldn't move both my and my wife's ISAs here? - we have £30,000 each.

I have had an account with them previously. They were always very helpful and efficient. Found them very easy to deal with by phone, just the same as conversations I have had with them today. So from my experience I say go for it!

Jonbvn

Principality are paying 4.2% for 3 years.
http://www.principality.co.uk/default.aspx?page=1563

Hobo_2

Think the OP is attracted by the M&S escape option.

RP72

Hobo wrote: »

Think the OP is attracted by the M&S escape option.

Yes the 4% and low fee escape option is what I'm after, much better than Principality imo.

I've applied.

savit4l8er

RP72 wrote: »

Yes the 4% and low fee escape option is what I'm after, much better than Principality imo.

I've applied.

+1,

Lets see how things proceed.

Porcupine

I've been staring at the Ts&Cs a bit more and spotted this:

33.2. Subject to you giving us 30 days written notice,
you may give us written notice to transfer, at any
time, within a time stipulated by you, current tax
year subscriptions in whole, or previous tax year
subscriptions in whole or in part to another ISA
manager with all rights and obligations, to be held
in another Cash ISA and/or Stocks and Shares
ISA (subject to agreement from the new ISA
manager).

33.3. We will process the transfer as soon as possible
following receipt of the written notice to transfer to
another ISA manager.

33.2 seems to imply transfers out require 30 days notice, but then contradicts itself in 33.3. I've sent yet another email for clarification.

There are a few other bits that are a bit sharp. For example:

29.6. In the event of your death the tax benefits of a
Cash ISA will end immediately. We will continue to
deal with your Account in accordance with these
Terms and the instructions received from your
legal personal representatives who will become
subject to these Terms. Your personal
representative(s) must provide us with proof of
death and of their appointment.

So if you die, your executors are still bound by the fixed term period/cancellation fee (which is unusual - normally executors are allowed to break the fixed term)

11.2
We are not responsible for the
security of your Account if anyone else
intercepts or overhears you speaking to us on
the telephone.
11.3. If any security details are lost or stolen, accessible
to others, or you suspect that someone has used
or tried to use them, you must tell us without delay
by calling us, during opening hours on 0808 005
5555 in the UK or +44 1244 688632 from abroad
or by emailing us, out of opening hours, by using
the Contact Us form on
http://money.marksandspencer.com/contact-us/
overview

So if you think security has been compromised in the middle of the night you have to send them an email to let them know. Not exactly instant, is it, or easy if you don't happen to have a computer with you? And if someone steals money by intercepting your phone it's your problem not theirs.

They're not exactly encouraging me to take up their offer.

Porcupine

I got an answer:

Dear Porcupine

Thank you for your email

I can confirm that Paragraph 33.2 relates to your cancellation rights
should you wish to no longer invest in a Cash ISA with M&S Money. You have
up to 30 days after the day we open your account to cancel the investment
without if affecting your annual ISA limits.

Please note you can transfer funds from your M&S Cash ISA at anytime to
another provider, no charges will be applied to your funds and no notice period is required.

Before anyone gets too excited, I think the second paragraph refers to the instant access ISA rather than the fixed rate.

savit4l8er

Porcupine wrote: »

I got an answer:



Before anyone gets too excited, I think the second paragraph refers to the instant access ISA rather than the fixed rate.

So having investigated it all, are you happy with them?

Porcupine

I think I'm happy with it, but I'll give telephone banking a miss

savit4l8er

Confirmation of transfer requests sent to current providers received on Saturday:j