Marks and Spencer Cash ISA

edvardo

Last year I opened a cash isa with m&s which had an attractive fixed interest rate of 4.00%. As it was a much better rate than all my other isas I transfered the majority over. I'd be silly not too!

Last month though I decided it was time to transfer the remaining isas over to this good rate. But to my horror the statement that was sent back stated it was only paying 3.25% which is the current Issue 10 ISA. I immediately phoned m&s to question this as previously all my transfers with other building societies/banks gone into my isa (at the same fixed rate) with no problem. The m&s person on the other end of the phone was admanat that my Issue 9 (4.00%) isa had now finished and it had been replaced with Issue 10. But Surely this is applicable to new customers only, NOT people with existing accounts.

I am still not sure if this is correct what they have done. But the m&s don't seem to explain any further.

Could someone please help and confirm if it is correct what m&s have done?

Regards,

M:(

sheslookinhot

Yes, M&S closed issue 9, with a well publicsised closure date. This applies to new customers or new money.

Lokolo_2

As with most fixed term ISA's, unfortunately there is a cut-off date for deposits into them. Most providers state in their T&C's that no further deposits are allowed once the issue is withdrawn.

So what's happened here is that you've missed the deadline, the issue is closed so M&S rightly offered you to deposit into their latest issue 10 instead :j