M&S Money: Yay or Nay?

EltonJohnFan

Hi all,

I've been looking at opening an M&S Everyday Savings account, seems to be fairly attractive to me but what do you think? Is it worthwhile or should I give it a miss? I've been looking for a savings account that pays monthly interest and the interest rate seems fair enough at this point in time. I was instore yesterday and the woman I spoke with gave me a leaflet which provided the reassurance I needed. I intend to deposite £5,000 to begin with, would I earn much interest over the next year? appreciate your help.

Here is the account:
http://money.marksandspencer.com/save-invest/everyday-savings-account/overview/

xrjtg

You could do a lot worse. You could also do quite a bit better: the Lloyds (Classic with) Vantage current account pay 4% AER on balances between £5000 and £7000 provided you pay in £1000 a month (which can just be an in/out transfer) and interest is credited monthly. You can have up to three accounts if the deposit limits become an issue.

If you left £5000 and the monthly interest in the M&S account for a year then you'd earn £117.50 before tax, whereas you'd get £200 from Lloyds Vantage. If you pay income tax and are looking to save long term then you might also want to consider Cash ISAs, in which interest will accrue tax-free for as long as the account runs.

Loughton_Monkey

xrjtg wrote: »

You could also do quite a bit better: the Lloyds (Classic with) Vantage current account pay 4% AER on balances between £5000 and £7000 provided you pay in £1000 a month (which can just be an in/out transfer) and interest is credited monthly. You can have up to three accounts if the deposit limits become an issue.

Certainly an option.

But if all you want is 'no messing' savings account with monthly iterest, then 2.75% is generally available.

I might be the sort of person to pay an extra shilling or two for my spuds at M&S, expecting commensurate better quality. But personally, I fail to see any 'quality advantage' here, and would go for earning £275 every time (instead of £235). The extra £40 could buy me four 'Meals for two' from... er... M&S

hansi

EltonJohnFan wrote: »

Hi all,

I've been looking at opening an M&S Everyday Savings account, seems to be fairly attractive to me but what do you think? Is it worthwhile or should I give it a miss? I've been looking for a savings account that pays monthly interest and the interest rate seems fair enough at this point in time. I was instore yesterday and the woman I spoke with gave me a leaflet which provided the reassurance I needed. I intend to deposite £5,000 to begin with, would I earn much interest over the next year? appreciate your help.

Here is the account:
http://money.marksandspencer.com/save-invest/everyday-savings-account/overview/

Their accounting system is still in the 19th century. Be warned:mad: