M&S unveil new rate guarantee on their mini cash ISA

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
5 replies 1.4K views
Kazza242Kazza242 Forumite
1.9K Posts
Part of the Furniture 1,000 Posts Combo Breaker
✭✭✭
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I've received a letter from M&S Money informing me of their new rate guarantee on their mini cash ISA. From 6 April 2005 until 5 April 2006, M&S guarantee that the interest rate on their mini cash ISA will stay at least 0.25% above the Bank of England Base Rate.

The new 0.25% (above BoE base rate) guarantee will replace the existing 0.50% guarantee, which expires on 5 April 2005. The current M&S mini cash ISA interest rate is 5.25%, but it looks likely that it will fall to 5.0% from April 6 2005.

This guarantee is obviously not as good as the existing one, but M&S have been good up to now, both in terms of the interest rate offered and all-round customer service. However, I'll be keeping an eye on what is offered elsewhere over the next couple of months.

Please note: M&S' mini cash ISA is closed to new customers. It is not known whether they will accept applications from new customers from 6 April 2005.
Please call me 'Kazza'.

Replies

  • blinkoblinko Forumite
    2.4K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    no offence to M&S fans but i have little faith in them and i think phillip would agree with me to.
  • Kazza242Kazza242 Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    blinko - M&S Money is no longer owned by Marks and Spencer Plc. M&S Money was bought by HSBC Bank Plc in 2004.
    Please call me 'Kazza'.
  • Allders are offering a 9% ISA, Courts a 15% one and Queensway a 30% one. I am joking of course, but I do agree with the previous post about lack of confidence in what I would consider a shaky company, M & S.

    A store mainly frequented by middle aged, middle class tory voters who are a dying breed. My prediction is that M & S will go bust quite soon unless they have a total change in direction and market goods to the bulk of he population rather than to just a minority over 50s middle class.

    My general rule: borrow money from a sinking ship type organisation, invest money with a rock solid one.

    P.S. The same profile of shopper who shops with M & S is similar to that who owns M & S shares and turned down £4 per share based on the dislike of an individual's personality.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Kazza,

    Is that the same HSBC that has been consistently targeted by international terrorism?
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Kazza242Kazza242 Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    Loaded_Bachelor - I've had the M&S mini cash ISA for a year now and I've had no problems whatsoever with it. I hear Intelligent Finance and Abbey customers complaining all the time about lost documents and long delays when opening new accounts and ISA transfers. I have had no problems like that at all.

    On the business side, when Banco Santander bought Abbey National, many customers were worried about the security of their Abbey investments.

    At the end of the day, M&S Money are covered by the FSA, so I'm not worried in the slightest. Loaded_Bachelor: Are you saying that we should all start putting our money under the mattress? I don't agree, no bank, building society or investment company is 100% secure. There are risks everywhere.
    Please call me 'Kazza'.
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals