M&S everyday savings account

wiltslass

Does anybody have one of these accounts? I am thinking of opening one,the faster payment facility is the attraction. Anybody know how much can be tranferred by FP in a day? Have emailed to ask them but no reply yet. Would like to sort it today as present account looses its bonus soon.

alanq

I don't know the answers but would also be interested to hear as I closed my account with Tesco Bank following recent events. I only knew of Tesco and NatWest offering Faster Payments out on savings and NatWest only pays 1%.

wiltslass

Hi Have just spoken to an advisor and he has told me that as long the bank where my current account is ( the nominated account for withdrawals) can process faster payments up to £10000 pounds a day can be transferred using the faster payment system. The rate is not brilliant at 2.35% but the faster payment facility seems useful for day to day savings. I think it worth considering. Can be operated online, telephone or post. I had been thinking of the Tesco account but have decided to leave well alone.

wiltslass

Have got this account set up now and faster payments in and out working fine. Quite pleased with it so far. Good for everyday savings. :j

alanq

Thanks for your news. Would you like to comment further on the account? e.g. Any onerous requirements to prove identity? What online security systems and devices are used? ("M&S Money is a trading name of Marks and Spencer Financial Services plc which is a wholly owned subsidiary of HSBC Bank plc." so any sign of those horrible Secure Key devices?)

wiltslass

No I had no problems at all with ID requirements. I had to set up my security questions,linked account ( at another bank) and a security number using their telephone service then it was ready to go. To be honest rather impressed so far. Having followed the Tesco fiasco I was a little apprehensive and time will tell of course but I do not expect there to be any problems.

cottager

I opened an account by phone today: already have an M&S card and am registered online, so setting the login stuff wasn't needed. The next step is apparently for paperwork to arrive so will wait to see what's involved then. I imagine it'll be linking the external a/c and so on, as she didn't ask for any details about my bank during the conversation.

One thing about Faster Payments though!
She swore black was white that only FPs outwards were possible, not inwards because they were 'not yet part of Faster Payments' (but hoping to be in 2012).

I suggested she was mistaken, and if FPs could be sent out they must be FP-enabled; but she wouldn't have it, insisting funds sent to the account could take 3 working days.

After ringing off I began doubting myself, but surely that can't be right? As we know, both sending and receiving accounts must be FP-enabled for it to work, yet it's still often 'one-way only' because accounts able to receive FPs cannot send them. If she'd said it was this way round I wouldn't have questioned it, but she was talking about the opposite direction. But if M&S can send them (which the T&Cs confirm for this account), they must surely be able to accept them? Payments sent FP to my M&S card certainly get there straight away.

In any case, Wiltslass has already tested it in both directions, and it worked

Rufus_Dufus

cottager wrote: »

I opened an account by phone today: already have an M&S card and am registered online, so setting the login stuff wasn't needed. The next step is apparently for paperwork to arrive so will wait to see what's involved then. I imagine it'll be linking the external a/c and so on, as she didn't ask for any details about my bank during the conversation.

One thing about Faster Payments though!
She swore black was white that only FPs outwards were possible, not inwards because they were 'not yet part of Faster Payments' (but hoping to be in 2012).

I suggested she was mistaken, and if FPs could be sent out they must be FP-enabled; but she wouldn't have it, insisting funds sent to the account could take 3 working days.

After ringing off I began doubting myself, but surely that can't be right? As we know, both sending and receiving accounts must be FP-enabled for it to work, yet it's still often 'one-way only' because accounts able to receive FPs cannot send them. If she'd said it was this way round I wouldn't have questioned it, but she was talking about the opposite direction. But if M&S can send them (which the T&Cs confirm for this account), they must surely be able to accept them? Payments sent FP to my M&S card certainly get there straight away.

In any case, Wiltslass has already tested it in both directions, and it worked

You don't need to wait for the paperwork but you do need to phone them up to give them the details of your linked account.

I have sent faster payments in both directions and they arrived in minutes.

cottager

Rufus_Dufus wrote: »

You don't need to wait for the paperwork but you do need to phone them up to give them the details of your linked account.

I have sent faster payments in both directions and they arrived in minutes.

Thanks for that.
Do you know.... I really wish people you speak to on the phone at these places knew what they were talking about!

wiltslass

Yep, definitley works both ways as long as the the linked account can make/accept them.

alanq

Sort code 23-56-14?
http://www.swiftcodesinfo.com/sort-code/results.php?searchstring=MARKS%20AND%20SPENCER%20FINANCIAL%20SERVICE

http://www.ukpayments.org.uk/sort_code_checker/-/code/1/sc/235614/

See also
https://forums.moneysavingexpert.com/discussion/985463