M+S 3 year fixed saver

john0

Hi guys,

Just a quick one, i am thinking of investing 75k in to the M+S 3 year saver at 3.75% and wanted to get peoples views on this.

i have decided to go with this as i certainly wont need it for a tleast a year as it will be to put down on a house within a year or 2 at max.

it only has a £100 fee for closing early, therefore over a year i would make £2812.50 on 75k?

Am i missing anything?

Gromitt

I take it you don't pay interest on your savings then?

Ifts

No its right before tax, and if it is as you say (I ain't seen the T&Cs) you can cash in early by paying only the £100 early exit fee then thats right.

IIRC Cahoot are paying 3.6% on a 1 year fixed rate bond (i think it was a little over 12 months in total), which after taking into account the £100 M&S early exit fee works out to about the same that you will get back after a year.

oldvicar

Sounds like the M&S account has a "loophole" which could be heavily advertised in next week's MSE newsletter.

john0

yes i pay tax but i was quoting before tax apologies for not stating it and thankyou for your very helpful response grommit.

john0

Ifts wrote: »

No its right before tax, and if it is as you say (I ain't seen the T&Cs) you can cash in early by paying only the £100 early exit fee then thats right.

IIRC Cahoot are paying 3.6% on a 1 year fixed rate bond (i think it was a little over 12 months in total), which after taking into account the £100 M&S early exit fee works out to about the same that you will get back after a year.

i looked at the cahoot, but the M+S would be better as may not need it for longer than a year. thanks though

Bogof_Babe

Which banking licence group are M&S in?

Stompa

Bogof_Babe wrote: »

Which banking licence group are M&S in?

They have their own licence:

Marks and Spencer Financial Services plc