MSE News: M&S Bank reveals its current account

InsideInsurance

Evidently the bank wont do something that intentionally leaves them out of pocket but does it really matter how much a tea bag, a dash of milk, to heat water and a waitress costs them -v- how much the drink would have cost you at list price?

innovate

callum9999 wrote: »

Current accounts won't start paying interest again until the base rate rises.

Lloyds and Santander current account do pay interest, beating many savings account rates.

exel1966

callum9999 wrote: »

They do, they are called savings accounts. Current accounts won't start paying interest again until the base rate rises.

I thought this article subject was current accounts. As already pointed out, other organisations manage it and unsurprisingly they're very popular accounts

jobdone1

forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.
So now it time to jump on the band wagon because all banks and building society's will charge in the future, To make it look good they will offer some poor excuse of insurance for either a phone or travel with many restrictions and high excess.

callum9999

innovate wrote: »

Lloyds and Santander current account do pay interest, beating many savings account rates.

exel1966 wrote: »

I thought this article subject was current accounts. As already pointed out, other organisations manage it and unsurprisingly they're very popular accounts

Obviously some places pay (I'm sure there are other accounts that pay as well) - but before the rate was slashed, it was the norm to pay interest on current accounts whereas it is now the norm not to. I simply meant that it won't return to the norm until the rate is back up to it's old levels (though not even that is guaranteed).

callum9999

jobdone1 wrote: »

forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.
So now it time to jump on the band wagon because all banks and building society's will charge in the future, To make it look good they will offer some poor excuse of insurance for either a phone or travel with many restrictions and high excess.

No they won't.

innovate

jobdone1 wrote: »

forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts.

Where / how else do you want your money paid to? I bet if you could think of any possible alternatives, they would all remarkably resemble current accounts.

innovate

callum9999 wrote: »

Obviously some places pay (I'm sure there are other accounts that pay as well)

tell me where please, I might be interested in an account there. I currently only know of Lloyds and Santander

JuicyJesus

jobdone1 wrote: »

forced to have wages into bank accounts, forced to have direct debits or pay more for the product i.e gas and electric, forced to have benefits into bank accounts. BINGO all the way for the banks its a win win you will have to have it how else are you going to get your money or pay your bills.

All of those activities cost the banks money to process. Especially benefits - they don't stand a hope in hell of making back the money it costs them to maintain benefit claimants' accounts. Most of the services banks provide, they do it for free.

If you don't go overdrawn, you could quite easily never pay a penny for your current account and still get access to all of the banks' services. I'm not exactly sure how you are being stiffed on the deal, or how they win here.

callum9999

innovate wrote: »

tell me where please, I might be interested in an account there. I currently only know of Lloyds and Santander

Arguably Halifax but after a quick search it doesn't look like there actually are any! Though Northern Bank offers a little bit, and there is a weird hybrid pre-paid card/current account called "Secure Trust Bank" which could feasibly be worth it for some people that offers 0.5%.