MSE News: M&S Bank reveals its current account

Gordon_the_Moron

Halifax pay a reward if you pay in £1000 per month but that isn't technically interest, if you've any sense you would do what I do, get your salary paid into Halifax and then payday morning do a faster payment to move it to Santander which takes all of 10 seconds, easiest £5 I earn all month!

Gordon_the_Moron

zerog wrote: »

The cost to you, but probably not the cost to M&S

If you would have bought all the freebies at the price they cost without the M&S account then it is a good deal, if you are willing to pay £180 a year for them all and will claim them all its a good deal. If like me you don't shop at M&S this account would be a waste of time.

YoYoY

callum9999 wrote: »

No they won't.

Oh yes they will.

innovate

callum9999 wrote: »

No they won't.

YoYoY wrote: »

Oh yes they will.

Can you two please agree whose crystal ball is telling the truth, and then let me have the good one? Ta muchly.

callum9999

innovate wrote: »

Can you two please agree whose crystal ball is telling the truth, and then let me have the good one? Ta muchly.

Well unless forced upon them, there is no reason for them all to go pay-only. In fact, countries like Australia where bank accounts all used to have monthly charges are starting to remove them.

I don't see how a bank could possibly justify charging for a basic account when we have so much competition in the market - it would be commercial suicide. While I can see them pushing their premium accounts more and more, I can't envisage a time when we lose free banking.

innovate

callum9999 wrote: »

I can't envisage a time when we lose free banking.

Tend to agree that we won't loose "free" banking, on the grounds that

1. it's a lot easier for banks to keep the "free" mantle and recover the costs, and some, by not paying decent interest, charging more on overdrafts, loans, mortgages etc etc etc - - basically a public relations no-brainer, this one
   .
2. there are plenty of gullible people who pay what I would consider exorbitant amounts of money to get frills such as a "concierge service"

Still not totally convinced of your crystal ball though, sorry

rb10

innovate wrote: »

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

Coventry Building Society.

(Admittedly only for a year, and not a great rate even for that time. But it's still interest.)

ses6jwg

looks rubbish, then again its backed by hsbc so not surprised

realaledrinker

Gordon_the_Moron wrote: »

Halifax pay a reward if you pay in £1000 per month but that isn't technically interest

Try telling that to the tax man! And I have just received my 'Annual Reward Summary' which is identical in form and content to the 'Annual Interest Summary' received for my other Halifax accounts!

JuicyJesus

realaledrinker wrote: »

Try telling that to the tax man! And I have just received my 'Annual Reward Summary' which is identical in form and content to the 'Annual Interest Summary' received for my other Halifax accounts!

Thing is it actually is technically interest. The £5 is actually £6.25 with 20% basic rate tax taken off. If you're in the higher rate band you have to declare it on your tax return.