M&S fixed rate savings works like easy access account

PasturesNew

So I can't wander into M&S, take a pack of biscuits to the till, hand over my debit card and say "Oh and bang £50k on that for this bond malarky" - now THAT'd be progress.

Stompa

opinions4u wrote: »

A rather significant difference to an easy access account.

Indeed. And of course this isn't a new thing, M&S fixed term accounts have been operating this way (charging a fixed penalty for an early exit) for years. I just wish some other providers would do the same.

derrick

Link to the bond as no one has posted it: - http://bank.marksandspencer.com/save-invest/fixed-rate-savings/overview/


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Wheres_My_Cashback

Stompa wrote: »

Indeed. And of course this isn't a new thing, M&S fixed term accounts have been operating this way (charging a fixed penalty for an early exit) for years. I just wish some other providers would do the same.

Hence why many took out the 3 year FR ISA at 4% 3 years ago. Same small penalty.

Stompa

Wheres_My_Cashback wrote: »

Hence why many took out the 3 year FR ISA at 4% 3 years ago. Same small penalty.

Yes, though only 3 months to go on mine. God knows what rates will be available then! I really should have paid the penalty and transferred elsewhere some time ago.

Porcupine

PasturesNew wrote: »

So I can't wander into M&S, take a pack of biscuits to the till, hand over my debit card and say "Oh and bang £50k on that for this bond malarky" - now THAT'd be progress.

I hope you'd pay in Jersey £1 notes instead ;-)

I've an ISA on this basis. The caution is that every time new money hits M&S (eg several ISA transfers) you get a new ISA account. Each one has an individual £50-100 fixed withdrawal fee.

My FRISA is coming up soon too. M&S still looks a good deal - I might be tempted to plump for the 3.5% if there's nothing better going around.

Stompa

Porcupine wrote: »

My FRISA is coming up soon too. M&S still looks a good deal - I might be tempted to plump for the 3.5% if there's nothing better going around.

The way rates are dropping across the board at the moment, I'm not entirely convinced that 3.5% will still be available by then.

2010

Stompa wrote: »

The way rates are dropping across the board at the moment, I'm not entirely convinced that 3.5% will still be available by then.

Call me cynical but it seems they are all getting their cuts in before the predicted cut by the BoE to .25%.

If/when that happens, it`ll give them yet another excuse for more cuts in savings rates. :mad:

ian912

Trying to understand something. Hope this isn't silly..

If I opt for the M&S 3yr 3.5% product and withdraw after say 6 months, I assume I'll receive the interest earned 6 months later on the first anniversary but not when I close the account?

Porcupine

ian912 wrote: »

If I opt for the M&S 3yr 3.5% product and withdraw after say 6 months, I assume I'll receive the interest earned 6 months later on the first anniversary but not when I close the account?

I think you'll get back Capital+6 months interest-£100 back in one lump sum. That's usually how it works - once you've closed the account you cease to be a customer so they have no way of paying the interest to you.