M&S fixed rate savings works like easy access account

Stompa

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?

No, 6 months interest would be payable on closure.

rated

The 3.5% 3yr bond issue is now closed. New 3yr rate is 3.25% however the break terms are the same so this is still a good place to stash a chunk of cash if you need somewhere to put it for > 3 months.

Ifts

Stompa wrote: »

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.

Wasn't sure if it was the right thing to do at the time, but thats what I did pay the £100 penalty and transfer my cash Isa balance from my M&S 4% FRISA to Birmingham Midshires FRISA @ 5% till April 2016.

Stompa

Ifts wrote: »

Wasn't sure if it was the right thing to do at the time, but thats what I did pay the £100 penalty and transfer my cash Isa balance from my M&S 4% FRISA to Birmingham Midshires FRISA @ 5% till April 2016.

Given that the best 5 year fixed currently available appears to be around 3.6%, I'd say you made a wise choice!

meggsy

I was about to open a 3 year account online this morning, but wonder
about early closure e.g. after say six months, would only pay the
one year rate wouldn't it ?

Stompa

meggsy wrote: »

I was about to open a 3 year account online this morning, but wonder
about early closure e.g. after say six months, would only pay the
one year rate wouldn't it ?

No, it would pay the 3 year rate, though you would of course have to pay the penalty.

evenasus

Has anyone opened this account online?
I can't get through on the phone - still not answering.

meggsy

evenasus wrote: »

Has anyone opened this account online?
I can't get through on the phone - still not answering.

Yes, about 10 minutes ago Hopefully I will be able to leave it to maturity.

"If you think you might need access to your money before your Fixed Rate Savings mature, this type of deposit may not be the right option for you. You can only withdraw the full amount you deposited – and you'll have to pay an early withdrawal charge of £50 for a 1 year deposit, £75 for a 2 year deposit and £100 for a 3 year deposit. This charge is deducted from the final interest credited to you when you make the withdrawal. If the interest is less than the charge, we'll take the balance from the amount you invested. So if you decide to withdraw your money early, you could get back less than you deposited"
From Hannah - the virtual assistant

evenasus

I finally opened one online a few minutes ago.
I thought there might be some sort of information given - a code for instance - but nothing was.

I did take screen prints though.

Will have to go through the process again tomorrow, when one of my fixed rate bonds matures.

claire07

Not impressed with their customer service. Sent a cheque over a week ago for the bond and have had a large amount sitting in my current account ever since to cover it. Still there and am losing the will to live trying to get through on the phone to find out if they have actually received the application and opened the bond.

Realise now I would have been better off paying it by debit card but hindsight's a wonderful thing!