M&S fixed rate savings works like easy access account

neilem

Looks like they dropped the rate by 0.25%, is it still worth it I wonder...

meggsy

evenasus wrote: »

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.

I haven't banked with M&S before but received an email this morning which seems fair enough to me, at the moment

"Thank you for your online application. We are processing your request and we'll send you a confirmation email when we've taken your payment. We are currently receiving a high volume of applications, so it may take us a few days to complete this process. However, when we complete your application the transaction will appear on your account from the date we received your valid application"

evenasus

meggsy wrote: »

I haven't banked with M&S before but received an email this morning which seems fair enough to me, at the moment

Received my email this morning too.

Just wondering whether to open another one with the bond that matured today?

It's getting 2.75% easy access at the moment - but who knows for how long.

Wish I had a crystal ball.

superflygal

Hi Finance folk,

If I invest £80k, and earn 8k interest over the 3 years, but am a housewife and have no personal income; do I pay the 20% tax on this?

Thanks!

SFG x

barak

superflygal wrote: »

Hi Finance folk,

If I invest £80k, and earn 8k interest over the 3 years, but am a housewife and have no personal income; do I pay the 20% tax on this?

Thanks!

SFG x

As per application form:
"If you are entitled to receive interest without the deduction of tax you will need to complete HM Revenue & Customs Form R85. You can download one from hmrc.gov.uk/forms/r85.pdf or obtain one from your local tax office."

Ifts

superflygal wrote: »

If I invest £80k, and earn 8k interest over the 3 years, but am a housewife and have no personal income; do I pay the 20% tax on this?

The 3 year M&S fixed rate bond pays interest annually so no worries about the 8K pushing you over your personnel allowance in the 3rd year.

If you have no other income then no you will not have to pay the 20% tax on the annual interest payment.

But remember to do as suggested by barak in above post and fill in the R85 Form.

innovate

evenasus wrote: »

Received my email this morning too.

Just wondering whether to open another one with the bond that matured today?

It's getting 2.75% easy access at the moment - but who knows for how long.

Wish I had a crystal ball.

2.85% atm at Natwest for one year

evenasus

innovate wrote: »

2.85% atm at Natwest for one year

I had seen that - but for .10% variable, I don't think it's worth the hastle of opening yet another account with yet another banking institution.

saver9999

If only Marks and Spencer could respond by email just to acknowledge receipt of cheques it would be a relief. I 'phoned a couple of weeks ago to invest over 50K but at that time the money was not yet in my current account. I agreed to ring back in a couple of days and asked if she was sure the rates would still be available. I was told the rate was guaranteed until Oct 24th. When I rang back I was then told they could not take a debit card payment of more than 50K. No mention of CHAPS was made and I was asked for a cheque. The same guarantee was made and I posted the cheque. That was over a week ago and the money is still sitting there. On my advice a relative made a similar investment and posted her cheque on 16th Oct, so there is more uncertainty about whether it arrived before the following day closure date. This would be a good account if it worked as expected , but they seem very disorganised. Does anybody know how long it takes them to process a cheque?

Sceptic001

saver9999 wrote: »

If only Marks and Spencer could respond by email just to acknowledge receipt of cheques it would be a relief. I 'phoned a couple of weeks ago to invest over 50K but at that time the money was not yet in my current account. I agreed to ring back in a couple of days and asked if she was sure the rates would still be available. I was told the rate was guaranteed until Oct 24th. When I rang back I was then told they could not take a debit card payment of more than 50K. No mention of CHAPS was made and I was asked for a cheque. The same guarantee was made and I posted the cheque. That was over a week ago and the money is still sitting there. On my advice a relative made a similar investment and posted her cheque on 16th Oct, so there is more uncertainty about whether it arrived before the following day closure date. This would be a good account if it worked as expected , but they seem very disorganised. Does anybody know how long it takes them to process a cheque?

Not sure if the same applies to cheque deposits, but I received this info following my online debit card application on 17th Oct:

Thank you for your online application. We are processing your request and we'll send you a confirmation email when we've taken your payment. We are currently receiving a high volume of applications, so it may take us a few days to complete this process. However, when we complete your application the transaction will appear on your account from the date we received your valid application*

*Cash applications receive interest from the day after your deposit is credited to your account.

They have not yet debited my account.