M&S fixed rate savings works like easy access account

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saver9999 wrote: »

For those of you who sent a cheque this might be of interest.
I 'phoned this afternoon (<1/2 hr on hold) and was told that they had processed my cheque (posted on 12th) and that it would go through shortly.

So it appears that there is a 7 day processing lag + 2 days before I will see the cash leave my current account. If I had the nerve I would have kept the cash in my savings account a few days longer to double up on interest for this period !

claire07

Same here - I've kept a large amount for over a week in my current account unnecessarily but each day was sure it would go out that day so didn't dare move it out. I just can't see why they didn't pass on the cheques immediately to the bank rather than leaving them until the applications were processed.

I'm going to have another go today (when I've a long time to spare!) at phoning them to see if they can actually confirm they've received my application.

innovate

If it's so hard to put money in there, how hard will it be to get it out again?

evenasus

Just a follow up to my post on 22nd.

I received my 'Certificate of deposit' in the post this morning.

Applied for the account 19th - confirmation email received 20th - application success email 22nd - Certificate received 24th.

merchant_ac

evenasus wrote: »

Just a follow up to my post on 22nd.

I received my 'Certificate of deposit' in the post this morning.

Applied for the account 19th - confirmation email received 20th - application success email 22nd - Certificate received 24th.

Your debit card is not a Santander one then?!

evenasus

merchant_ac wrote: »

Your debit card is not a Santander one then?!

No it isn't. Should that make a difference?

merchant_ac

As I said in my original post, when I applied using my debit card their anti-fraud measures kicked, in and the transaction was refused. I still got an automated call from them asking me to authorise the transaction. At the end of the call I was thanked for confirming it was a legitimate transaction, and then told it was being refused anyway!

evenasus

merchant_ac wrote: »

As I said in my original post, when I applied using my debit card their anti-fraud measures kicked, in and the transaction was refused. I still got an automated call from them asking me to authorise the transaction. At the end of the call I was thanked for confirming it was a legitimate transaction, and then told it was being refused anyway!

Santander (not M & S) rejected your transaction, afer confirming it was legitimate?
Did they give a reason?

innovate

Santander seem to have some bizarre double - belts & braces fraud checks when you want to move larger sums out. It's all justified with being 'for your personal security' but it can be a right PITA if you get caught unawares. I suppose being inconvenienced when you want to move £20K out is a lot better than finding they let someone else nick your £20K....

Best to call them, send them a message, or even go into a Branch, to let them know upfront if a larger transaction is due.

rated

My timeline:

Opened account on the 'phone on the 10th
Posted cheque on 11th
Cheque cleared on 23rd
Certificate received on 24th
Certificate dated 15th for interest purposes