M&S fixed rate savings works like easy access account

Woodland_lady

If its any consolation, I applied on line on 17th October and apart from the initial acknowledgement email, I have heard nothing. I have been keeping on eye on this thread so know I am not the only one but come the new working week, I shall get a little annoyed!

barak

claire07 wrote: »

Many thanks for all the responses - it looks as though everyone else has received confirmation even if the money has not yet been taken. I put a first class stamp on the application rather than relying on freepost so they should have received it on the 15th or 16th.

Having waited this long I'll leave it till mid week before taking action as it's been such a pain trying to get through to them I dread trying to cancel it.

I too put a 1st Class stamp on mine and what I haven't admitted to you is that I also paid 95p for Recorded Delivery which I use more and more these days when appropriate.

I still have a feeling that your application will have been received Claire, so don't give up yet and remember that they are backdating interest to the date it was received even if they have taken their time processing it.

meggsy

meggsy wrote: »

I applied online on Friday 19th and received an email this morning (22nd) that my payment had been declined and asked me to send a cheque, my Bank phoned for a security check so money will now be transferred.

M&S email address is internet.investments@mandsmoney.com

Update - as of today the money is still sitting in my current account

Mojo4

I applied for this M&S Bank fixed rate savings account a couple of weeks ago by post and sent a cheque. As I heard nothing back and am not keen in leaving a large sum in my current account I called them. I have now waited on hold twice for an hour before hanging up and have had two emails ignored. I did get through to their general enquiries number on one occasion and was transferred to the 'wrong department'. I am stopping my cheque and putting the money elsewhere. Have to say I am staggered by the appalling customer service.

jsinc

I can't get through on the phone to ask them today, so does anybody know if it's possible to open the 3 year fix online with the minimum sum then transfer the bulk in once account approved and opened? The T&C seem quite contradictory ("You can deposit money in one or more of the Fixed Rate Bonds, the periods of which are outlined in 2.1 above, and make further deposits, subject to the maximum deposit given in clause 6.1 below. You can only make deposits into your Fixed Rate Bond on the Start Date.")?? Thanks

barak

From 4.3
".....You can only make deposits into your Fixed Rate Bond on the Start Date. However,
there is no limit on the number of Fixed Rate Bonds you can have and if
you want to make a further deposit you can open a new Fixed Rate Bond
which will have a different Start and Maturity Date to your original Fixed
Rate Bond."

I think that's fairly clear

jsinc

Thanks, perhaps it's just me then. So further deposits subject to the max would somehow have to made on the same day (I assume the start day is the day I'd submit an online application); one before the account has actually been approved and opened?

rated

jsinc wrote: »

Thanks, perhaps it's just me then. So further deposits subject to the max would somehow have to made on the same day (I assume the start day is the day I'd submit an online application); one before the account has actually been approved and opened?

I don't reccomend that you make multiple deposits. In the worst case you will end up with more than one bond and numerous hours on hold to get the whole thing sorted out.

Remember the advantage of this account is the low early redemption fee. Multiple bonds = multiple redemption fees which would diminish your return.

Also M&S are backdating interest to the date your cheque arrives. Don't let the big chunk of cash in you current account worry you - M&S are paying interest on it while it sits there. Even better, if you have an interest bearing current account you will be making a little extra for this mild inconvenience.

Your (relaxed) end to end process for deposits over 50k should look like this:

Day 1
Open account over the 'phone first thing in he morning. Allow 1 hour including hold time. At the end of this you will have your account #.

Post cheque (with account #) by first class mail. Use recorded delivery if you need peace of mind.

Day 2-3

M&S receive your cheque. This is the date from which you start earning interest.


Day 3-15

Relax, you are earning interest. Don't sweat about the big chunk of cash in your current account or that you haven't heard from M&S. If its an interest bearing account you are making bonus money!


Day 15

Cheque clears, money leaves your current account.

Day 17

Certificate of deposit arrives.

Day 90 to maturity

Close account, pay break fee to earn above market rates.

merchant_ac

rated wrote: »

Day 15

Cheque clears, money leaves your current account.

Day 17

Certificate of deposit arrives.

In my case, I received the certificate of deposit a week before the money was taken.

claire07

Just to update my saga with M&S. Phoned Monday (call answered after an hour) to find there was still no sign of my application posted 2 weeks ago on the 15th and was told they were still going through a pile of applications. So I decided to leave it till today before I bit the bullet and cancelled my application and put a stop on the cheque for the money stuck in my current account all that time.

I checked it was still in my current account and then fifty plus minutes in to hanging on (listening again to 70s music with my blood pressure rising) with yet again no answer, postman came with the certificate backdated to 17th October.

What a shambles but I'm just so relieved it eventually arrived and hope everyone else waiting will be lucky. I can't imagine what it'll be like when anyone wants to withdraw from this account.