Free M&S current account - £100 in M&S vouchers if you switch

pazza2000

Archi_Bald wrote: »

You can only switch current accounts, not savings accounts. The old current account will be closed.

Will they be able to identify it's a savings account? I've just visited my bank (RBS) and they have issued me a card for this 'instant access' account although it's not a debit card per se but a card they can be used to withdraw cash at their ATMs only, that being said it will have 16 digits, so code, acc#.

pazza2000

Frank121 wrote: »

Open a new dummy current account solely to be used for the switch to m&s. m&s dont require any dirct debits to be switched but its better to have one just in case. You can move one from your real current account before asking m&s to make the switch. m&s do ask how long you have held the account to which I amswerd I dont remember...I dont think the answer actually matters but its a bit strange if you said last week! I found its easy to open an account with natwest...or you can even ask your current bank for a 2nd current account and juat switch that one. ;p

Would my bank (RBS) open me a second identical current account? If so that sounds like the best bet. Failing that, and I do actually decide to move my long standing current account, are the risks of an effected credit rating really true? I'm a bit skeptical of opening a third current account effectively so the purpose of switching that to M&S but I sure do want that M&S voucher as I've came so far.

skylight

I switched and have recieved back the £100 gift card today, but I think I will be switiching away. I didn't realise how important a banking app was to me! The M and S banking site isn't compatible with either my iphone or tablet browsers so it became a problem last week when I was on holiday and no app now means I have to wait until I get home to my laptop. Not a great problem in the grand scheme of things but its starting to bug me now.

I'll have to wait few weeks before I look at another account as I don't want too many searches on my credit file but at least I have confirmed to myself what it is I want from my account - an app!

colsten

I have no practical experience with more than one account at RBS, but Natwest, who use the same systems, let you open a second account online within minutes(subject to you passing their credit checks, obviously).

Credit files are only important if you want credit, such as in a mortgage, a loan, a credit card, a current account. As long as you have no bad markers on your credit files, opening more current accounts and having several of them is not an issue. I have over 20 myself and don't appear to have any issues opening more. 3 accounts is not excessive, and everybody should have more than one, at different banks, to reduce the risk of being stranded without money in case of IT or other problems at one bank.

Keeping your oldest account is also sensible if you are planning to apply for credit at some stage as a long history of managing a credit account without problems will give you an advantage.

colsten

skylight wrote: »

I'll have to wait few weeks before I look at another account as I don't want too many searches on my credit file

See my musings above about searches of your credit files. If all you want in the next 6-12 months is a different current account, there is no problem applying straight away. I have often applied for 2 accounts on the same day, and I have successfully made more than half a dozen current applications this year alone.

YorkshireBoy

pazza2000 wrote: »

Will they be able to identify it's a savings account?

Yes.......

colsten

pazza2000 wrote: »

Will they be able to identify it's a savings account?

They'll have something like this, just a bit more detailed, and will be able to tell whether your account is a current account. They'll also be able to tell from the card number that they ask you for whether it is a VISA or Mastercard Debit card, which yours isn't.

Frank121

pazza2000 wrote: »

Would my bank (RBS) open me a second identical current account? If so that sounds like the best bet. Failing that, and I do actually decide to move my long standing current account, are the risks of an effected credit rating really true? I'm a bit skeptical of opening a third current account effectively so the purpose of switching that to M&S but I sure do want that M&S voucher as I've came so far.

Yes I think they would, just say you would like to open another current account for Bill and money management. As for you credit rating it depends on your current rating and whenever you need a loan or mortgage in the very near future. Having said that I have more than ten current accounts without any adverse issues. An extra one or two will probably go unnoticed. I suggest you phone RBS and start the process...they will normally open them immediately for existing customers. After you have switched to m&s and the 100 pounds has been paid, you can switch the m&s account to halifax for a clean 100 notes.

Archi_Bald

Frank121 wrote: »

I suggest you phone RBS and start the process...they will normally open them immediately for existing customers.

No need to phone, just apply online. Chances are the account will be open and usable online before they would answer the phone. You obviously will have to wait for the card and PIN to arrive by post.

pazza2000

colsten wrote: »

They'll have something like this, just a bit more detailed, and will be able to tell whether your account is a current account. They'll also be able to tell from the card number that they ask you for whether it is a VISA or Mastercard Debit card, which yours isn't.

According to this site; my account does offer direct debits, payments etc. Although yes my card won't be a Visa or MasterCard and for whatever reason M&S are requiring the 16 digit card# & not just the sort code + acc number.