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

colsten

adindas wrote: »

This could be right but if you have learn that there might be potential of misunderstanding due to very large sum of money in and out then I am thinking that it is better to apply on the branch or over the phone, but I might be wrong. I might try to open it online next time and see the result.

Nobody (apart from yourself, perhaps) knows at the time of application how much money might go through the accounts. The most you will be asked in an online application is how much comes into your account each month, and how much goes out of it. Some application forms ask these questions in different ways, but the principle is the same - you need to demonstrate that you expect more to come in than you expect to go out.

Even if you actually did use just one of your current accounts as the feeder account for all of the other accounts that require monthly deposits, you would still get at least as much in as goes out, and the total going out and in is in the region of £8,250 a month if you had all the sole current accounts requiring min monthly deposits - not an average net salary, but also nothing that could be considered extortionate. And of course if you do have several current accounts, you do not need to service all the accounts from one single current account. E.g. TSB account requirements can easily be met from within the TSB accounts, and there's a very moderate £500 a month in and £500 a month out of each of the two accounts allowed per person.

Nothing even close to money laundering (or laundry, as you call it) proportions, provided you apply for these accounts just for the purposes of taking advantage of the preferential interest rates. No need to go into any branch or to call anyone to explain yourself, either. Just apply online, and don't volunteer answers to questions you haven't been asked.

If your credit files are in good shape, if the name and address you apply with has a history on the electoral roll, if you don't have and want to have much debt (incl mortgage), if you don't have a CIFAS marker and if you haven't used wildly different information in your applications (hint: National Hunter DB), there is no reason to believe your application won't get accepted. Or to put it in other words: if you have a good credit record without much debt (incl mortgage), nothing to hide, and don't apply for an overdraft, there is no reason your application for a current account would get turned down.

To finish: I have the maximum number (and more) of just about every current account you can think of, and I am shifting the minimum monthly deposit amounts about each and every month. I have not yet had any online application turned down.

plunt

YorkshireBoy wrote: »

I have, or have had...

4 x Halifax Reward accounts
3 x Lloyds Vantage
3 x BoS Vantage
3 x Nationwide FlexDirect
2 x TSB Plus

...simultaneously.

Others on here will have had, in addition to the above, 3 x TSB Enhance, 2 x Santander 1-2-3...and others have reported holding as many as 7 x Lloyds Vantage.

back when santander had their preferred in credit interest account i opened 6 of them in branch within 15 minutes

As for current accounts , the most i have held at one time was:

3x vantage
6 x Santander in credit
1 x old A&L current account
1 x halifax student account
1 x halifax rewards
3 x flexdirect
1 x flex account
1 x hsbc current acc
1 x n&p

also 1 x halifax credit card

have slowly closed some down but always leave 2 or 3 dead account laying around to collect bonuses or switch to new credit accounts. Further more even with all the above i still got a mortgage approved instantly and keep getting asked by most of the above banks if i want a guaranteed acceptance credit card.

though I have held my self back from opening new account for the last 6 months before applying for my mortgage, now i have a long list of account to add to my collection!

colsten

plunt wrote: »

6 x Santander in credit
1 x old A&L current account

Hats off! 7 current accounts with Santander! I bowed out with 4 x 123, on the grounds I don't want more than around £80K-isk in any single financial institution. Had half a dozen of Nationwide current accounts for a while, but they got a bit tough on just how many FlexDirects they would pay interest on, so I had to switch and close a few of them.

plunt

Haha yea but those 6 were 5% on Max 2.5k each. So was never above the 85k mark with them. Nationwide I appealed their decision to stop the 5% on the extra 2 and won as I had written proof I explicitly asked if I would get it on all 3 accounts so they just paid out a lump sum covered what I would have made.

adindas

colsten wrote: »

Even if you actually did use just one of your current accounts as the feeder account for all of the other accounts that require monthly deposits, you would still get at least as much in as goes out, and the total going out and in is in the region of £8,250 a month if you had all the sole current accounts requiring min monthly deposits - not an average net salary, but also nothing that could be considered extortionate. And of course if you do have several current accounts, you do not need to service all the accounts from one single current account.

I have done it from one account so it is easy to control. It fits me well this way and very easy to control or in case you want to revisit it in the future, you juts need to check one account and to archive transaction of one account. The only problem is because it triggers alert.

Your circumstances of £8,250 a month is not necessary the same with mine. Also you forget if you want to move from maturity of RSA or eSaver that suddenly have its interest drop. Moving money because you want to maintain the highest interest of 3%. Keep in mind the interest in Vantage and Enhance is tiered, not clean 3% interest.

colsten wrote: »

E.g. TSB account requirements can easily be met from within the TSB accounts, and there's a very moderate £500 a month in and £500 a month out of each of the two accounts allowed per person.

This is what I have done. I already know this, even before people in this forum talk about this. This is the only automatic transaction that I did because so simple and simple to control it. The other one is done manually.

colsten wrote: »

If your credit files are in good shape, if the name and address you apply with has a history on the electoral roll, if you don't have and want to have much debt (incl mortgage),

I am in electoral roll.
I managed to bring down my LTV to 50% and my monthly capital repayment mortgage payment is lower than 20% of income.

colsten wrote: »

if you don't have a CIFAS marker and if you haven't used wildly different information in your applications (hint: National Hunter DB),

No CIFAS marker on my credit file.

colsten wrote: »

There is no reason to believe your application won't get accepted. Or to put it in other words: if you have a good credit record without much debt (incl mortgage), nothing to hide, and don't apply for an overdraft, there is no reason your application for a current account would get turned down.

Well I am not worry about that and also it has not been decided just wonder why in the past I got a straight forward decision and now everything I apply always get referred. Want to learn more about this and see what I could do to mend it. I will inform the forum about the final decision.

colsten wrote: »

To finish: I have the maximum number (and more) of just about every current account you can think of, and I am shifting the minimum monthly deposit amounts about each and every month. I have not yet had any online application turned down.

In the past I applied for a credit card online it got rejected. So your personal experience is not necessary the same with mine.

dicky73

Well, hopefully the end is in sight. Spoke to the switching team today, gave all details of the account to be switched. They are now sending a pack out for me to check and then phone them back. Am I at the "light at the end if the tunnel" stage???? I hope so.

colsten

You're definitely on the home stretch now. Only another 6-8 or so weeks between you and your voucher now. Hang on in there

ronbell101

applied last night online and just got this

[/QUOTE]Thank you for applying for one of our M&S current accounts.

We are still reviewing your application and we’ll contact you, if we need any further information, within 3 working days. Once we’ve completed your application, we’ll contact you to confirm the next steps.

Yours sincerely[/QUOTE]

MABLE

ronbell101 wrote: »

applied last night online and just got this

Thank you for applying for one of our M&S current accounts.

We are still reviewing your application and we’ll contact you, if we need any further information, within 3 working days. Once we’ve completed your application, we’ll contact you to confirm the next steps.

Yours sincerely[/QUOTE][/QUOTE]

This is the usual message.

adindas

adindas wrote: »

Well I am not worry about that and also it has not been decided just wonder why in the past I got a straight forward decision and now everything I apply always get referred. Want to learn more about this and see what I could do to mend it. I will inform the forum about the final decision.

In the past I applied for a credit card online it got rejected. So your personal experience is not necessary the same with mine.

Just want to add information. I received a letter today from M&S informing me that my application has been accepted and asking me to return some from with signature. It seems my gift card in on the way ...
I prefer cash reward rather than gift card but every little help ...