M&S £125 incentive and First Direct

Retired_at_55

Hello -

I know I should 'phone First Direct to answer but I am being a coward and hope someone here might know the answer, please:

My First Direct Regular Saver finishes on 19 November 2014 and I have already made the last of the 12 payments (this month) into it to qualify for the 6% interest. I do not use the First Direct current account for anything else (although I have their small esaver account and would close that if 'allowed.') I would really like to open the M&S one for the £125 gift card for Christmastime - I really do use M&S a lot - especially for the children's Christmas and birthday clothes etc.

Does anyone know (I deserve to be told to contact First Direct myself) if I arrange the switch to M&S by 31st October before the 19 November date for the First Direct Regular Saver interest,will I lose the benefit of the Regular Saver?

If I would I would just leave the 'switch' to M&S for now. If I can move without 'penalty' for my First Direct Regular Saver I would have to be quick - before 31 October when the special £125 M&S gift card offer runs out.

Thank you. from Retired at 55

YorkshireBoy

I think you should read the M&S MSM special offer T&Cs...

https://online.email.hsbc.co.uk/mandsBank/msmexclusive/docs/4-SwitchingFlyerWeb.pdf

Start with condition 1(a), which says you only need to apply and open the account by 31st Oct in order to secure the £125 gift card if you later switch to it.

Then read condition 1(b), which says you then have 6 months to initiate the switch, and receive the £125 gift card secured above.


A suggestion...open another account (either elsewhere or with FD if that's easier?) and switch that to M&S. You can then start another regular saver with FD when this one matures. Be a shame to lose out on 6% AER in the years to come.

colsten

Simply open a second current account, at First Direct or whichever other bank you use, and then switch that account. It would be a shame to give up the option of a 6% Regular Saver.

Regarding the M&S gift card - they process the whole thing very slowly so you could find if you apply now, you might not get the card by Xmas. Not a big issue but don't plan on having the £125 for your christmas shopping.

Retired_at_55

YorkshireBoy wrote: »

I think you should read the M&S MSM special offer T&Cs...

https://online.email.hsbc.co.uk/mandsBank/msmexclusive/docs/4-SwitchingFlyerWeb.pdf

Start with condition 1(a), which says you only need to apply and open the account by 31st Oct in order to secure the £125 gift card if you later switch to it.

Then read condition 1(b), which says you then have 6 months to initiate the switch, and receive the £125 gift card secured above.



A suggestion...open another account (either elsewhere or with FD if that's easier?) and switch that to M&S. You can then start another regular saver with FD when this one matures. Be a shame to lose out on 6% AER in the years to come.

Thank you for fast and absolutely great information, YorkshireBoy. I feel a bit feeble and thought folks would think I was just a coward not wanting to ask First Direct myself.


I'll look at the link you have given.


thanks so much - Retired at 55

Retired_at_55

colsten wrote: »

Simply open a second current account, at First Direct or whichever other bank you use, and then switch that account. It would be a shame to give up the option of a 6% Regular Saver.

Regarding the M&S gift card - they process the whole thing very slowly so you could find if you apply now, you might not get the card by Xmas. Not a big issue but don't plan on having the £125 for your christmas shopping.

Thanks colsten. I'm so pleased to receive such good information - and so fast too. I'll look at everything as suggested, thanks.


Retired at 55.

meer53

It also depends on whether the M & S account needs to actually be opened by 31st October. If you need to provide them with any ID, you're cutting it a bit fine.

anoncol

M&S bank are crap, struggling to set up even internet banking with them, and i'm stuck on the line to them now listening to diabolical music. Must appeal to "M&S customers".

anoncol

arggh mr jones!

System

They will be using the same underlying systems as First Direct so probably won't need ID.

It's basically First Direct for M&S shoppers - I was in there the other day and it looked like pension day at the post office.

meer53 wrote: »

It also depends on whether the M & S account needs to actually be opened by 31st October. If you need to provide them with any ID, you're cutting it a bit fine.

Retired_at_55

Thank you very much for your replies and the helpful information and link. I have applied on line through the Moneysupermarket Link then continued on the link there to apply.

I filled in all the details and I received an automatic response to say I would hear in 48 hours if the account is to be opened. Hopefully I'll just make it on time for the £125 Gift Card incentive and I can switch a current account to it sometime in November - once I am more organized.

You made it easy for me - so thank you all.

Retired at 55.

iAMaLONDONER

Retired_at_55 wrote: »

Thank you very much for your replies and the helpful information and link. I have applied on line through the Moneysupermarket Link then continued on the link there to apply.

I filled in all the details and I received an automatic response to say I would hear in 48 hours if the account is to be opened. Hopefully I'll just make it on time for the £125 Gift Card incentive and I can switch a current account to it sometime in November - once I am more organized.

You made it easy for me - so thank you all.

Retired at 55.

Did you get accepted?