M&S 6% Regular Saver question

PParka

Hi all,


Is it possible to open a M&S current account with just £1 to gain access to their 6% Regular Saver?
I can't find any reason why not, but it seems too good to be true.


There doesn't seem to be any requirements to pay money into the current account every month, or have any direct debits set up.


Thanks

Ed-1

PParka wrote: »

Hi all,


Is it possible to open a M&S current account with just £1 to gain access to their 6% Regular Saver?
I can't find any reason why not, but it seems too good to be true.


There doesn't seem to be any requirements to pay money into the current account every month, or have any direct debits set up.


Thanks

Most current accounts don't require you to pay anything in per se, just to earn interest if the account offers it or avoid a monthly fee.

M&S is no different - you can open the account with a zero balance but the money for the regular saver has to come from the current account by standing order (max £250 per month).

What's too good to be true about it? The regular saver won't earn you that much more interest as you only get 6% on up to £250 per month.

YorkshireBoy

It'd be a shame to miss out on a £100 gift card. Do you have/can you get an account to switch into M&S?

PParka

Maybe "too good to be true" was a bit over the top.


I'm pretty maxed-out on switches, but might look at opening a new account at another bank just to switch for the £100 gift card.


I'm definitely getting addicted to chasing the best interest rates and switching bonuses.