M and S bank hopeless!! Anyone agree?

Chockolate

Do you need to deposit anything? I opened a Natwest c/a yesterday and am looking to switch that to the M&S.

badger09

Chockolate wrote: »

Do you need to deposit anything? I opened a Natwest c/a yesterday and am looking to switch that to the M&S.

I know this is MSE, but if the account you want to switch has no balance, and no payments in or out, exactly what are you asking to be switched?:cool:

Chockolate

badger09 wrote: »

I know this is MSE, but if the account you want to switch has no balance, and no payments in or out, exactly what are you asking to be switched?:cool:

It's got £1 in it! I don't see anywhere where it states you have to deposit x amount of ££'s

Chockolate

Sorry I meant Friday, I keep thinking it's Saturday today,lol

badger09

I usually leave an odd amount in my (old) switch account, so it looks as if it has been used. I also make at least one deposit to and one payment from the new account before any incentive is due - again to give the appearance of use.

This is probably totally unnecessary, but I don't want to risk any bank closing my shiny new account due to a perceived lack of use

Chockolate

The incentive isn't for me as I am NOT an M&S fan but the £125 gift card will make a very nice gift for someone. I guess putting £100 in and then taking it it out a week later or so will be sufficient.

badger09

Even if you're not an M&S fan, their current account also gives you access to a monthly saver paying 6% on up to £250 per month.;)

Chockolate

badger09 wrote: »

Even if you're not an M&S fan, their current account also gives you access to a monthly saver paying 6% on up to £250 per month.;)

I had looked at that and as far as I can see it is only a 12 month regular saving account. After the 12 months is up it then closes and you can take another one out. When you consider I have a regular savings account with YBS that is paying 3% that is not restricted to just a 12 month term I may as well just continue putting the £250 a month into that.

badger09

Chockolate wrote: »

I had looked at that and as far as I can see it is only a 12 month regular saving account. After the 12 months is up it then closes and you can take another one out. When you consider I have a regular savings account with YBS that is paying 3% that is not restricted to just a 12 month term I may as well just continue putting the £250 a month into that.

6% is twice as good as 3%

Is your YBS Regular Saver guaranteed to remain @ 3% forever?

Why not have both? And even add a First Direct and HSBC Regular Savers, both paying 6% All 3 have minimum monthly savings of only £25

Chockolate

Yes, I think it is guaranteed at 3% for as long as I continue with the monthly deposits. They started a later issue that is only paying 1% I think it is but they increased the monthly payments to £500.
At least I do not have to keep opening a new regular saver every year, lol