Can you get the M&S 6% saver without switching?

Abby23

I know I won't be entitled to the £100.00 voucher if I don't switch but if I open an M&S bank account do I get the linked regular saver without switching?

Ed-1

Abby23 wrote: »

I know I won't be entitled to the £100.00 voucher if I don't switch but if I open an M&S bank account do I get the linked regular saver without switching?

You just need an M&S current account to be eligible for the Reg Saver and you don't have to switch to get a current account.

puk999

According to this page about the 6% regular saver:

They can save between £25 and £250 a month and can earn up to £78.31 net of basic-rate tax after 12 months, if they invest the maximum.

My point is that switching is a fairly easy one-off task which'll net you a £100 gift card. You don't need DDs on the donor account. Creating a donor account if you don't want to switch your main one should be trivial. I contacted Natwest (my existing bank) either by phone or online chat (I don't remember), and asked them to create another current account for me.

Abby23

puk999 wrote: »

My point is that switching is a fairly easy one-off task which'll net you a £100 gift card. You don't need DDs on the donor account. Creating a donor account if you don't want to switch your main one should be trivial. I contacted Natwest (my existing bank) either by phone or online chat (I don't remember), and asked them to create another current account for me.

So if I get my bank to set me up a new account I can just use that as a switching account even though it'll be brand new and unused?
I had just assumed it would have to be an account you've had for a certain period of time with DDs and salary going in etc!

EarthBoy

Abby23 wrote: »

So if I get my bank to set me up a new account I can just use that as a switching account even though it'll be brand new and unused?

Yes you can.

Abby23 wrote: »

I had just assumed it would have to be an account you've had for a certain period of time with DDs and salary going in etc!

Not at all. Your new bank won't know how long you've had the old account. They may, or may not, insist that you transfer some direct debits if you want a switching bonus, but they won't know whether you've been paying those D/Ds for years, or whether you've only just set them up.

Archi_Bald

EarthBoy wrote: »

Your new bank won't know how long you've had the old account.

They can figure this out very easily from your credit file, which they will examine when you apply for a current account. However, they don't, and shouldn't, care how long you had an account for. After all, you could have found that opening the old account was a major mistake and that you'd much rather have an account with the new bank.