M&S giftcard incentive

quentinsnorklejacket

I switched a redundant Co-op bank account to M&S to obtain a £125 giftcard courtesy of the MSE link.
I have emptied the card of funds and have no real use for the M&S account , also the necessity of the security card to log in irritates me!
I am thinking of switching the M&S account to someone else for another freebie. Given that I have only had the M&S account for a few months is this ok? M&S are not likely to come asking for their £125 back are they? I have trawled the T&Cs and cannot see anything to worry about but I just thought I would ask.
Cheers in advance to anyone who can reassure me.

keiran

I switched my M&S account in a matter of weeks after opening it.

They can't claim the incentive back

gingercordial

They cannot claim it back but it is a useful account to have for the linked 6% regular saver if you have any money to put away.

colsten

Before you close your M&S account: they have a top regular savings account, paying 6% AER. You must have their current account to get access to this savings account but you only need to use it for the SO that feeds the savings account.

Westie983

I switched my account as soon as the card arrived, sadly its was before you could have access to the 6% regular saver as that used to be just for the customers who paid £10 fee for the account,

I now use the HSBC one instead, which is the same umbrella as M&S...

badger09

Westie983 wrote: »

I switched my account as soon as the card arrived, sadly its was before you could have access to the 6% regular saver as that used to be just for the customers who paid £10 fee for the account,

I now use the HSBC one instead, which is the same umbrella as M&S...

Many of use both the M&S & HSBC regular savings accounts (and several others:)).

There is nothing to stop you applying for another M&S current account;) Obviously there is no guarantee you'll be accepted, nor will you qualify for another switching incentive.

G_M

Anyone know how Faster Payments works with M&S?

* what's the transaction and/or daily limit?
* is it slowed down by having to go via a bank? I recently found out that Coventry's current account, as it's a Building society, piggy-backs on a bank so Fater Payments always goes next working day - is M&S the same?

(I rang them and got a muddled and clearly ignorant reply!)

badger09

G_M wrote: »

Anyone know how Faster Payments works with M&S?

* what's the transaction and/or daily limit?
* is it slowed down by having to go via a bank? I recently found out that Coventry's current account, as it's a Building society, piggy-backs on a bank so Fater Payments always goes next working day - is M&S the same?

(I rang them and got a muddled and clearly ignorant reply!)

Sorry, I've only ever used my M&S account to pay credit cards by FP and in my experience, none of those payments ever appear on my credit card online statements until the following day.

Is this any help? (page 6)
http://bank.marksandspencer.com/pdf/CLGuideToOurServices.pdf

Limit £10k
http://www.fasterpayments.org.uk/consumers/transaction-limits

G_M

Thanks. Seems to be 'proper' Faster Payments.

Immediate for
bill payments to
other accounts
with us
Same day for
other bill
payments

Transaction limit is £10K, but I'm still not sure if that's also a daily limit, or whether you can do multiple transactions each day.

skintpaul

I would leave open for a while- opening several a/cs in short order might raise some flags, on credit report..?