M and S regular saver

mistermoneysaver

Hi all. I have just opened an M and S regular saver. Am I correct in saying I can pay say £40 per month in and then pay the remaining allowance of £2520 next November to get maximum interest? or do I need to put the amount of £250 per month every month in?

jimjames

I've not read the T&Cs but regular doesn't normally mean one off. Are you expecting to get a year's worth of interest just by paying in the month before it closes? Even if it allowed it then you'd get 1 month of interest on £2520 and amounts on each £40 per month before that.

Sam_J12

mistermoneysaver wrote: »

Hi all. I have just opened an M and S regular saver. Am I correct in saying I can pay say £40 per month in and then pay the remaining allowance of £2520 next November to get maximum interest? or do I need to put the amount of £250 per month every month in?

No you can't do that for two reasons. You can't pay in more than £250 per month, and interest is paid only for the days in which the money is in the account so you would only get a fraction of the 6% if you pay money in during the last month.

Archi_Bald

You will get the maximum interest rate, i.e. 6% fixed for 12 months. But you will clearly only get paid any interest for the days your money has been in the account.

pafpcg

mistermoneysaver wrote: »

or do I need to put the amount of £250 per month every month in?

That's the only way!

M&S Bank are ruthless in insisting that the only way to fund their regular saver is by a standing order from your own M&S current account and on the same day-of-the-month as the day you set-up the standing order. Once setup, the only thing you can change is the amount paid within the limits set by M&S (£25 minimum; £250 maximum).