Switching your current account for access to % interest

Tea&Biscuits

My current account is with HSBC, and I haven't ever switched it., but considering switching to M&S. I do have a lot of things paid in to my HSBC and a lot of direct debits going out of it.

I really want to have access to the M&S 5% interest regular saver that would be open to me if I switched my bank account to M&S. But I'm worried about the actual switching process, and what happens to the parties who pay money into my bank each month, stuff like child benefit etc, who notifies who?

Also, can anyone confirm that the M&S account does not require a minimum deposit each month?

Also we have no M&S bank branches or stores near us, would this be a problem?

colsten

To get access to a 6% Regular Saver, there's no need to switch to M&S. HSBC have 6% Regular Saver (for £250 a month) for their Advance account holders. If you aren't on Advance already: if you pay £1,750 a month into your HSBC account, you should not have any problems getting your HSBC account upgraded to Advance.

You can, however, get a bonus for switching to M&S, and that includes switching from HSBC as far as I know. But check the most current T&Cs.

Tea&Biscuits

This could well be a very stupid question but.....

Can I just open an M&S current account and each month transfer £250ish in to it, and then transfer £250 from it to the regular saver?
Ie; Do I have to actually switch my current account, or can I just use it as a vehicle to get the 6% rate?

Lolly88

Tea&Biscuits wrote: »

Can I just open an M&S current account and each month transfer £250ish in to it, and then transfer £250 from it to the regular saver?

Yes,

Tea&Biscuits wrote: »

Ie; Do I have to actually switch my current account,

No

Tea&Biscuits wrote: »

or can I just use it as a vehicle to get the 6% rate?

Yes

Tea&Biscuits

Thank You..... it's been a long day!