M&S Switch voucher now £220

MDMD

ratechaser wrote: »

I wasn't aware that there were any minimum income requirements for this account - nothing obvious looking at the M&S website?

You need £1000 paid in to get the £10 per month (see right hand side of 2nd page of PDF):

http://bank.marksandspencer.com/pdf/CACass.pdf

ratechaser

MDMD wrote: »

You need £1000 paid in to get the £10 per month (see right hand side of 2nd page of PDF):

http://bank.marksandspencer.com/pdf/CACass.pdf

Ah thanks, I'll try and avoid any pedantic comments about 'income' versus 'funding' then ...

ceredigion

Every time the T&Cs' mention DD's it says "active",
Has anybody noticed a requirement that they need to pay out.

Chaykin

@ceredigion: it only says "active" so would say they don't have to pay out at all. It's the same with e.g. Santander's 123 account for interest or Nationwide's recommend a friend & share offer.

If there is a requirement for the DDs to be paid each month it would be clearly stated in the T&Cs - compare Club Lloyds and Halifax Reward Account.

colsten

MDMD wrote: »

You need £1000 paid in to get the £10 per month

I think it will be tough / impossible for existing customers to get the monthly tenner. For new customers, it should be easy to pay in £1,000 a month and have 2 DDs, even monthly paying ones. Club Lloyds is more demanding than this M&S offer and lots of people have sussed that one many moons ago.

Having said this, I have to admit defeat on this latest M&S offer as I have used the CASS before to switch to M&S, and their system has the same elephantine memory as FD's has.

tg99

Chaykin wrote: »

@ceredigion: it only says "active" so would say they don't have to pay out at all. It's the same with e.g. Santander's 123 account for interest or Nationwide's recommend a friend & share offer.

If there is a requirement for the DDs to be paid each month it would be clearly stated in the T&Cs - compare Club Lloyds and Halifax Reward Account.

Yep an active direct debit does not have to pay out to be active.....but it will become inactive / dormant if no payments are taken within 13 months of set up.

tg99

colsten wrote: »

I think it will be tough / impossible for existing customers to get the monthly tenner. For new customers, it should be easy to pay in £1,000 a month and have 2 DDs, even monthly paying ones. Club Lloyds is more demanding than this M&S offer and lots of people have sussed that one many moons ago.

Having said this, I have to admit defeat on this latest M&S offer as I have used the CASS before to switch to M&S, and their system has the same elephantine memory as FD's has.

An existing customer yet to switch should be able to get the monthly tenner though by opening another account and switching into that - my plan of attack.

Snakey

I saw this in the Evening Standard and am tempted.

I know this is a total n00b question, but does the switching service thing require me to close one of my existing current accounts? Or can I just move two direct debits and pay a £1,000 a month standing order into it?

I'm with Santander and First Direct at the moment - the first for savings and cashback (my mortgage is with them) although the fee increase is going to remove most of the latter benefit, and the second for my main "spending money" account where my salary goes etc (plus a regular saver). I'd quite like this as a third account, although I imagine it's not what M&S would prefer, but is that possible?

tg99

Snakey wrote: »

I saw this in the Evening Standard and am tempted.

I know this is a total n00b question, but does the switching service thing require me to close one of my existing current accounts? Or can I just move two direct debits and pay a £1,000 a month standing order into it?

I'm with Santander and First Direct at the moment - the first for savings and cashback (my mortgage is with them) although the fee increase is going to remove most of the latter benefit, and the second for my main "spending money" account where my salary goes etc (plus a regular saver). I'd quite like this as a third account, although I imagine it's not what M&S would prefer, but is that possible?

Using the switching service closes your existing account. You could instead open another Santander account (the Everyday one) as a 'donor account' to use to switch to M&S.

Snakey

Ah, that might work nicely! So (bear with me while I talk myself through this) I open a new account, pay some money in for the look of the thing, move two of my direct debits that don't qualify for cashback to that new account, and then switch it to M&S.

Is the system clever enough to trace through two accounts - can I be confident that payments on both of those direct debits will still be collected safely? I'd hate for anything to bounce because I've tried to move too many times in quick succession.

I recall the offer is open until the end of the tax year, so I do have a bit of time.