M&S Switch voucher now £220

Chaykin

tg99 wrote: »

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.

I have an "active" DD (by linking to PayPal acc.) on my Santander 123 Account (one of the two to be eligible for interest) set up more than 2 years ago but never used it to pay anything out and yet it was never cancelled / marked inactive / dormant etc. as Santander pays interest no problem - so I don't think this 13 months thing is true?

tg99

Snakey wrote: »

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.

Essentially yes. Though when I did it I set up two new DDs with two Tesco savings accounts rather than move ones from my 123 account. Just make sure you have enough money in the new San account to meet the direct debit payment outgoings.

Snakey

I had no idea you could set up regular transfers to yourself (other accounts) and have them be direct debits! I can see I have a lot to learn.

tg99

Chaykin wrote: »

I have an "active" DD (by linking to PayPal acc.) on my Santander 123 Account (one of the two to be eligible for interest) set up more than 2 years ago but never used it to pay anything out and yet it was never cancelled / marked inactive / dormant etc. as Santander pays interest no problem - so I don't think this 13 months thing is true?

See link below. I don't think the they necessarily have to cancel it after 13 months but they can as per the 13 month dormancy rule:

http://www.directdebit.co.uk/DirectDebitExplained/FAQs/Pages/InactiveDirectDebits.aspx

colsten

tg99 wrote: »

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.

You can apply for a second account and there's a good chance you'll get accepted as they allow 2 accounts per person.....but

2. ADDITIONAL ACCOUNTS
2.1. If you have a M&S Current Account in your sole name then you can open one Additional Account in your sole name(s).

......
.......

2.3. There are no additional benefits on Additional Accounts (such as £100 overdraft, free of overdraft interest) except you will receive single M&S points on purchases made with your M&S Visa Debit Card within M&S.

From: http://bank.marksandspencer.com/pdf/CLTermsAndConditions.pdf

And oh the joy to work out then which version of their T&Cs apply to which one of your accounts.

I am rapidly coming to the conclusion that M&S Bank T&Cs are a dog's breakfast, and probably deliberately so.

superM

I have already opened up the M&S account to claim £100 gift card. I haven't transferred my banking yet.

If I do it now will I be entitled to £10pm if 1k is paid every month?

tg99

colsten wrote: »

You can apply for a second account and there's a good chance you'll get accepted as they allow 2 accounts per person.....but



And oh the joy to work out then which version of their T&Cs apply to which one of your accounts.

I am rapidly coming to the conclusion that M&S Bank T&Cs are a dog's breakfast, and probably deliberately so.

Tell me about it! But looking at 8c from new switch offer T&C:

if you open more than one Qualifying Account (in your sole name, joint names or in a combination of accounts in your sole name and accounts in joint names), we will only provide one gift card for the first time you switch your account to us using the Current Account Switch Service and meet the requirements set out in clause 2 in relation to your Qualifying Account (if this is a joint account this means we will not provide a gift card per
account holder).

I will phone them to check before I do the switch though given the various contradictions!

Chaykin

tg99 wrote: »

See link below. I don't think the they necessarily have to cancel it after 13 months but they can as per the 13 month dormancy rule:

http://www.directdebit.co.uk/DirectDebitExplained/FAQs/Pages/InactiveDirectDebits.aspx

Thanks tg99, was not aware of that. Will monitor at least once a month if the DDs are still "active" on the account and have not been deleted by Santander.

prosaver

is m and s
a online bank or is the bank in the store?

whitesatin

If I change my bank to, e.g. M&S, I understand they will pay my direct debits etc. but do I have to inform my teacher's pension and state pension people or will they be automatically paid in?