M&S Reg Saver now needs DDs....

Vortigern

...on the current account that feeds it.

I've just read terms of their new switching offer and they state that 2 direct debits are required on the current account before a 6% regular saver can be opened or renewed.

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

Can they apply this condition to current accounts opened under the previous switching offer and existing regular savers which are about to mature/renew?

tg99

I spoke to them earlier to see if would let me do the switch for the £220 (as opened account in Oct but not yet done switch) but said no (as I had expected given the T&C but worth a try) and that the £100 offer was the one that applied to me. Hence I also questioned your reg saver point as well and they said as I am under previous offer I would be able to renew my saver next Oct with no DD required as that condition is just for people who open accounts under this new offer.

colsten

Great spot, Vortigern. They have not advised this change of T&Cs to existing account holders! I wonder what else they changed, as there seems to be a whole new set of T&Cs valid from tomorrow.

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

The particular clause is this one:

49. Before you can apply for a M&S MonthlySaver account, you must:


49.1. already have a M&S Current Account with us;


49.2. have switched a current account that you held with another provider to your M&S Current Account through the Current Account Switch Service;


49.3. have a minimum of two active Direct Debits in place from your M&S Current Account; and


49.4. be resident in the UK (excluding the Channel Islands and the Isle of Man).

Sounds like you also must have switched using CASS .........

But.....these terms are at odds with the options they sent me [by letter], listing the options I have on maturity of my existing Monthly Saver. There's no mention in my letter of a need for DDs, or a need for a switch.

I reckon they must have forgotten a few "and" or "or" in that clause 49. And they must have forgotten they need to notify people. Just having some fun on the phone with M&S CS over this.....they've gone to talk to "someone" now. I'll report back later.....

EDIT 1: 22 minutes into the call, they are saying the T&Cs valid from tomorrow only apply to new customers. But they cannot point me at

1. where it says that in the T&Cs
2. the T&Cs for existing customers

Am on hold again.............
Oh, they also said I can apply for a new Monthly Saver straight away.


EDIT 2: 24 minutes into the call, they have now cut me off. I feel an email to the CEO coming on, but I will try calling them once more before then.

EDIT 3: whilst trying to reconnect to their CS and listening to "Mrs Jones" for the umpteenth time, I need to remind myself that this is not just any bank, it is the M&S Bank.................

EDIT 4: another 20-odd minutes on:

• I have been told again that the new T&Cs only apply to anyone who is a new customers as of today. [I eventually realised that it's actually the 5th today, not the 4th, as I had been thinking before - DOH!! Egg on face.]
• CS operative was unable to point me at the URL with the T&Cs applying to existing customers. But I was offered they'd send them to me by snail mail
• I have raised a complaint since those new terms say they apply as of today but they do not say they do not apply to existing customers
• I have opened a new Monthly Saver that will start the day after my existing one matures in a few days time. I am not required to have 2 DDs, or to have switched using CASS, as I am not a new customer - by word of the CS operative.

Not just any bank.............

tg99

colsten wrote: »

Great spot, Vortigern. They have not advised this change of T&Cs to existing account holders! I wonder what else they changed, as there seems to be a whole new set of T&Cs valid from tomorrow.

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

The particular clause is this one:



Sounds like you also must have switched using CASS .........

But.....these terms are at odds with the options they sent me [by letter], listing the options I have on maturity of my existing Monthly Saver. There's no mention in my letter of a need for DDs, or a need for a switch.

I reckon they must have forgotten a few "and" or "or" in that clause 49. And they must have forgotten they need to notify people. Just having some fun on the phone with M&S CS over this.....they've gone to talk to "someone" now. I'll report back later.....

Interesting...and different to what someone from their switching team told me on the phone earlier!

tg99

colsten wrote: »

EDIT 1: 22 minutes into the call, they are saying the T&Cs valid from tomorrow only apply to new customers. .........

Exactly what they told me then. Unfortunately I'd not seen the new current account T&C (as opposed to the new switch incentive T&C) so was not able to challenge them on this during the call. The person I spoke to was on about the new offer being a 'packaged deal' to attract and then retain new customers hence the DD requirement for Reg Saver too for those applying through this new offer.

colsten

tg99 wrote: »

Exactly what they told me then.

The good news is that they are consistent - see Edit 4 to my earlier post.

Vortigern

Excellent work by colsten in post #3

I also have the same maturity letter (for 9th Jan) but haven't attempted to open a new RS in advance of that date. I didn't know it was possible.

50. You must continue to:
50.1. hold a M&S Current Account (or any other
current account available) with us; and
50.2. be resident in the UK (excluding the Channel
Islands and the Isle of Man) for as long as you
have your M&S Monthly Saver account. Please
also see clause 58.
50.3. If you do not do this we will close your M&S
Monthly Saver and...

Clause 50 of the new RS T&Cs does not require the DDs to continue after account opening, so if they insist on DDs we could cancel them once the RS is running.

Vortigern

My RegSaver matured 9/1/16 and the cash was in my M&S current account this morning. The RS is no longer visible.

I can't open a new RS online at the moment because "You're already an M&S Monthly Saver customer." I'll try again tomorrow - just to determine whether it's possible to open one online in the absence of any DDs.

colsten

If you call them, they should be able to set up a new account for you straight away. That's what they did for me even though my existing account doesn't mature until later this week. They said it will be effective the day after the old one matures, and I don't need any DDs.

On the other hand, waiting until tomorrow and doing it online will save you having to listen to reams and reams of T&Cs.....

Ashen

Have people managed to open a new one online? The webpage talks about phoning them to get a Regular Saver opened.

Vortigern

colsten wrote: »

On the other hand, waiting until tomorrow and doing it online will save you having to listen to reams and reams of T&Cs.....

Exactly! ...and I'd still like to see if it's possible online.

Watch this space.