M&S Bank Monthly Saver

2006Kuredu

Looks like M&S Bank are changing the T&Cs for the monthly saver. I've just been notified that you now need to have 2 active direct debits from the account (excluding to the monthly saver) in order to get a new Monthly Saver Account.

Seems a shame, that was one of the only real perks of banking with M&S, especially as they have quite poor internet banking and no mobile banking.

takman

2006Kuredu wrote: »

Looks like M&S Bank are changing the T&Cs for the monthly saver. I've just been notified that you now need to have 2 active direct debits from the account (excluding to the monthly saver) in order to get a new Monthly Saver Account.

Seems a shame, that was one of the only real perks of banking with M&S, especially as they have quite poor internet banking and no mobile banking.

The payment to the monthly saver isn't a direct debit anyway, it's a standing order. All you need to do is when you need to open a new monthly saver just setup two Tesco savings account direct debits.

2006Kuredu

Does an "active direct debit" as they call it mean it has to have a payment coming out of it every month?

derrick

2006Kuredu wrote: »

Does an "active direct debit" as they call it mean it has to have a payment coming out of it every month?

No it just means it has to be set up and available to be used. i.e an annual DD would be OK.

Dovestones

The information I have seen is that from April 6th you will not qualify for an M&S Monthly Saver unless

a) you hold an M&S current account and be a UK resident
b) you have switched a current account that you held with another provider to your M&S current account through the Current Account Switch Service, and
c) you have a minimum of two active DD in place from your M&S current account.

Doesn't affect current running accounts but exactly what will apply when a Monthly Saver matures seems a bit open to interpretation as there is only one 'and' and no 'or's' included with the 3 eligibility terms. Whether a present current account holder has to set up 2 DDs only before applying to renew a Monthly Saver is anyone's guess!

Vortigern

Roy_D wrote: »

The information I have seen is that from April 6th you will not qualify for an M&S Monthly Saver unless...

Where is this information from? I've seen those same terms and conditions apparently effective from 5th January 2016. What happens on April 6th, other than the start of a new tax year?

We've discussed this previously in the thread below where you'll see that several of us have recently had a M&S monthly saver mature, and have been able to open another (by phone) without needing direct debits.

https://forums.moneysavingexpert.com/discussion/5388017

It's worth noting that while they say you need DDs to open a regular saver, there is no requirement to keep the DDs once the regular saver is running.

Obviously if you are new to M&S you would need to keep the DDs going in order to qualify for the £10/month gift card bonus.

Steve_xx

Roy_D wrote: »

Whether a present current account holder has to set up 2 DDs only before applying to renew a Monthly Saver is anyone's guess!

The answer is that if you set up a new Monthly Saver prior to April 6th then you'll not need the two DD mandates setting up because that's the date on which the terms for this account are changing.

Steve_xx

Vortigern wrote: »

It's worth noting that while they say you need DDs to open a regular saver, there is no requirement to keep the DDs once the regular saver is running.

I wouldn't risk cancelling the two DD mandates once the Monthly Saver is opened.

My Monthly Saver is due to end any day and I'll open another one. Today I've set two DD mandates from the M&S current account to Tesco Bank and for the sake of £1 a month it really isn't worth bothering too much about.

Vortigern

Steve_xx wrote: »

The answer is that if you set up a new Monthly Saver prior to April 6th then you'll not need the two DD mandates setting up because that's the date on which the terms for this account are changing.

Who says the terms will change on 6th April?

Where is it documented?

Do you (or Roy D) have insider knowledge?

Steve_xx

Vortigern wrote: »

Who says the terms will change on 6th April?

Where is it documented?

Do you (or Roy D) have insider knowledge?

I've received a letter today, accompanied by no less than three booklets. An extract from them is as follows:

"From 6th April M&S current account customers will only be able to open a new Monthly Saver account if you meet the following criteria:

you must hold an M&S current account and be resident in the UK
you have switched a current account that you held with another provider to your M&S current account through the Current Account Switch Service, and
you have a minimum of two active Direct Debits in place from your M&S current account."

That's what it says, word for word. "Insider knowledge" does not come into the equation. If you have one of these account then you too will be receiving a letter along with the three booklets.

derrick

Steve_xx wrote: »

I've received a letter today, accompanied by no less than three booklets. An extract from them is as follows:

"From 6th April M&S current account customers will only be able to open a new Monthly Saver account if you meet the following criteria:

you must hold an M&S current account and be resident in the UK
you have switched a current account that you held with another provider to your M&S current account through the Current Account Switch Service, and
you have a minimum of two active Direct Debits in place from your M&S current account."

That's what it says, word for word. "Insider knowledge" does not come into the equation. If you have one of these account then you too will be receiving a letter along with the three booklets.

I got the same letter, I also rang M&S and was told the same, that any monthly saver account opened after 06th April will require 2 "active Direct Debits", even for a new one opening after a maturing one, these do not have to be monthly but can be annually or available for use, i.e. an organisation has your bank details and they can take money from the account.

.