M&S Bank Monthly Saver

2006Kuredu

As others I got the letter and the phrasing does seem terrible, the..

"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."

Just doesnt seem to make sense - Perhaps they missed an OR out

Steve_xx

2006Kuredu wrote: »

As others I got the letter and the phrasing does seem terrible, the..

"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."

Just doesnt seem to make sense - Perhaps they missed an OR out

What bit of it doesn't make sense to you?

msallen

2006Kuredu wrote: »

As others I got the letter and the phrasing does seem terrible, the..

"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."

Just doesnt seem to make sense - Perhaps they missed an OR out

Makes perfect sense. You have to meet all three requirements.

Nationwide8

Had a Monthly Saver mature yesterday...when I checked via internet banking the money had disappeared from my accounts ?
Tried to phone M&S Bank yesterday afternoon...10 mins on hold..gave up..
Tried later in the afternoon...12 mins later eventually got through to be told I cannot access the Money and Interest from the monthly saver for at least 5 working days..Why so long ?

My point ? Think I'll pass on opening another one...DDs required or not..

badger09

Nationwide8 wrote: »

Had a Monthly Saver mature yesterday...when I checked via internet banking the money had disappeared from my accounts ?
Tried to phone M&S Bank yesterday afternoon...10 mins on hold..gave up..
Tried later in the afternoon...12 mins later eventually got through to be told I cannot access the Money and Interest from the monthly saver for at least 5 working days..Why so long ?

My point ? Think I'll pass on opening another one...DDs required or not..

My Monthly Saver matured 9/1/16 (Saturday). Balance was shown as credited in my current account on same date.

Not sure exactly when it appeared as I was out of the country until 14th, but it was definitely accessible in less than 5 working days:)

It hasn't put me off opening another

hoc

msallen wrote: »

Makes perfect sense. You have to meet all three requirements.

It 'makes sense' in the sense it is not logically inconsistent. It implies only those who have switched their current account can get a regular saver which is highly unusual. In fact, I have never come across this before.

colsten

hoc wrote: »

It 'makes sense' in the sense it is not logically inconsistent. It implies only those who have switched their current account can get a regular saver which is highly unusual. In fact, I have never come across this before.

It doesn't just imply you need to have switched, it actually says so.

You are right that it's unusual and a first, but remember: This is not just any Monthly Saver. It is a Marks and Spencers Monthly Saver.

colsten

There's another thread about this account here: https://forums.moneysavingexpert.com/discussion/comment/70070382#Comment_70070382.

Would be useful if a Mod could merge the two.

No_6

My old 12 month 6% saver finished yesterday, phoned today and after a 20 minute wait (they are awfully busy) opened another 12 month saver and transferred the max, also standing orders set up for the next 11 months.
No mention of DD's required for existing customers, as they do not start until April 2016.

Vortigern

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.

Thanks for providing the source to back up your earlier post. I have the account, but I've not yet seen the letter, or any mention of 6th April on their website.

I hope you understand why I asked for this information.