M&S Bank Monthly Saver

Rich2808

I got the letter too. Wonder if HSBC and FD will introduce the same requirements as the products are effectively the same.

I expect a lot of people just use the account for the incentive bonus and the monthly saver - hence M&S cracking down.

There frankly is no other reason to have one - no interest, no monthly incentives for use, hideous debit card and awful internet banking. Nice branches though.

Maybe they should address these issues and more people might use it as a full current account.

joe134

I have just switched to M/s and completed this week, wednesday.
I had 2 DD's set up with tesco, for £5 each,which they switched and when I phoned M/s wednesday to set up my RS, no probs, done within a minute,( after a lengthy spiel though):)
Did 2 renewals with hsbc, for RS a fortnight ago,online and they just kicked in on Wednsday, so that's 3 out on the same date.which is ok
Just awaiting the £100 M/s gift card.

plumduff55

Hi, I opened one of these accounts in October when I retired. I have one small pension paid into this and have 2 direct debits set up, one standing order and also the monthly saver account.

It seems as if I will never qualify for a new monthly saver as I did not switch bank accounts when opening this account.

Is this correct?

B_G_B

plumduff55 wrote: »

It seems as if I will never qualify for a new monthly saver as I did not switch bank accounts when opening this account.

Is this correct?

Have you got an old unused account you can switch? Or set up a donor account elsewhere and switch that.

Nicholas

Awful bank to get through to. Been on hold for 15 mins so far....good job I like Mr Blue Sky by ELO:rotfl:

Edit: Waiting over 20 mins now. Hung up and tried again (only get first hour free)

Why on earth can't this be done online??? I'm sure their callrate would drop by half. Some of these organisations don't do anything to help themselves really

Steve_xx

plumduff55 wrote: »

Hi, I opened one of these accounts in October when I retired. I have one small pension paid into this and have 2 direct debits set up, one standing order and also the monthly saver account.

It seems as if I will never qualify for a new monthly saver as I did not switch bank accounts when opening this account.

Is this correct?

You qualify to have a Monthly Saver under the current rules, and of course you already have one, so you know that. But come April 6th you will fail the test and therefore when your current Monthly Saver term ends then you will not qualify for another. Unless they adjust the rules before then!

planteria

Steve_xx wrote: »

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

i have received mine this morning. already have RegSav up & running, just two months in. other than the access to the RS there is nothing good about retaining the account. the changes don't affect accounts already set up, but i have 2 monthly DDs being taken anyway.

planteria

colsten wrote: »

It doesn't just imply you need to have switched, it actually says so. You are right that it's unusual and a first,..

this is a strange condition imo. once you have a current account with them, why does it matter to them how you opened it? offering the RS at a good rate keeps customers on board.

i am six months into my HSBC RS. i've had my HSBC account for c25 years. i will be disappointed if they trace things back to then and say 'you don't qualify for the RS as you didn't transfer the account in to us' those years ago. surely they won't, will they?:think:

Nicholas

Nicholas wrote: »

Awful bank to get through to. Been on hold for 15 mins so far....good job I like Mr Blue Sky by ELO:rotfl:

Edit: Waiting over 20 mins now. Hung up and tried again (only get first hour free)

Why on earth can't this be done online??? I'm sure their callrate would drop by half. Some of these organisations don't do anything to help themselves really

Finally got through after a 35 minute wait... set up a monthly saver account, but the questions: What do you do for a living? How much do you earn?..... er same as I told you a month ago when I opened the account!
What does your wife do? How many kids have you got? How often do you wipe your !!!? Ok, made up the last one:D

But honestly, it sounded like I was applying for a mortgage rather than give them the opportunity to invest £250 of my money each month. You'd think they are Coutts & Co the way they are trying to be exclusive.

Then hang on whilst we submit your application..... congratulations your application was successful

WOOPIE DO!!! I was successful in opening a 6% account and I was allowed to invest all of £250 this month.

M & S - you're not Coutts & Co. If you didn't spend all this time asking daft questions, then perhaps others wouldn't have to spend 35 minutes on hold!

Just waiting for someone to be a !!!!!! and tell me I can always bank elsewhere.

Steve_xx

planteria wrote: »

i am six months into my HSBC RS. i've had my HSBC account for c25 years. i will be disappointed if they trace things back to then and say 'you don't qualify for the RS as you didn't transfer the account in to us' those years ago. surely they won't, will they?:think:

I doubt that they would do that because in doing so they would so obviously upset their long-standing customer base.

Coming back to the M&S conditions. There's often a silver lining in these things and so if you can't take advantage of the Monthly Saver account because you didn't switch an account to them then of course there's always the option to switch away from M&S and earn yourself a switching bonus for doing so. Then of course there's the other nice little earner in going back to them, and, assuming that their very good switching incentive is still in place, then you can take advantage of that. Therefore there is a very fair dual gain to be had!