M&S Bank Monthly Saver

Rich2808

My existing account matures on the 8 April - I deliberately deferred the opening date do the interest would be paid in the next tax year with the new tax free savings limit.

Looks like my Tesco savings accounts will need to be redeployed!

badger09

Ashen wrote: »

My current saver ends 8th April. DD's should be fine, but I never did a switch for this account. Hmm. Wonder what I can do.

You have plenty of time between now and 8th April to open another current account elsewhere which you can use to switch into M&S.

If you get a move on, you could probably also bag a switching bonus en route;)

Maximum_Saving

I have a TSB Classic Plus Account because it pays 5% interest. I love that is doesn't have any direct debits going out of it. I pay in £250 by standing order to my TSB monthly saver every month. That account doesn't have any direct debits either.

I have a Halifax Reward Account and that has to have two direct debits. I get a £5.00 reward each month. Having direct debits going out makes it a bit confusing. It sounds annoying that M&S Bank are changing their terms and conditions.

I think the M&S Bank wants two direct debits on the current account. You pay into a regular saver by standing order. I had a 6% interest regular saver with First Direct and when it ends I put into a TSB Classic Plus Account. Then my money can get 5% interest.

Have a look at a list of your current direct debits and choose two for you current account with M&S Bank.

Katiehound

Maximum_Saving wrote: »

I had a 6% interest regular saver with First Direct and when it ends I put into a TSB Classic Plus Account. Then my money can get 5% interest.

If you still have the HSBC a/c you just open a new one when the old one ends... so still earning 6%

Abestar111

May I check that when it comes to swiching via Switch Service this limits opening accounts when you are already tied in e.g. FD 's Regular Saver, it's difficult to know how to open multiple bank accounts. My first attempt is Santander where I believe I'm able to do this as a secondary account. What are the alternative additional account options where there are decent interest rates?

The other thing is I don't have many DDs, how do people get so many to be able to open loads of accounts? I have seen Martin's guide, but can you please direct me to any thread that shows the baby steps to take. I'm really impressed by posters who seem to shift money around with apparent ease, whereas I'm getting bogged down finding it difficult to move from passive to active mode. Any nudging in the right direction would be welcomed.

Steve_xx

Abestar111 wrote: »

May I check that when it comes to swiching via Switch Service this limits opening accounts when you are already tied in e.g. FD 's Regular Saver, it's difficult to know how to open multiple bank accounts. My first attempt is Santander where I believe I'm able to do this as a secondary account. What are the alternative additional account options where there are decent interest rates?

The other thing is I don't have many DDs, how do people get so many to be able to open loads of accounts? I have seen Martin's guide, but can you please direct me to any thread that shows the baby steps to take. I'm really impressed by posters who seem to shift money around with apparent ease, whereas I'm getting bogged down finding it difficult to move from passive to active mode. Any nudging in the right direction would be welcomed.

I'm sorry but I can't help with your first paragraph because I simply don't understand what you're asking.


Dealing with your second paragraph relating to the direct Debit mandates required I can offer a solution. You need to open two Tesco SAVINGS accounts. One is called Internet Saver and the other is called Instant Access Saver. Open one of each of these. When you have done so you will be able to use these two accounts to set-up Direct Debits to yourself from your other current accounts. This, as you will realise is highly unusual, ie you cannot normally set a Direct Debit from yourself to yourself, but with these two Tesco accounts you can, and it's that feature alone that makes these accounts so attractive in that any other account that requires a Direct Debit mandate or two on it can be satisfied using the two Tesco SAVINGS accounts.

Gers

My M&S monthly saver now has 12 payments in and the full £3k. Final payment date was 08 February.

Does this mean it has 'matured'? No interest showing yet and it's not transferred to my current account yet.

I suspect I can't do anything until it has 'matured' - how long does this normally take please?

Ed-1

Gers wrote: »

My M&S monthly saver now has 12 payments in and the full £3k. Final payment date was 08 February.

Does this mean it has 'matured'? No interest showing yet and it's not transferred to my current account yet.

I suspect I can't do anything until it has 'matured' - how long does this normally take please?

It matures the same date as you opened it the following year (i.e. 12 months later).

If you've been making payments on 8th each month that suggests you opened it on 8th March 2015 so it will mature on 8th March 2016 at which point interest will be credited to the account and then it takes up to 5 working days after that to be closed and the balance transferred into your M&S current account.

Gers

Ed-1 wrote: »

It matures the same date as you opened it the following year (i.e. 12 months later).

If you've been making payments on 8th each month that suggests you opened it on 8th March 2015 so it will mature on 8th March 2016 at which point interest will be credited to the account and then it takes up to 5 working days after that to be closed and the balance transferred into your M&S current account.

Brilliant - many thanks!

As I switched to M&S last year I can open a new account when this one matures.