M&S Bank forcing early closure of Regular Saver. Paying just 1.08% net !

rastler

No, just using the plural to address everyone to watch out for this. M&S are closing my Current Account and the Monthly Saver. My partner has both of these accounts too and they are not being closed.

Carnival789

Ah, so is it the Ts and Cs of the current account (as opposed to the RS) that you have allegedly breached?

LXdaddy

Obviously I don't know if you have breached any of the terms and conditions. You clearly don't believe that you have.


It seems to me that it is unreasonable of the bank to refuse to tell you anything about how they believe that you breached the terms. You have suffered a financial loss as a result of their decision and I would expect them to have to be able to justify that decision.


They can decide to end the relationship for whatever reason they like and give you notice that the account will close in 60 days (or whatever the T&C say) but where it results in them paying less interest I feel that you should at least get a proper explanation.


Clearly you need to lodge a formal complaint with the bank first and if you reach deadlock then you can escalate it.

masonic

rastler wrote: »

No, just using the plural to address everyone to watch out for this. M&S are closing my Current Account and the Monthly Saver. My partner has both of these accounts too and they are not being closed.

This has happened to others (with other banks). It would be worth you searching out the threads on the current accounts board as they contain a lot of useful information and may help you.

I think the "breach of T&Cs" reason is just someone at the call centre guessing. Most likely they have unearthed something about your financial past that they do not like. Unfortunately for you, getting to the bottom of it will be very difficult. Good luck.

Thrugelmir

January 2016 T&C's.

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

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

and if they wanted me to take out 2 DDs, I could do so easily, but they haven't asked me to

Onus is on you you to comply with the T&C's of the account.

YorkshireBoy

Thrugelmir wrote: »

January 2016 T&C's.

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

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




Onus is on you you to comply with the T&C's of the account.

OP did comply, 8 months ago when they opened the monthly saver.

The bit you've omitted to quote (from just a few lines above), is the opening sentence for section 49...

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

Thrugelmir

YorkshireBoy wrote: »

OP did comply, 8 months ago when they opened the monthly saver.

So why say?

"and if they wanted me to take out 2 DDs, I could do so easily, but they haven't asked me to"

Contradictory statements.

Rich2808

I do find this extraordinary - shutting down a savings account and paying only sixth of the interest rate promised. It seems this is more likely to be do with issue with the operation of the OPs current account - they don't want their custom for whatever reason. But even so - the decent thing would be to pay 6 per cent to the closure date.

I do wonder if M&S are starting to clamp down on people who just use the current account for the regular saver - this making them unprofitable customers. But I hate to say it - why else woiuld you have an M&S current account bar that and the opening switch incentive?

diamonds

Rich2808 wrote: »

I do find this extraordinary - shutting down a savings account and paying only sixth of the interest rate promised. It seems this is more likely to be do with issue with the operation of the OPs current account - they don't want their custom for whatever reason. But even so - the decent thing would be to pay 6 per cent to the closure date.

I do wonder if M&S are starting to clamp down on people who just use the current account for the regular saver - this making them unprofitable customers. But I hate to say it - why else woiuld you have an M&S current account bar that and the opening switch incentive?

HSBC owning M&Sb still hand over 50% profit to M&S to 2019, they want M&S customers with large current accounts to fund their credit cards, savings etc etc

savings_my_hobby

masonic wrote: »

I think the "breach of T&Cs" reason is just someone at the call centre guessing. Most likely they have unearthed something about your financial past that they do not like. .

You would have thought that they would have conducted an adequate check on the OP's financial past before letting open an account.