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Marks and spencer regular savings account

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I would like to open a m&s regular saver account. having a current account is a prerequisite to it. Does the current account need to one that switched from another bank? or can it be a brand new current account?
Another night of thankfulness.

Comments

  • apt
    apt Posts: 3,231 Forumite
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    You need to have used the switching service and have 2 active direct debits to qualify.
  • metrobus
    metrobus Posts: 1,784 Forumite
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    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a £3000 limit?
  • noh
    noh Posts: 5,817 Forumite
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    metrobus wrote: »
    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a £3000 limit?

    It allows only 12 payments max £250 per month.
  • clivep
    clivep Posts: 624 Forumite
    Part of the Furniture 500 Posts Name Dropper
    metrobus wrote: »
    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a £3000 limit?

    Following payments are on the same day of the month as the initial one (unlike Nationwide) so there would be a £3,000 limit.
  • pafpcg
    pafpcg Posts: 928 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    M&S set-up the standing order to debit your M&S current account. When I've set-up a new regular saver, M&S have debited the first payment by a transfer from my current account and the remaining 11 payments as a standing order. Only the amount can be changed in the standing order - you CANNOT change the day it is taken from your current account, so you have to fix the day by opening the regular saver the day before you want the standing order to pay. (And in succeeding years, you lose a day or two before you can reopen another regular saver, so the day the standing order pays moves back over time.) M&S are very pedantic about the funding of their regular saver.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
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    apt wrote: »
    You need to have used the switching service and have 2 active direct debits to qualify.
    I switched from Metro bank on 07 August. I had 4 active direct debits. They've all been transferred across. Metro bank balance has also been transferred across.

    I logged in to Metro Bank internet banking and the account has definitely been closed (switched).

    Do I need to wait for some sort of confirmation from M&S (that switch is complete), or can I go ahead and apply for monthly saver now.
  • surreysaver
    surreysaver Posts: 4,807 Forumite
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    Just apply. If there's an issue I'm sure they will say something
    I consider myself to be a male feminist. Is that allowed?
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    Just apply. If there's an issue I'm sure they will say something
    Apply via phone or online?
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    apt wrote: »
    You need to have used the switching service and have 2 active direct debits to qualify.

    i didn't know that the account has to have been transferred.. that seems strange, as you would think they would look after all current account customers with access to their regular saver.
  • Westie983
    Westie983 Posts: 5,215 Forumite
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    This thread is five months old -

    The new stipulation for the regular saver was introduced probably over two years ago, I had a regular saver by just opening an account but then wasn't able to renew it as I hadn't switched, so I left M&S to go to COOP.

    I assume that the OP either opened one as they had switched or moved onto somewhere else.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
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