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Marks and spencer regular savings account
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elephantrosie
Posts: 467 Forumite
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.
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You need to have used the switching service and have 2 active direct debits to qualify.0
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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?0
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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.0
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You need to have used the switching service and have 2 active direct debits to qualify.
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.0 -
Just apply. If there's an issue I'm sure they will say somethingI consider myself to be a male feminist. Is that allowed?0
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surreysaver wrote: »Just apply. If there's an issue I'm sure they will say something0
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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.
Westie983I’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%0
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