Marks and spencer regular savings account

elephantrosie

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?

apt

You need to have used the switching service and have 2 active direct debits to qualify.

metrobus

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

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

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

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

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

Just apply. If there's an issue I'm sure they will say something

OceanSound

surreysaver wrote: »

Just apply. If there's an issue I'm sure they will say something

Apply via phone or online?

planteria

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

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