My M&S intro offer coming to an end - who's ahead of me?

Snakey

I have a couple of "just checking" questions - pretty sure I know the answers but would appreciate a second opinion from somebody who's been there.

1. Monthly pay-in

May will be the last month that I can qualify for a monthly £10 gift card credit. As far as I can recall, the only reason I was paying in £1,000 a month was to get the gift card. Is there any other reason I might need to keep that payment going (is there something I'm missing)?

2. Regular saver

My Regular Saver will be maturing in early June. The T&Cs say that I have to have two active DD's in order to open a new Regular Saver. However, I may be about to cancel one of them due to an issue with the payee.

As far as I can tell from their website, if I have two DD's going out at the end of May and I open a new RS in early June, I will qualify. I could then safely:
- cancel one DD
- move the other one (which is a utilities bill) to my 123 account to get a few pee cashback, and
- reduce my monthly pay-in to the £250 required to fund the RS.

But I would feel a lot more comfortable if somebody who's already done this could confirm that this is the case. I would hate to find them closing down my RS or something because I've misunderstood the way the rules work.

Thanks for reading.

YorkshireBoy

1. I concur with your understanding.

2. If you drop down to one DD at any time during the 12 month term they say they'll close your Monthly Saver. Surprised you missed it...it's the very first sentence in condition 1 of the Monthly Saver T&Cs*


* http://bank.marksandspencer.com/pdf/CATermsAndConditions.pdf (page 9)

Snakey

Yikes - I nearly didn't post because I was 95% sure I had it right, but I'm very glad I did because I just had not seen that. Perhaps I will spend my interest payment on a new pair of specs!