M&S current account

eskbanker

tesuhoha wrote: »

I came on here to ask a question as I was thinking of transferring my Barclays main current account for the obvious benefits but these (above) comments have put me off. What I was going to ask was, when you switch do they take care of all your payments into the account i.e my state pension and personal pension get paid into my Barclays account. Will it then be paid into my M&S account automatically or do I have to arrange that myself?

Any switch via the Current Account Switch Service entails inbound payments being redirected from your old (closed) to new accounts without any action needed by the account holder.

tesuhoha wrote: »

Also do the direct debits already have to be in place before the switch or can you set them up after? It doesn't make it clear.

The requirement to "complete a full switch of another bank account in your name to your new Qualifying Account through the Current Account Switch Service, including a minimum of two active Direct Debits" seems pretty clear to me!

All of the above info is in their switching guide, so worth reading this before initiating anything....

tesuhoha

eskbanker wrote: »

Any switch via the Current Account Switch Service entails inbound payments being redirected from your old (closed) to new accounts without any action needed by the account holder.

The requirement to "complete a full switch of another bank account in your name to your new Qualifying Account through the Current Account Switch Service, including a minimum of two active Direct Debits" seems pretty clear to me!

All of the above info is in their switching guide, so worth reading this before initiating anything....

Thanks for your reply. I am a bit thick when it comes to reading the small print!



I've decided I am going to transfer my main account into the Nationwide FlexDirect Account as they will probably be more efficient and to set up two direct debits on my hardly used current account and transfer that to the M&S bank.

tesuhoha

Another stupid question coming up. My daughter is now considering the FlexDirect Nationwide account. It says you have to pay in £1,000 a month to get the 5% rate. Her salary is far in excess of this but would that count as paying in? I assume that it does but I just want to confirm it.


I think if eskbanker sees this question then his/her expression will be as in his/her avatar!

badger09

tesuhoha wrote: »

Another stupid question coming up. My daughter is now considering the FlexDirect Nationwide account. It says you have to pay in £1,000 a month to get the 5% rate. Her salary is far in excess of this but would that count as paying in? I assume that it does but I just want to confirm it.


I think if eskbanker sees this question then his/her expression will be as in his/her avatar!

Of course it will. The only exception with Nationwide is if money is paid in from another Nationwide account.

Your daughter's salary counts, as would any benefits, pension, etc As do transfers from an account with another bank. She could pay in 2 x £500 or 4 x £250 - it would still count;)

PRAISETHESUN

tesuhoha wrote: »

Another stupid question coming up. My daughter is now considering the FlexDirect Nationwide account. It says you have to pay in £1,000 a month to get the 5% rate. Her salary is far in excess of this but would that count as paying in? I assume that it does but I just want to confirm it.


I think if eskbanker sees this question then his/her expression will be as in his/her avatar!

Any payment will count, unless it is a transfer from another Nationwide account (held in either your or another person's name). Just set up standing orders to flick the pay in back and forth between two accounts each month

Sea_Shell

Sea_Shell wrote: »

Help needed!!! I opted for Internet Banking during original application, but didn't set up any username, password or such like at the time (I don't think it gave the option at that point). In today's post i've received the M&S pass widget, but not had the debit card and PIN yet.

I know the account number and sort code, as this was shown on one of the signature forms i returned.

What order do things need to happen in....i don't have yet the "Security number" they refer to. Does this come by post too?. Do i need to wait for yet more post, before i can set up internet banking. I'm guessing i need the PIN for the widget to work.

I just want to be able to set up the switch-in ASAP. (As i really want the gift card for Xmas shopping - or buying Easter Eggs at this rate!!!)

This is SUCH a long winded process.....all this to access a 5% Reg Saver too....I ask you!!!!

Does anyone have the answer?? Still no debit card or PIN by the way....:eek:

Amoux

So M&S Bank have just recently raised their criteria for their switching bonus from two active direct debits to four active direct debits.

Q: I switched exactly 1 month ago when the criteria was only 2 direct debits. I have not received my switch bonus (they said it would take up to 1 calendar month) so do I now need 4 direct debits to get this gift card?

If no-one knows, I could always ask them, but it would be a bit outrageous to change the criteria for customers who switched before they changed the conditions.

PRAISETHESUN

Amoux wrote: »

So M&S Bank have just recently raised their criteria for their switching bonus from two active direct debits to four active direct debits.

Q: I switched exactly 1 month ago when the criteria was only 2 direct debits. I have not received my switch bonus (they said it would take up to 1 calendar month) so do I now need 4 direct debits to get this gift card?

If no-one knows, I could always ask them, but it would be a bit outrageous to change the criteria for customers who switched before they changed the conditions.

I'm in the same boat - I've already received the £125 card but the requirement for the £5 monthly reward now requires 4 DDs... I would imagine that we would still be bound by the old terms (requiring 2 DDs) but I am going to contact them by secure message for confirmation, and would recommend that everyone else do the same

Sea_Shell

I can't be bothered with them anymore...if my final stuff ever arrives, it's just going in the 'dormant' account drawer.

badger09

Sea_Shell wrote: »

Does anyone have the answer?? Still no debit card or PIN by the way....:eek:

Sea_Shell wrote: »

I can't be bothered with them anymore...if my final stuff ever arrives, it's just going in the 'dormant' account drawer.

Sorry Sea Shell, although I have this account, I can't remember the order of things arriving. However, the length of time you've had to wait is unacceptable.

I would phone them today and get this sorted. If they can't, then it is time for a formal complaint.

https://bank.marksandspencer.com/explore/complaints/

When it is sorted, I wouldn't leave it dormant, when it gives you access to a 5% regular saver