M&S current account

Sea_Shell

Apparently you need 4 dd's to switch now, so not sure I can be bothered anymore. I bet they don't have a free phone number either!!

Rich2808

Sea_Shell wrote: »

Apparently you need 4 dd's to switch now, so not sure I can be bothered anymore. I bet they don't have a free phone number either!!

Will the 4 DDs requirement also apply in future to the regular saver account on opening now? You only need to maintain 2 active DDs on the bank account to open the 5% regular saver at present.

Oddly FD and HSBC offer a similar 5% regular saver but require no DDs

Sea_Shell

Still no debit card or pin, and after 10 mins in hold, I gave up. Complaint to come. Just want to close the account now. I'm done with M&S.

jasonAAA

Hi. Hope someone can help. I opened an account with M and S on 13th september.

I have just got it all setup and ready to switch. Obviously the criteria has changed from 2 to 4 DD.
I have just spoken to CS and they informed that there has always been a £1000 pay in per month condition. I cant remember ever seeing this. Can someone confirm? Thank you

YorkshireBoy

jasonAAA wrote: »

Hi. Hope someone can help. I opened an account with M and S on 13th september.

I have just got it all setup and ready to switch. Obviously the criteria has changed from 2 to 4 DD.

For those applying from 28/9 onwards. You applied before so need 2 DDs on your switch. See condition 2(a) of the current incentive T&Cs.

I have just spoken to CS and they informed that there has always been a £1000 pay in per month condition. I cant remember ever seeing this. Can someone confirm? Thank you

See the current condition 6(b). That now says £1,250 per month. What does that condition say in the incentive T&Cs applicable to you? You did save a copy? Maybe they sent you one in the post? I'm fairly certain it used to be £1,000 per month for the ongoing £5 per month addition to the gift card.

jasonAAA

Thanks. You answered my question perfectly. Im not particularly interested in the extra £5 per month. The criteria was clear at 2 DD no minimum pay in and you receive a £125 gift card. This was point blank denied by CS. I also do have the T and C's which is why my confusion arose. Just wanted a second opinion. Thanks again.

Sea_Shell

Sea_Shell wrote: »

Still no debit card or pin, and after 10 mins in hold, I gave up. Complaint to come. Just want to close the account now. I'm done with M&S.

Well M&S are up to their usual standard. Wrote a letter of complaint, including an instruction to close the account on 19th October. Their own T&C's say that they'll respond within 5 working days, and guess what.....nothing!!!

Even allowing for postal time, they should have received it by 23rd, and responded by 30th, so surely any response should have been here by now.... now what...FOS????

(just had a read of some of the comments on the FB page....oh dear...not very good at all)

GreyPilgrim

Well I'm reading this with interest. I've just applied for the account purely for the 5% regular savings account. For the very first time in my life !!EVER!! I'll soon be in the position of having a glut of cash and nowhere to put it (a few existing regular savings accounts have all matured at the same time)..so me and the missus are going to switch our 'parachute' accounts to them.

The 'glut' will be happening in July...so there's enough time to get the M&S accounts up and running and get the two necessary direct debits in place...

colsten

GreyPilgrim wrote: »

......a few existing regular savings accounts have all matured at the same time..

You can usually open another regular saver upon maturity of your old one. Though M&S interest rate cannot be beaten - just matched, by HSBC, FD and Nationwide Regular Savers, and by the TSB Plus account.

As you have time until July, why not go for their £200 switch offer? It's a bit more involved but a splendid offer and beats any AER you can get anywhere for the next few years. https://bank.marksandspencer.com/current-accounts/mands-current-account/

GreyPilgrim

colsten wrote: »

You can usually open another regular saver upon maturity of your old one. Though M&S interest rate cannot be beaten - just matched, by HSBC and Nationwide Regular Savers, and by the TSB Plus account.

We've actually got about 5 regular savers on the go at the moment so when they mature we'll be opening them all up again straight away, but you can only drip feed the cash into them (First Direct and Nationwide). So they excess cash is just sitting there in a pot for months, doing nothing. So the more reg savers we have, the less time the excess cash sits, dormant.

(I know, having too much cash is such a terrible problem to have, isn't it... ....like I said, it's the first time I've EVER had such a problem...)

Wasn't aware of the TSB Plus account...I'll have a look at that now - cheers!