MSE News: First Direct launches new current account switch offer - here's how it stacks up

aj23_2

binaryuniverse wrote: »

Hardly. Their food being expensive doesn't mean much when the money you're given, to buy the food, was free.

It'll easily save me some £150, over the food I would normally have bought (with the card fully topped up to £185). More if I'm savvy with it.
If you believe that to be a moot point, then you are on the wrong website.

Well, no, because you'd then be travelling specifically to an M+S using fuel, paying for parking (as you would with the one nearest to me) and then using the card to buy things with which you wouldn't ordinarily buy and might not even use. I have never bought anything in M+S (the gift card isn't just valid on food, by the way, it's store wide). Not really that savvy.

If you buy all your food and all your clothes in M+S and live near one which has both facilities, I see why it couldn't maybe be beneficial to switch to them. But if you don't, like me and I presume most people, it would be completely pointless and I wouldn't even use the gift card, so I'd be no better off.

aj23_2

karlie88 wrote: »

Obviously not an attractive offer to a young MSE user.

You can see what they're trying to do here though...

...they're trying to attract a younger generation of customers with the hope of them getting mortgages, loans and/or credit cards. Over a period of 10 years, a 25 year old customer is going to make them more money than a 60 year old.

They're looking for millennials.

A clever move.

It's not really grabbing people though judging by this thread. And who's to say people would stay with them? But as you said, it benefits FD and not the customer. As with any bank.

I'm offended at being called a millennial lol

aj23_2

djpailo wrote: »

Even if those products are a little more expensive, you still save money by not having to purchase the items somewhere else...

M&S giftcard (which they used to give for the switch) can also be spent in the cafe, where the coffee/ tea etc is roughly the same price as any other high street brand coffee shop.

You can also visit the stores near closing times and get reduced bakery items regularly. That is also the case with Waitrose, where I've got pastries for 9p.

Your opinion is strange to me because you are effectively complaining about getting free items...

As I said the person above, you are then consuming things that you wouldn't ordinarily consume. Free items that you wouldn't usually buy or eat. I have never bought anything in M+S, I don't buy food in there because it's expensive and limited, I'd rather be in an indy tearoom or 'better' coffee shop and I think their clothes are really old fashioned and boring. I would get no use out of it. Switching to them just to get free stuff you don't need, or want, is strange....

binaryuniverse

aj23 wrote: »

Well, no, because you'd then be travelling specifically to an M+S using fuel, paying for parking (as you would with the one nearest to me) and then using the card to buy things with which you wouldn't ordinarily buy and might not even use. I have never bought anything in M+S (the gift card isn't just valid on food, by the way, it's store wide). Not really that savvy.

If you buy all your food and all your clothes in M+S and live near one which has both facilities, I see why it couldn't maybe be beneficial to switch to them. But if you don't, like me and I presume most people, it would be completely pointless and I wouldn't even use the gift card, so I'd be no better off.

So what you are saying is that you, personally, may find it pointless, but that doesn't necessarily make it pointless for many others.
Do you not drive to the other supermarkets when shopping?
I walk to my nearest M&S. Doesn't cost me a thing.

And yes, M&S sells more than just food. I was using that as the base example as everyone needs food to live. That's where the money is saved, and is what you'd normally buy (if the branding is different). You are free to spend it on clothes and such, too.

There is, of course, also the 5% regular saver which, with more bank accounts reducing their attractive interest rates, becomes even more worth having.

Anyway, that's me done. You were saying it wasn't good for you and that's fine.

colsten

Anyone seen the T&Cs of the switcher offer? I looked for them but couldn't find them on the quick. Am I right in assuming you don't qualify if you ever had an FD account before?

aj23_2

binaryuniverse wrote: »

So what you are saying is that you, personally, may find it pointless, but that doesn't necessarily make it pointless for many others.
Do you not drive to the other supermarkets when shopping?
I walk to my nearest M&S. Doesn't cost me a thing.

And yes, M&S sells more than just food. I was using that as the base example as everyone needs food to live. That's where the money is saved, and is what you'd normally buy (if the branding is different). You are free to spend it on clothes and such, too.

There is, of course, also the 5% regular saver which, with more bank accounts reducing their attractive interest rates, becomes even more worth having.

Anyway, that's me done. You were saying it wasn't good for you and that's fine.

Well, yeah, this is a forum of our personal thoughts and opinions on given subjects. But either way, doing your weekly at M+S is a minority of people. And they are set to shut a lot of stores, and reduce the facilities offered in the remaining ones.

I'd have to drive to any supermarket, but M+S is the only one where I'd have to pay to park. Supermarkets that try to be banks generally have bad reps and bad service in polls. Look at Tesco. Too many fingers in their own branded pies. They are fringe banks, not that many people bank them in comparison to 'proper' banks.

teddysmum

I was about to transfer a Nationwide account but none of those 'incentives' is of any use.


Concerning M&S, £100 voucher would buy less than £100 cash elsewhere,so though there'd be saving,it would be less than with £100 cash . I don't think they stock enough rage for a family shop and ours is town centre involving travelling further, parking, then walking with shopping or driving back to pick up.


Their outlets don't do food; just biscuits and a few sweets, the prices are nearly half those in the regular store if they have what you want and in the correct size.

djpailo

colsten wrote: »

Anyone seen the T&Cs of the switcher offer? I looked for them but couldn't find them on the quick. Am I right in assuming you don't qualify if you ever had an FD account before?

see below............

To get the 'hello' gift you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. You must be over 18 to open an account. Once you've met all the criteria, within 14 days you will receive an email with a unique registration code and instructions about how you can choose your gift. You can choose from one of our tech gifts, Online courses or Expedia voucher so there are different timings for when you'll receive your gift. But you'll have 90 days from when you complete your gift registration to choose your gift. This offer is limited to one item per customer or joint account and we can only offer this to people who haven't previously held an account with us. We reserve the right to refuse your application and extend or withdraw this offer at any time. Credit is subject to status.

bxboards

I got an M&S gift card I think around 2 years ago, think it came loaded with £100 then another £10 for the next 12 months.

I literally couldn't find anything to spend it on - would have much rather had £150 in cash than £260 with M&S.

It's rather like getting a gift voucher for Christmas - I think everyone would rather have it in cold hard cash!

Nick_C

The M&S dine in offer is still good value if you drink wine.