The perks - M&S bank account.

ZoeLG_18

Hi,
Just wondering if anyone had any advice on the M&S bank account.
My partner is wanting to switch his account from NatWest, as it's perks and interest rates aren't nearly as good as they used to be.
We have been looking into different accounts, and a couple have caught our interest.

- M&S bank account, which if he meets the criteria, he will get a £125 gift card for the switch.

It states that for every month you are with m&s, you get a £5 reward on this gift card, for 12months.
The thing is, we were wondering if it were possible instead to do the switch, stay with m&s for three months, and then switch his account again. Would we still get the giftcard? I've looked all through the terms and cons about how long you have to stay with the account, and can only find information on staying with the account for 12months to receive the £5pm top up, not the initial switch gift card.
In theory, he could switch to M&S, get the £125 gift card plus £15 top up for been with M&S for three months before changing to a high interest account such as Halifax?

We're both quite new to this in the sense of changing accounts (I would chnage mine but I'm on a student account with barclays & it is the best outcome for me to stay with them), but when we initially met with a banking advisor they told us it didn't pay to be loyal to a bank, and to keep money savvy, you are best to 'bunny hop' between accounts when you can to reap the benefits of this.

Thanks in advance!:D

Willing2Learn

Hi ZoeLG_18 and welcome to the forum

Why not keep the M&S account for a year, so you get paid £5/month for doing nothing (except for two DD's and transferring/paying in £1000/month)? You can open up another dummy current account with any bank and use that to switch to another current account for a their switch bonus. That is what I would do (and have done).

As far as your question goes, yes you would still get your gift card and would still be able to use it, even if you did close the account after three months.

18cc

Yes I can confirm you can switch your M&S account pretty much anytime you want although obviously best to wait until the gift card is in your hands first before doing it!

colsten

ZoeLG_18 wrote: »

In theory, he could switch to M&S, get the £125 gift card plus £15 top up for been with M&S for three months before changing to a high interest account such as Halifax?

See the previous responses about switching again before you have collected the full switching incentive. As to the Halifax high interest account, do you have a link to it, please?