M&S bank switch now requires 4 DDs

[Deleted User]

I'm sure most banks will follow suit - they've realised people are switching for incentives only so they make it harder to do

OceanSound

!!! wrote: »

I'm sure most banks will follow suit - they've realised people are switching for incentives only so they make it harder to do

Some banks switch incentives don't even ask for the DD's. e.g. RBS, HSBC. THe HSBC Bank account £75 incentive only requires a £500 per month payin (or £3000 over 3 months). M&S, higher incentive (in the form of vouchers/gift card) but higher payin and DD requirement.

Swings and roundabouts really.

To be fair, I think, M&S bank have been receiving a lot of applications due to the TSB debacle. So, this new 4 DD requirement looks like a strategy to stem the flow.

colsten

If they think 4 DDs would keep determined bonus tarts at bay, they have to think again.

soulsaver

In some months a required 4off DD payment may catch out those (newbies) using a DD weekly repeat?

alandaniel132

Post Office saving able to do DD and do weekly, will have 4 DD to fullfill this requirement.

Ragtimeplayer

Can I ask how you can set up a direct debit if you don't want to use your existing bills etc?
I set up a payment to Unicef for £1 for one of them and I am sure I was able to set up a direct debit out of Bank of Scotland to my tesco savings account to qualify but it seems to have disappeared, any ideas on how to gain another direct debit to qualify for the monthly cashback?

xylophone

In some months a required 4off DD payment may catch out those (newbies) using a DD weekly repeat?

M&S require that the DDs be active, not necessarily monthly paying.

soulsaver

xylophone wrote: »

M&S require that the DDs be active, not necessarily monthly paying.

You're right. Senior moment.

I checked and I only have 2?
Only one of which pays out monthly... but I get the monthly reward?
Was it just 2 at one time? Then 3 & now 4?

PRAISETHESUN

alandaniel132 wrote: »

Post Office saving able to do DD and do weekly, will have 4 DD to fullfill this requirement.

You've raised an interesting point - I'm not 100% sure if a single mandate paying out weekly will satisfy the conditions here - can anyone confirm this one way or another?

soulsaver

soulsaver wrote: »

You're right. Senior moment.

I checked and I only have 2?
Only one of which pays out monthly... but I get the monthly reward?
Was it just 2 at one time? Then 3 & now 4?

Yep, found the 2017 offer detail - required 2 DDs.