M&S bank switch now requires 4 DDs

Silver_Queen

PRAISETHESUN wrote: »

HSBC/M&S Bank/First Direct are all known for being slow when it comes to opening new accounts. It sucks I know, bit it's worth it in the end in my opinion for the benefits the accounts offer.


As far as I'm aware, the new switch incentives apply for applications made on or after 28th September 2018 (that's what the current T&Cs state), so if you applied before then you should be okay with just 2 DDs

Thanks. I have a First Direct account too but they were surprisingly fast, it took about 2 weeks from the start of the process to finalising everything. I've received literature in the post from M&S now, saying that I need 2 direct debits, so I will point that out to them if they make any noise about it.

bluefukurou

I've just got my elderly parents to switch to M&S from Halifax, where they were getting a measly £2 per month 'interest'. My mother shops at M&S and has a credit card there, so I thought the £125 gift card, plus £60 over 12 months would be an improvement over the Halifax.

However, it seems they've been persuaded to sign up for the Premium Current Account, so they'll have to pay £10 a month for the privilege of getting a few drinks and home furniture vouchers, plus a birthday gift. Does anybody think that's a good deal? Seems to me they'd be getting just over £200 worth of freebies, but have to pay £120 for the privilege, thereby making the whole deal a lot less attractive.

liamcov

Very prompt online message from them:

Thanks for getting in touch and welcome to M&S Bank. You're right, we have amended the switching incentive terms and conditions to new customers who apply for an M&S Current Account on or after 28 September 2018. As you applied for your account prior to this, your terms and conditions for the switching incentive are to complete a full CASS switch including a minimum of two active Direct Debits, within three months of the account opening date. To receive the monthly top ups on the gift card you must maintain at least two active Direct Debits and pay at least ​£1000 into your current account from an external source each calendar month.

alandaniel132

4 active DD must be transfer via current account switching service. different mandatory

djpailo

So you now need two different DD's for the regular saver...dang...I have just been using the PO.

JeorgeJ

djpailo wrote: »

So you now need two different DD's for the regular saver...dang...I have just been using the PO.

I thought 2 DDs from 2 different PO accounts was fine, as they have 2 different references. Or have the T&Cs changed recently?

alandaniel132

4 active DD to switch from old account to new account.

you need 4 active DD to get gift card top up

djpailo

JeorgeJ wrote: »

I thought 2 DDs from 2 different PO accounts was fine, as they have 2 different references. Or have the T&Cs changed recently?

It should be, but are you allowed to own, simultaneously, two different issues?

NotRichAtAll

OceanSound wrote: »

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.

Sorry but your info is wrong

£75 when you switch with HSBC Bank Account
If you’re new to HSBC, get £75 by opening an HSBC Bank Account using the Current Account Switch Service (CASS).
Instruct us to start a full switch of a current account with at least 2 Direct Debits/Standing Orders using CASS within 30 days of your Bank Account being opened.
If your application is successful, you’ll receive the £75 within 30 days of the switch completion date.
You'll need to pay in a minimum of £500 per month, or £3000 over 6 months, to be eligible. Full details of the offer can be found here.

System

I am looking to go for the £125 give card just opened a new account to use for the switch for the 4 active DD's ill need to set them up does it matter if they have never paid out yet or never will for example if I set up a direct debit for my credit card that has a £0 balance will that class as an active DD thanks