M&S current account and the switching service

ulster_exile

My partner and I have single accounts with first direct (very happy customers) and each take advantage of the attaching 5% regular saver accounts.

We want a new additional joint account to make household purchases and bills easier to manage (is it his or my turn to buy the whiskey for example 😂) and to use the saver account to pay for holidays jointly as we're taking turns with that too ATM.

I like the look of the M&S current account with the 5% regular saver but it only seems to offer the regular saver ONLY if we use the current account switching service. All bills come from my own account but I have my own DDs I don't want to be switched away as we will continue to use our single accounts to keep our finances separate so is there any way around this?

I'd call them to ask but have lost my voice ATM! (clearly a day off work sick is being well spent)

xylophone

I like the look of the M&S current account with the 5% regular saver but it only seems to offer the regular saver ONLY if we use the current account switching service.

This is the case.

You could open a joint account with FD, add four DDs and switch that?

Or have you ever had a joint Nationwide Flexdirect account?

This might suit and would enable each of you to open a Flexdirect Regular Saver. (See post 6 here https://forums.moneysavingexpert.com/discussion/5407418/can-you-open-two-flexclusive-regular-savings-account&highlight=joint+account+f%20%20lexclusive+regular+saver)

ulster_exile

That's a really helpful response, thank you.

I read your reply about FD incorrectly and messaged them about opening a joint account with a regular saver account attached, but it's only one regular saver per customer, so that's a no-go. Opening a joint account just to open another one sounds like a faff if I'm honest, so I'll not do that, but I do like the Nationwide suggestion.

I've contacted a friend who is applying for a referral code for Nationwide so we'll go down that route. I suspect they may require a full switch for the referral to be effective but I'll try using their manual switch option and see if it works. The additional flex saver account is also very interesting so thank you very much for the tip! :beer:

xylophone

If you don't want to switch, just open a Flexdirect joint account?

saintalan

Have the switching conditions changed?


I notice the link from the Weekly email shows M&S require 4 DDs! I am sure when I applied 6-8 weeks ago (and still not set up) it was 2, certainly in Martin's email.


Anyone know?


Thanks


Alan

xylophone

it was 2,

(ie used to be)is the operative word....

eskbanker

saintalan wrote: »

Have the switching conditions changed?


I notice the link from the Weekly email shows M&S require 4 DDs! I am sure when I applied 6-8 weeks ago (and still not set up) it was 2, certainly in Martin's email.


Anyone know?


Thanks


Alan

The change from two to four was highlighted in this thread from a week ago: https://forums.moneysavingexpert.com/discussion/5903915/m-s-bank-switch-now-requires-4-dds

YorkshireBoy

eskbanker wrote: »

The change from two to four was highlighted in this thread from a week ago: https://forums.moneysavingexpert.com/discussion/5903915/m-s-bank-switch-now-requires-4-dds

...and M&S have had the information on their website since 28/9 when the 4 DD change occurred. Alan, if you look at the current incentive T&Cs you'll see they're different from the ones in force when you applied.

saintalan

YorkshireBoy wrote: »

...and M&S have had the information on their website since 28/9 when the 4 DD change occurred. Alan, if you look at the current incentive T&Cs you'll see they're different from the ones in force when you applied.

Any idea whether they apply it to date of application or not, as the switch is manual when account finally set up.


On another note I found this the most complicated and lengthy account ever to set up, still not done!


Cheers


Alan

xylophone

Any idea whether they apply it to date of application

They may well.

When I started the opening process a couple of years back under the old dispensation, the RS rate changed from 6% to 5% before all was finalised - they honoured the 6% rate.

YorkshireBoy

saintalan wrote: »

Any idea whether they apply it to date of application or not, as the switch is manual when account finally set up.

I think now might be a good time to re-read the switching incentive T&Cs. If yours are the same as the current ones on their website, start with condition 2(a)...and move on to 2(b) once the account is opened.