M&S monthly saver and current account T&C`s

where_are_we

I am trying to minimise my standing orders and direct debits on various multiple current accounts. I realise I have to keep 2 monthly DD`s on my M&S current account to qualify for their 5% monthly saver. I still have a £1000 monthly standing order going in and 2 days later going out - this was to qualify for a gift card bonus. I switched using CASS more than 2 years ago. I cannot find any need for the £1000 SO`s in the T&C`s so I should be OK to cancel these?

colsten

Eligibility for the RS is that you have to

- be a UK resident
- be a current account customer
- have switched to M&S Bank using the Current Account Switch Service
- have two active Direct Debits

No mention of SOs, or of monthly DDs.

https://bank.marksandspencer.com/pdf/CPSaverSummaryBox.pdf

where_are_we

Thanks Colsten - I will delete the standing order paying out of the M&S current account and then the complimentary standing order paying in. Whilst on the subject of good housekeeping of legacy accounts, is it good practice to change standing orders of switched accounts eg You have SO from A (your base or hub account) to B where, then you switch B to C so that the SO still comes up on C statements with the old B reference. I even have a SO from A to B coming up on a D account with the B reference where I have switched from B to C to D. Is there a downside to doing nothing. These SO`s are usually £1000 in and £1000 out 2 days later because the accounts have a minimal balance.

colsten

My principle is if it ain't broke, don't fix it. Having said this, if it gets confusing because there have been half a dozen sequential switches, a bit of housekeeping might help avoid confusion. Really depends on your specific circumstances.

No_6

you forgot to say....
CS you now on holiday ??
if you put money in.....take it back out....

the SAME day

where_are_we

Do all banks and building societies activate SO`s on the same day when the date falls on a weekend or public holiday? With a small balance eg £3, can you rely on £1000 SO going in always on the same day as the £1000 SO goes out?

colsten

where_are_we wrote: »

Do all banks and building societies activate SO`s on the same day when the date falls on a weekend or public holiday? With a small balance eg £3, can you rely on £1000 SO going in always on the same day as the £1000 SO goes out?

Most do, some don't. Tesco are a well-known example of banks that process all transactions 7 days a week. Most others don't process them Saturdays, Sundays and on bank holidays.

I have been doing dozens of same-day in and out SOs for years but I only do them if there are sufficient funds in the account for an SO-out, independent of any SO-in. If I don't usually have enough funds in the account, e.g. because they pay no interest and it's not worth keeping funds in there, I just do the SO-in, and process the outgoing payment manually. I usually get round to doing the manual transaction on the day the SO-in was processed but if I don't, the worst case is that some extra funds are sitting there for a day or two longer than they actually need to.

I believe all banks will try a failed SO-out (or DD) a second time on the same day. You have until 14:30 on the day to top up your account, and you should receive a text message telling you about it if the situation arises. Whether you receive the message in time, and whether you are in a position to make a top up in time is a different matter.