M&S Monthly Saver maturity

surreysaver

My M&S Monthly Saver should be maturing today. Just logged in, and the accounts disappeared, and the money is nowhere to be seen! What happens to the money, and when does it reappear?
When can I open another M&S Monthly Saver - should it be tomorrow?

david78

This is normal. The money (plus interest) should appear in your current account tomorrow.

You can then telephone them and open another account - you might have to wait until Tuesday though because of the bank holiday.

If you are withdrawing you capital + interest elsewhere be sure to leave enough to make your first payment to the new monthly save account.

Because there is a short delay setting up the new account, the Standing Order payments will be setup to be paid a bit later in the month than previously. You can't change this AFAIK.

surreysaver

david78 wrote: »

This is normal. The money (plus interest) should appear in your current account tomorrow.

You can then telephone them and open another account - you might have to wait until Tuesday though because of the bank holiday.

If you are withdrawing you capital + interest elsewhere be sure to leave enough to make your first payment to the new monthly save account.

Because there is a short delay setting up the new account, the Standing Order payments will be setup to be paid a bit later in the month than previously. You can't change this AFAIK.

Thought so. I did trawl the T&Cs, but couldn't find any reference to what happens. I presume I'll be able to open a new on online rather than ringing them up?

david78

I am not sure about applying online. I know I did it over the telephone.

[Deleted User]

I opened my replacement M and S monthly saver online last month. Same last year.

badger09

surreysaver wrote: »

Thought so. I did trawl the T&Cs, but couldn't find any reference to what happens. I presume I'll be able to open a new on online rather than ringing them up?

You will be able to open a new one online when the matured saver has cleared their system. Main problem is that you don't know when that happens:cool:

Recent thread about the 'drift' here.

https://forums.moneysavingexpert.com/discussion/5987080/first-direct-hsbc-m-s-regular-saver-renewals

As its a bank holiday tomorrow I doubt you'll be able to renew online until Tuesday at the earliest. You might be able to do it by phone though.

surreysaver

badger09 wrote: »

You will be able to open a new one online when the matured saver has cleared their system. Main problem is that you don't know when that happens:cool:

Recent thread about the 'drift' here.

https://forums.moneysavingexpert.com/discussion/5987080/first-direct-hsbc-m-s-regular-saver-renewals

As its a bank holiday tomorrow I doubt you'll be able to renew online until Tuesday at the earliest. You might be able to do it by phone though.

I'm sure I originally opened it at a weekend. Perhaps the closing won't finalise until Tuesday, though, that'll be the show stopper