Regular savings account

Lanzarote1938

I have opened a current account with Marks and Spencer. I have been told I am not eligible for their regular savings acount at 5% because my main current account was not switched to this M&S account.

I have also been accepted for a first Direct current account. Does this one have the same rules regarding its regular saver as I have no wish to switch my main current account.

castle96

why not simply open another a/c and switch that (may have to include some DDs)

Lanzarote1938

castle96 wrote: »

why not simply open another a/c and switch that (may have to include some DDs)

It is getting a bit complicated. I have 3 current accounts now, 2 of which have no cash or direct debits although I suppose I could put cash into them if needed. Think I will give up on the regular saver ideas as I am happy with my proper current account.

eskbanker

Lanzarote1938 wrote: »

I have opened a current account with Marks and Spencer. I have been told I am not eligible for their regular savings acount at 5% because my main current account was not switched to this M&S account.

I have also been accepted for a first Direct current account. Does this one have the same rules regarding its regular saver as I have no wish to switch my main current account.

The short answer is no, but it's always best to familiarise yourself with the Ts & Cs (or at least the summary box) of any product you're considering applying for, rather than making assumptions or even asking on here!

https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/

If the M&S account isn't going to be needed after all, why not switch that into the FD one, for a switching bonus?

Lanzarote1938

eskbanker wrote: »

The short answer is no, but it's always best to familiarise yourself with the Ts & Cs (or at least the summary box) of any product you're considering applying for, rather than making assumptions or even asking on here!

https://www1.firstdirect.com/savings-and-investments/savings/regular-saver-account/

If the M&S account isn't going to be needed after all, why not switch that into the FD one, for a switching bonus?

I could do that I expect. I will have a look if it needs DDs to switch.


I did ask the question about the regular M&S saver when I phoned to activate the current account and was assured I could open the saver account.

Sara21

I opened a FD just to access their Regular Saver last month. I didn't switch accounts, just opened a new one and I haven't had any issues

18cc

With FD you can just open a regular saver and use it. Max £300 a month and no access for a year unless you close it and in that case you will get a pittance in interest. Otherwise excellent value.