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'Active Direct Debits' M&S

Prenticebaines
Posts: 13 Forumite
Hey folks,
After First Directs recent downgrade of their 5% interest savings account to 2.75%, I've made the decision to try for M&S's 5%.
I note you must have four 'Active Direct Debits' to unlock the £100 gift card and the current account needed to get access to the 5% savings account, can anyone define this term for me?
Is there also the chance that M&S may also downgrade their savings account interest rate in the future given First Direct and M&S are part of the same HSBC Grouping?
Cheers,
Prentice
After First Directs recent downgrade of their 5% interest savings account to 2.75%, I've made the decision to try for M&S's 5%.
I note you must have four 'Active Direct Debits' to unlock the £100 gift card and the current account needed to get access to the 5% savings account, can anyone define this term for me?
Is there also the chance that M&S may also downgrade their savings account interest rate in the future given First Direct and M&S are part of the same HSBC Grouping?
Cheers,
Prentice
0
Comments
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Active simply means not dormant, ie could pay out if called upon do so so.
As to their RS rate reduction, I'd say it was imminent. Possibly even tomorrow!0 -
An active direct debit is one that is capable of being used. It has not expired. It could be an annual payment, a DD linking your M&S account to your PayPal account, or to a credit card - even if your PayPal or CC is mostly unused.
M&S does not require DDs to be used monthly. They must just exist on the account.
Bear in mind that DDs expire after 13 months of non-use.0 -
As above an active DD is one that has been set up and could be used to make a payment if called upon. Typically DDs remain active for 13 months from either date they were set up (if never used) or 13 months from the date of last payment. M&S doesn't need them to pay out every month, just remain active.
Best get on it quick though - HSBC and FD have both reduced the rates on their reg savers, so expect M&S Bank to follow suit!0
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