'Active Direct Debits' M&S

Prenticebaines

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

YorkshireBoy

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!

Vortigern

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.

PRAISETHESUN

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!