New customer?

AnnieP6

I used to bank with M&S but switched a couple of years ago to First Direct. I see that M&S are offering 5% to new customers on their regular savings account and First Direct are reducing theirs to 2.5%.
How much time has to elapse to be considered a 'new customer'?

PRAISETHESUN

Anyone who has a M&S Bank current account and has switched to them using CASS is eligible for the 5% regular saver. My understanding is that if you have been a previous M&S Bank customer then you need to switch an external account into your most recent M&S Bank current account to be eligible for the RS - this is my interpretation and it'd be worth checking if you've previously switched to an account that is now closed, is this still sufficient. You'll also benefit from the switch incentive if you've never had it before - for this my understanding is that if you ever been paid it then you are unable to get another.

AnnieP6

I closed my M&S account in February 2018 so I was wondering if I am eligible to open a new account, transferring from my First Direct account.
If not, how long do I have to wait to become a new customer?

Willing2Learn

According to the M&S switch incentive terms & conditions:

You must not have previously held a Qualifying Account and used the Current Account Switch Service, or submitted a ‘Switching your standing orders and Direct Debits’ form to us or used any other switching method to switch your banking and received any switching incentive whether the accounts are currently opened or closed.

Pretty clear...

AnnieP6

Thanks that means ‘no’!

18cc

pretty unclear - to which part of the three boolean OR clauses does the boolean AND refer ?

PRAISETHESUN

Perhaps I need to clarify my post for OP. Eligibility for the regular saver is quite distinct from the switch incentive. There is no "new customer" waiting period. You can apply for a new current account at any time. As long as you open a M&S Bank current account and switch an account from another bank to M&S Bank using CASS (moving along 2x DDs), then you are eligible for the regular saver. See here: https://bank.marksandspencer.com/save-invest/monthly-saver/

Eligibility for the switch incentive as per Willing2Learn's post is quite separate and has no bearing on eligibility for the regular saver as they have different criteria and T&Cs.

Willing2Learn

Yes. Sorry. I have confused things. The OP AnnieP6 was not asking about the incentive. My apologies...

AnnieP6

Thank you. It is indeed not the incentive I’m looking for, just the eligibility for the regular saver. It may well be worth changing my current account back to M&S. I see that I can only save £250 pm, whereas I save £300 pm in the First Direct saver. Even so, the interest rate is better.

born_again

TBH.
The only way to find the answer, unless someone has done the same. Is to call M&S and ask.
I know some banks are 6 years.