Regular Savings Accounts: The Best Currently Available List!

badger09

KTF wrote: »

Is this like the FD one where the money is taken on the day that you open the account from the current account or can you specify the start date?

On the M&S apply for a bank account page it says you can open a regular saver at the same time but I am not sure when they will take the first payment (it says a SO will be setup for the payment and an additional 11 months) as I would need to fund the current account first.

mrssjs wrote: »

They let you choose the date, I chose today, just for ease, but he said that they will send out paperwork for you to check once the S/O is set-up.

Ed-1 wrote: »

Nothing like following their own terms and conditions...

"You must open your M&S Monthly Saver account with an initial deposit on the day of account opening of between £25 and £250 by direct transfer from a M&S Current Account or an Additional Account."

I opened my Monthly Saver yesterday. I wanted to deposit £250, but balance in current account was only around £40 Adviser was happy to wait while I transferred funds in using a mobile app, and the account appeared online approx 2 hours later

Call took 20 minutes in total. Around 12 to get to the right adviser, 7 for the T&C and FPI, and 1 for the attempted credit card sale

gt94sss2

badger09 wrote: »

I opened my Monthly Saver yesterday. I wanted to deposit £250, but balance in current account was only around £40 Adviser was happy to wait while I transferred funds in using a mobile app, and the account appeared online approx 2 hours later

Ditto - my call yesterday took 12 minutes - including requesting a new internet banking key and changing advisor to open the monthly saver - who was also happy to wait until I transferred £250 to my current account while I was on the call..

Regards
Sunil

sopranolmu

So....can you not open them online, and get the regular saver? Because of that phrase in the t+c's? Will I need to ring up to ensure they both open correctly?

Milarky

This account has now become a closed issue (w.e.f 19 Dec 2014). See http://www.theloughborough.co.uk/LBS/docs/Interest%20Rates%2019-12-2014.pdf

Special_Saver2

Hi Folks,

Here is this weekend's update.

First of all, well done to parker1982 for making the 3000th post on this thread a particularly good one, with information on the significant change to the M&S Monthly Saver account. Thanks also to all the other forum users who subsequently added useful information.

The changes for this update are:

- Removed the entry on Beverley BS account as the drop in interest rate to 1.6% means it is no longer good enough to be featured on the first page of this thread (as per the rules in post 1)

- Updated the entry on the M&S Monthly Saver to reflect that it is now available to people with any M&S current account and also pointing out there is useful information from post 3000 onwards on this thread regarding the practicalities of opening the account

- Loughborough BS Monthly Saver removed as account no longer available

- Market Harborough BS Monthly Super Saver (Issue 2) removed as account no longer available

- Barnsley BS and Chelsea BS Monthly Regular Saver accounts added to post 3; details identical to the Yorkshire BS Monthly Regular Saver account that was already in post 3, namely account paying 2% on up to £500 per month for 2 years with 1 penalty-free withdrawal per year. The account details also now say that you can close the account without penalty even when you have used a penalty-free withdrawal in that account year already

I will do another update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are here: http://forums.moneysavingexpert.com/...=608697&page=1

gadgetmind

With the M&S current account, do they insist you switch from another current account at some point?

We've got a rather special account with RBOS, where we have a named manager and have their mobile number, so don't want to lose that!

plunt

Gadgetmind do what everyone else does and open account else where first to switch

Added: make sure it a crap account with a bank that doesn't do switch incentives or you hay not be able to get it later

Archi_Bald

gadgetmind wrote: »

With the M&S current account, do they insist you switch from another current account at some point?

We've got a rather special account with RBOS, where we have a named manager and have their mobile number, so don't want to lose that!

You definitely do not have to switch but it pays you £100 per person if you find an account (or two) to switch.

As you are talking of "we": worth noting that if you have a joint M&S account, only one of you can have the 6% saver. So if you both want the savings account, set up sole current accounts. And ideally, find an account each to switch.

See section 4 (starting on page 25) of the T&Cs http://bank.marksandspencer.com/pdf/CLTermsAndConditions.pdf

gadgetmind

Thanks all. What's the current rate on the M&S normal (not regular) savings account if you have the current accout, and what is the max you can have in that account? This could swing things, and my wife might have an account she can move.

Archi_Bald

c'mon gadget, you don't need others to read websites for you? http://bank.marksandspencer.com/save-invest/savings-rates/