Regular Savings Accounts: The Best Currently Available List!

badger09

arsenalboy wrote: »

On my spreadsheet I have got the 1st April. This ties up with maturing on the 31st March and available next day for withdrawal. That was only my interpretation based on other banks/b socs making you wait a day.

My spreadsheet note reads 'Interest on maturity 1/4/16; converts to an instant access account'

xekki

I opened a M&S monthly saver back in November and received the letter regarding the t&c changes. Does it mean that I have to set up 2 direct debits for April or does the 2 direct debits apply only for new accounts? Thanks

badger09

xekki wrote: »

I opened a M&S monthly saver back in November and received the letter regarding the t&c changes. Does it mean that I have to set up 2 direct debits for April or does the 2 direct debits apply only for new accounts? Thanks

I don't have the letter but several posters who have, say that for existing account holders, the requirement to have 2 DDs on their current account, will apply only if they open/renew their Monthly Saver on/after 6 April 2016.

Steve_xx

xekki wrote: »

I opened a M&S monthly saver back in November and received the letter regarding the t&c changes. Does it mean that I have to set up 2 direct debits for April or does the 2 direct debits apply only for new accounts? Thanks

No you wont have to. But you will have to have the two DD's when your current Monthly Saver Account expires.

colsten

Steve_xx wrote: »

No you wont have to. But you will have to have the two DD's when your current Monthly Saver Account expires.

The way I read the new T&Cs, you will also have to have used the CASS to switch a current account. [STRIKE]Although the terms are still clear as mud as they seem to also imply that you must have switched in the last 12 months, which I don't believe they really mean.[/STRIKE]scratch that, on re-reading the terms, the terms make perfect sense.

Anyway, I will set up a couple of DDs, and will switch some spare account sometime in the next 6-9 months, so that I am ready when my existing Monthly Saver matures.

Steve_xx

colsten wrote: »

The way I read the new T&Cs, you will also have to have used the CASS to switch a current account. [STRIKE]Although the terms are still clear as mud as they seem to also imply that you must have switched in the last 12 months, which I don't believe they really mean.[/STRIKE]scratch that, on re-reading the terms, the terms make perfect sense.

Anyway, I will set up a couple of DDs, and will switch some spare account sometime in the next 6-9 months, so that I am ready when my existing Monthly Saver matures.

I absolutely agree with you in that if you wish to open a Monthly Saver at any point from 6 April then you will need to have switched your current account from another provider to the M&S current account.

Special_Saver2

Hi Everybody,

I have updated the Marks and Spencer regular saver account entry with the details above regarding the change from 6th April 2016.

I cannot find anything else that has changed for this weekend's update.

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

Rich2808

Steve_xx wrote: »

I absolutely agree with you in that if you wish to open a Monthly Saver at any point from 6 April then you will need to have switched your current account from another provider to the M&S current account.

A very odd requirement. What about young people opening their first ever current account - why would they now pick M&S.. Why does this even matter - switchers cost them money via the incentive.

The two DDs fine but the switching requirement is very odd.

Steve_xx

Rich2808 wrote: »

A very odd requirement. What about young people opening their first ever current account - why would they now pick M&S.. Why does this even matter - switchers cost them money via the incentive.

The two DDs fine but the switching requirement is very odd.

Yes you're right regarding young people.


As regards switchers costing them money. You might look at this another way. They have put a sort of retainer on in the form of a £10 a month credit to a gift card in the first 12 months. So they're hoping to ensnare you for at least that length of time. This alone will serve to prevent you switching out before the 12 months is up and the Monthly Saver might persuade you to hold on after that, especially if interest rates elsewhere remain so dismal.

Holmesy999

With the coming tax break on interest, if you sign up for a saver now, will they adjust in April to not take the tax out at maturity? Or will it be under an "old scheme" of taking the tax off?