Regular Savings Accounts: The Best Currently Available List!

Andystriker

Hi All,

I have had a M&S Current Account for 18 months but have no Direct Debits. The T&C say I need 2 direct debits for the monthly saver. Anyone know if this apples to new current accounts only?

colsten

Andystriker wrote: »

Hi All,

I have had a M&S Current Account for 18 months but have no Direct Debits. The T&C say I need 2 direct debits for the monthly saver. Anyone know if this apples to new current accounts only?

See https://forums.moneysavingexpert.com/discussion/5466783

YorkshireBoy

Andystriker wrote: »

Hi All,

I have had a M&S Current Account for 18 months but have no Direct Debits. The T&C say I need 2 direct debits for the monthly saver. Anyone know if this apples to new current accounts only?

It applies to new SAVINGS accounts only.

See post #5 in this very thread, specifically the "special conditions" section for the M&S monthly saver.

Before you can OPEN a monthly savings account you will need to have switched a current account to M&S and have 2 DDs set up on your M&S current account.

Andystriker

YorkshireBoy wrote: »

It applies to new SAVINGS accounts only.

See post #5 in this very thread, specifically the "special conditions" section for the M&S monthly saver.

Before you can OPEN a monthly savings account you will need to have switched a current account to M&S and have 2 DDs set up on your M&S current account.

So unless I set up 2 DDs on my current Account, then I cant open it?

YorkshireBoy

Andystriker wrote: »

So unless I set up 2 DDs on my current Account, then I cant open it?

Andy, the information is very clear...in post 5 in this thread; in the thread that colsten linked to above; and in the monthly saver T&Cs (a link to which colsten provided in the aforementioned thread...she even provided the page number!). From said monthly saver T&Cs, here are the eligibility criteria for OPENING a new monthly saver, applicable from April this year...

[FONT=M&SLondon-Regular][FONT=M&SLondon-Regular]You must hold an M&S current account and be resident in the UK.

You must have switched a current account that you held with another provider to your M&S current account through the Current Account Switch Service; and

You must have a minimum of two active Direct Debits in place from your M&S current account.
[/FONT][/FONT]

Hopefully that nails it for you?

wearside_2

I spoke to them on the phone at the beginning of April when my previous Regular Saver matured. I was told that if I opened another Regular Saver before 5 April that would be alright and there was no requirement for any Direct Debits. When it matures in 2017 I will close both that and the M&S Current account as I do not have two 'spare' Direct Debits.

someone

wearside wrote: »

When it matures in 2017 I will close both that and the M&S Current account as I do not have two 'spare' Direct Debits.

You could over the next year open two Tesco Bank savings accounts and have the Direct Debits take a nominal amount from the account.

:beer:

MARTYM8`

someone wrote: »

You could over the next year open two Tesco Bank savings accounts and have the Direct Debits take a nominal amount from the account.

:beer:

Yes - that works.

You can redirect them into your 3% Tesco current account and then transfer them back to M&S to fund the regular saver.:D

Special_Saver2

Hi Everybody,

I cannot find anything that has changed for this weekend's update of the first page of this thread.

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

moi

I got an email earlier about the rate falling on the Progressive's Regular e-Saver Issue 2.

wrote:

Following a review of the savings market for this type of account, the Society has reluctantly taken the decision to reduce the rate payable on the Regular e-Saver Issue 2 from 2.75% to 2.20% (Gross*/AER**). This change will be effective from 1 July 2016.