Switching to a M & S bank account?

TUVOK

Hello,
Can any member inform me about the conditions for operating a M&S account and specifically the as I understand it, servicing the account with £1250- each month.
After servicing the account with the £1250-00 each month, does that amount have to be retained in the account perpetually or can you withdraw money to take the balance below the £1250- amount each month
I hope that my query is understandable?
Thanks for any/all replies.

Dazed_and_confused

First Direct seem happy for it to be there for a minute or two. I doubt M&S are any different.

Have you read some conditions which suggest the balance has to be £1,250 every day of the month?

TUVOK

No, but I expect you know how stringent banks can be be with microscopic rules and regs!
I'm inquiring as the bonus gift voucher payment depends on adhering to the rules.

MaxiRobriguez

If it's a minimum transfer into the account of £1,250 a month to get the bonus then that's all it means, £1,250 going in a month.

I can't remember any bank in the last decade stipulating maintaining a minimum balance.

badger09

TUVOK wrote: »

Hello,
Can any member inform me about the conditions for operating a M&S account and specifically the as I understand it, servicing the account with £1250- each month.
After servicing the account with the £1250-00 each month, does that amount have to be retained in the account perpetually or can you withdraw money to take the balance below the £1250- amount each month
I hope that my query is understandable?
Thanks for any/all replies.

Its a current account. They expect;) you to pay your salary/pension into, and pay your bills out of it. However, no bank can insist you do that.

All they can insist on is a minimum deposit every month (or other specified period) and for switch incentives/interest/other perk, a number of DDs or SOs.

colsten

MaxiRobriguez wrote: »

I can't remember any bank in the last decade stipulating maintaining a minimum balance.

Not for current accounts, they don't. As it would make no sense.

Plenty of savings accounts do have minimum balance, though. You go below and they either drop the interest, or they might even ask you to close the account altogether.

The OP is asking about a current account, so min balance is irrelevant (aside from when it comes to overdrafts....)

TARDIS

You can transfer it back out a few minutes after you transfer in. Well that's what I did last year with M&S bank and got the bonuses fine.