Regular Savings Accounts: The Best Currently Available List!

SuperHans1

Nick_C said:

Good luck to anyone trying to open a new M&S Current Account to try to get the Regular Saver.  I was told my application for the current account was approved three weeks ago.  Provided an on line signature.  Heard nothing since.  Spent half an hour on the phone to them today and all they can tell me is I will get a Welcome Pack within the next 7 working days.

Opening an M&S Current Account and Monthly Saver is an incredibly slow process. There is no way that anyone applying for a new Current Account today would complete this before the Monthly Saver disappears.

SFindlay

Nick_C said:

Good luck to anyone trying to open a new M&S Current Account to try to get the Regular Saver.  I was told my application for the current account was approved three weeks ago.  Provided an on line signature.  Heard nothing since.  Spent half an hour on the phone to them today and all they can tell me is I will get a Welcome Pack within the next 7 working days.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

etienneg

SFindlay said:

Nick_C said:

Good luck to anyone trying to open a new M&S Current Account to try to get the Regular Saver.  I was told my application for the current account was approved three weeks ago.  Provided an on line signature.  Heard nothing since.  Spent half an hour on the phone to them today and all they can tell me is I will get a Welcome Pack within the next 7 working days.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

It's a common misunderstanding, but opening a new account and switching an old account into it are two separate processes. In other words, you cannot "open current account using the switching service". Only the switching process is "guaranteed to happen within 7 days" and will only start once the new account is open.
Often you can apply for a new account and request a switch at the same time, but opening the new account may need paper ID checks and so on. Applying for a switch does NOT get around these things taking time. Also, note that the "7 days" is 7 WORKING days.

SFindlay

etienneg said:

SFindlay said:

Nick_C said:

Good luck to anyone trying to open a new M&S Current Account to try to get the Regular Saver.  I was told my application for the current account was approved three weeks ago.  Provided an on line signature.  Heard nothing since.  Spent half an hour on the phone to them today and all they can tell me is I will get a Welcome Pack within the next 7 working days.

Can only open a RS with them if open current account using the switching service from another provider anyway which is guaranteed to happen within 7 days so guess there is some hope. If you used switching service and has taken 3 weeks then you need to complain (unless you set the switch date after this time), if not used switching service you can't get their RS anyway. 

It's a common misunderstanding, but opening a new account and switching an old account into it are two separate processes. In other words, you cannot "open current account using the switching service". Only the switching process is "guaranteed to happen within 7 days" and will only start once the new account is open.
Often you can apply for a new account and request a switch at the same time, but opening the new account may need paper ID checks and so on. Applying for a switch does NOT get around these things taking time. Also, note that the "7 days" is 7 WORKING days.

Yes I appreciate that but its just a play of words isn't it!! The point is M&S stipulate RS can only be opened by customers who have "switched to us using the current account switch service" which pretty much means opened their current account using the switching service doesn't it?!?!? 
Also note the 7 days is UP TO 7 days so if account switching is straightforward and ID checks etc can be conducted online like most will then there is still a chance!! 

Shedman

quirkydeptless said:

Gers said:

Ed-1 said:

Martin's just hinted at a warning for HSBC/First Direct/M&S regular saver rates in previewing his show tonight. So he's obviously heard on the grapevine that these rates may be dropping from 2.75% soon.

Had to come, unfortunately.

I was expecting a rate drop, but stopping them completely is sad news indeed 
My First Direct RS matured on the 31st October, but I can't open an new one as the old one still hasn't closed. Hopefully I can still make it before FD end it.
My HSBC and M&S ones have a few months left.
My Magic Money tree is looking very grim now 

That looks like the Magic Money tree after Rishi's been there and dished it all out....although it does seem to keep miraculously sprouting new fivers 

colsten

SFindlay said:

Yes I appreciate that but its just a play of words isn't it!! The point is M&S stipulate RS can only be opened by customers who have "switched to us using the current account switch service" which pretty much means opened their current account using the switching service doesn't it?!?!? 

No it doesn't. As has already been explained, you cannot open a current account using the current account switching service. It's called CASS, not CAOSS.

colsten

SFindlay said:

Also note the 7 days is UP TO 7 days so if account switching is straightforward and ID checks etc can be conducted online like most will then there is still a chance!! 

I admire your optimism. Unfortunately, you are mistaken, as the very earliest switch date on offer from M&S is two weeks from today. Before you say anything about complaining: there isn't actually any guarantee that you can choose a switch date 7 days from submitting the switch request.

Nick_C

SFindlay said:

Yes I appreciate that but its just a play of words isn't it!! The point is M&S stipulate RS can only be opened by customers who have "switched to us using the current account switch service" which pretty much means opened their current account using the switching service doesn't it?!?!? 

No, it's not a play on words.  Its an important point.  

You cannot switch an account to M&S until you have opened an M&S Current Account.

Try it!  https://webforms.marksandspencer.com/cassform

The switching form asks "Do you have an open M&S Current Account?"  If you answer "No", you get an error message "You must have an open M&S Current Account to switch to us".  

SFindlay

Nick_C 

No, it's not a play on words.  Its an important point.  

You cannot switch an account to M&S until you have opened an M&S Current Account

And you can't open a RS (point if this whole thread and reason point raised!!!!) Without using their SWITCHING SERVICE (M&S terminology not mine!) So YES it is very much a play on words!!
Anyway as I say this is a RS thread not a discussion about switching service so your points are just derailing the thread so time to bring it to an end. 🙂

Nick_C

SFindlay said:

Anyway as I say this is a RS thread not a discussion about switching service so your points are just derailing the thread so time to bring it to an end. 🙂

It is you who have derailed the thread with your inaccurate comments on my post.  But I agree, it is time to bring this to an end.  It should never have started.

Most people who follow this thread are well informed and will have understood the process, but perhaps not the timescales involved.

The main site currently says :

"If you DON'T have a current account with one of these banks currently, then it IS still possible to get a current account and then open a regular saver.

M&S Bank told us you don't need to have completed a switch to it before you open a regular saver, so if you apply to switch your current account to M&S Bank by Thursday 12 November, and at the same time open a regular saver, you could still beat the deadline."

That advice is unrealistic for M&S.  Hence my informative post.