Switching to M&S bank- BEWARE

julieb724

Martin and the team this should be flagged up ASAP.

I'm trying to switch my Santander 123 bank account and thought I would try M&S bank.  I completed  everything online yesterday and today I had to make a call confirming information.  Then later this afternoon I was called back from M&S and asked more questions.  When I said that I am currently not working and on Universal Credit (as I am an agency worker and not on furlough) the advisor said I am unable to open a bank account because I am currently unemployed.  They won't allow me to switch at all. 

I am livid.

adamp87

This happens with current accounts that come with perks at times, it does state when applying they need employment details and may pull a credit check and subject to agreement/status. Unfortunately if unemployed you aren’t the audience they are after 

Browntoa

Marks and Spencer bank has very strict acceptance levels from what I hear 

julieb724

This then needs to be changed as M&S do require a minimum pay in /month.  Thank you for the replies- much appreciated

Top bank accounts (ranked by initial min pay-in)

Account	Minimum pay-in/mth	Equivalent salary/yr needed (1)	What if I don't pay in this much?
M&S Bank	None	N/A	No impact

Archi_Bald

It is entirely within their rights that banks put a minimum income level condition on their accounts though not all of them do, and/or not on all of their accounts. You have plenty of choice at other banks, and most importantly, you do have a working current account. Best to put it down to experience and to move on.

Out of interest, what did you expect to get from M&S Bank that you can't get from Santander? Is it their Regular Saver you were after? If so, there are alternatives,  albeit most at lower interest rates.

Zanderman

There's no point be being livid that a bank has turned you down - you just don't fit what they want.  The minimum pay in criteria are not a guide to whether the bank want you as a customer.  It's merely a guide to whether you, if accepted as a customer, would be able to fulfill their ongoing conditions.
I appreciate you're disappointed but that's life - and, imho, you've had a lucky escape as M&S bank are one of the most bureaucratic ones out there - very old fashioned in every respect.  If you want to switch there are much better options out there!
(btw, you're unlikely to get Martin's, or his team's, attention writing here!)

julieb724

I just didn't want to pay £5 a month for a current account and not be tied in with minimum pay-ins.  Don't worry I have moved on- their loss.

eskbanker

julieb724 said:

Martin and the team this should be flagged up ASAP.

Perhaps MSE should mention this in the 'best bank account' article, using wording such as:

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#accordion-content-1849010266-0

Could you be rejected when applying for a bank account?

Possibly. If rejected, it may be for one of many reasons, such as you've got a poor credit record, you've had past dealings with that bank where you've missed payments or the bank doesn't think you'll be a profitable customer.

YorkshireBoy

julieb724 said:

I just didn't want to pay £5 a month for a current account and not be tied in with minimum pay-ins.  Don't worry I have moved on- their loss.

Santander have a free account. Why not move to one of those and shift your savings elsewhere? Alternatively, if youve reasonable cashback, shift to Lite and move your savings elsewhere. You'd even keep your existing sort code and account number.
What exactly have M&S lost, other than a currently unprofitable customer? You surely weren't going to give them your savings for 0.xx% were you?

Archi_Bald

julieb724 said:

I just didn't want to pay £5 a month for a current account and not be tied in with minimum pay-ins.  Don't worry I have moved on- their loss.

You didn't even have to leave Santander to get a free account, without any minimum monthly pay-in. You could have "upgraded" (in Santander speak) online to their EveryDay account within 24 hours, keeping your account number, SOs, DDs, debit card and PIN, cheque book (if you have), transaction history and unchanged online and mobile access.

burner03

Not sure M&S have “lost” anything worth keeping here!