Switching to M&S bank- BEWARE

RG2015

julieb724 said:

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

They do not require a minimum pay in. If someone satisfied their employment/income criteria this could be paid into an account at a different bank.

RG2015

burner03 said:

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

There is no call for gratuitous comments like this.

SuperHans1

I am in the middle of a switch to their current account so that I can get access to the M&S Monthly Saver. I have a lot of current accounts with all the big players but M&S Bank has been by far the slowest account opening and switch process of them all. I had expected the experience to be exactly the same as HSBC and First Direct but I was very much mistaken.

Yorkshire_Pud

burner03 said:

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

Nasty boy.

eskbanker

RG2015 said:

burner03 said:

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

There is no call for gratuitous comments like this.

Yorkshire_Pud said:

burner03 said:

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

Nasty boy.

Perhaps I'm being unduly charitable here but don't see that comment as being some sort of personal insult, I interpreted it more as a reflection of the fact that when someone says 'their loss' while moving from a bank, it's not really a loss to the bank at all (it costs them money to offer current accounts without charging for them), so that sort of comment from OP is just defiant but ultimately empty words said to make them feel better.

RG2015

eskbanker said:

RG2015 said:

burner03 said:

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

There is no call for gratuitous comments like this.

Yorkshire_Pud said:

burner03 said:

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

Nasty boy.

Perhaps I'm being unduly charitable here but don't see that comment as being some sort of personal insult, I interpreted it more as a reflection of the fact that when someone says 'their loss' while moving from a bank, it's not really a loss to the bank at all (it costs them money to offer current accounts without charging for them), so that sort of comment from OP is just defiant but ultimately empty words said to make them feel better.

I didn't say it was any sort of personal insult. I said it was gratuitous.

However, many could reasonably interpret this as the OP is not worth keeping rather than their custom.

julieb724

Thank you for the comments and advice.  We all interpret messages differently depending on the level of information provided.  So, perhaps burner03 already has an M&S account!  And if so, good luck to them or maybe not.......

burner03 said:

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

My take home message is that switching bank accounts is not as simple as switching energy suppliers.  

Moving forward from your advice I will stay loyal to the bank I have been with for the last 30 years or so and will just switch accounts.

What I don't appreciate is unclear information or false hope so will happily use the forum more than MSE in the future afterall I am an average person leading an average life and I am happy with that.

eskbanker

julieb724 said:
My take home message is that switching bank accounts is not as simple as switching energy suppliers. 

This is undeniably true, not least because, unlike energy suppliers, switching banks is a separate process from opening accounts with them (you can switch into an account that's been open for ages).  Once you have a bank account with your chosen new supplier, the actual switching process itself is simple.

There are obviously other differences between switching banks and switching energy suppliers - you can only realistically have one energy supplier (per fuel), and they're largely obligated to accept your business, whereas banks are able to apply selection criteria, both published and internal, to applications, as you've learned.

born_again

julieb724 said:

What I don't appreciate is unclear information or false hope so will happily use the forum more than MSE in the future afterall I am an average person leading an average life and I am happy with that.

From the bottom of the page....

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

• This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.  

Remember if you go via a link from this site, MSE get a kick back for that.
Why do you think ML is so rich....