Bank with M&S, HSBC or First Direct? Urgently open its regular saver - MSE News

MSE_Petar

Read the full MSE News Story: 

M&S Bank to close regular saver next week - and it's possible HSBC and First Direct could follow

London7766551

Another one bites the dust. Already have this account, ends in a few months!

xylophone

I've only just opened a new one - once   this one matures, I may well simply close the M&S account.

wiseonesomeofthetime

London7766551 said:

Another one bites the dust. Already have this account, ends in a few months!

Same here. Jan 2021

Knew it wouldn't last.

No use for HSBC or First Direct accounts in the new year then, if they follow suit.

vernall

Only just restated M&S and First Direct a month ago so I am ok with those. My current HSBC matures on 22/10, hopefully they can hold off until after that to pull it lol

dcs34

Mine matured today - applied for a new one - fortuitous timing!

Money_Grabber13579

I presume you can’t close an existing one early and open and new one before next week? I seem to recall there being a condition that you couldn’t open a new one until a year after opening the previous one, even if it was closed early but can’t remember if it was this one.

wiseonesomeofthetime

You can close it early, and receive your interest at about 0.01%, instead of your 2.75%

That's the penalty for early closure.