M&S Bank closing all current accounts

MDMD

https://bank.marksandspencer.com/current-accounts/mands-current-account/

Pity there’s no switch offer around at the moment that I’m eligible for.

The website hints you can close your Monthly Saver early and still get the interest in full.....

CRISPIANNE3

I'm in shock. Will wait until a suitable switch offer comes ago before switching. I have accounts with Lloyds and Nationwide.

block10

Sad news - their regular saver was competitive

jimjames

Thanks for the heads up. It'll be interesting to find out more on this. If it means you can close immediately and get interest for the full 12 months that will be a bonus.

M&S Monthly Saver

We'll make sure you don't lose out on interest you would have earned if your Monthly Saver had remained open for the full 12 month term. If your account is closed before maturity, we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.

MDMD

jimjames said:

Thanks for the heads up. It'll be interesting to find out more on this. If it means you can close immediately and get interest for the full 12 months that will be a bonus.

M&S Monthly Saver

We'll make sure you don't lose out on interest you would have earned if your Monthly Saver had remained open for the full 12 month term. If your account is closed before maturity, we'll assume a maximum contribution of £250 has been made in each remaining month to calculate your interest.

Yes, I’m planning on closing mine on 5 or 6 April if so (depending on which tax year I want the interest to fall in).

Living_proof

When the email came in I thought it was some sort of scam but on checking their website I see it is true. I will probably switch back to Halifax, from whence I came, but I'll check on other switches in the meantime.

phillw

MDMD said:
Yes, I’m planning on closing mine on 5 or 6 April if so (depending on which tax year I want the interest to fall in).

You don't need to do anything just yet and we will be back in touch in May with more information about the decision you will need to make about your current account. There will be two options you will need to choose from.

You might want to double check that you'd get the interest if closing now, as they say you don't have to do anything just yet and the "more information" might be relevant.

PRAISETHESUN

Unexpected, but not unsurprising. Hopefully a switch offer comes up in the next few months. My reg saver matures in Sept so it will be interesting to see how they treat any accounts closed early. If it does turn that that we can close it ourselves and still get full interest for the full term, then it'd be a no-brainer to close it and then save the money elsewhere.

colsten

I have beaten them to it.  Switched my current account beginning of February, the day my last M&S RS had matured.

JustAnotherSaver

Well in a way that's a relief. 4 less accounts for me to have to manage should make things even easier. Look on the bright side and all that. 

Wonder what this means for the regular saver though. I think one of them is due to mature soon (full contributions) whereas the other I think is onky halfway through (partial contributions). 

colsten

JustAnotherSaver said:

Wonder what this means for the regular saver though. I think one of them is due to mature soon (full contributions) whereas the other I think is onky halfway through (partial contributions). 

You could be in for a little windfall