M&S Bank closing all current accounts

ctdctd

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

jimjames

I've already put in a switch request. Wanted to check what would happen to the reg saver when that happens so did a chat this morning. Agent has confirmed that the reg saver will be automatically closed as part of the switch and full amount transferred to the new account. It's happening next week so I'll update with how it actually goes!

CRISPIANNE3

ctdctd said:

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

Not sure why there are differing amounts. I received £44.27. I had four payments left to make of £250 per month. 

colsten

CRISPIANNE3 said:

ctdctd said:

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

Not sure why there are differing amounts. I received £44.27. I had four payments left to make of £250 per month. 

It will depend on the date deposits were made, and on the amounts deposited. Interest earned to date will be calculated based on the balance at the end of each day. Interest going forward would be on assumed deposit amounts, for the remaining number of days to make up 12 months from account opening, as well as on the dates and amounts of assumed deposits.

ctdctd

colsten said:

CRISPIANNE3 said:

ctdctd said:

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

Not sure why there are differing amounts. I received £44.27. I had four payments left to make of £250 per month. 

It will depend on the date deposits were made, and on the amounts deposited. Interest earned to date will be calculated based on the balance at the end of each day. Interest going forward would be on assumed deposit amounts, for the remaining number of days to make up 12 months from account opening, as well as on the dates and amounts of assumed deposits.

Not really - the SO's are set by M&S to be monthly for 12 months so the total interest should be £44.50 give or take a few pennies for a £250 pcm funding.

soulsaver

Hmm. I got £42.23? never missed a payment, £250 month for 10 months @2.75%

MDMD

jimjames said:

I've already put in a switch request. Wanted to check what would happen to the reg saver when that happens so did a chat this morning. Agent has confirmed that the reg saver will be automatically closed as part of the switch and full amount transferred to the new account. It's happening next week so I'll update with how it actually goes!

I’m doing the same, and was told the same too. I’ll know on Monday morning whether or not it worked,

colsten

ctdctd said:

colsten said:

CRISPIANNE3 said:

ctdctd said:

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

Not sure why there are differing amounts. I received £44.27. I had four payments left to make of £250 per month. 

It will depend on the date deposits were made, and on the amounts deposited. Interest earned to date will be calculated based on the balance at the end of each day. Interest going forward would be on assumed deposit amounts, for the remaining number of days to make up 12 months from account opening, as well as on the dates and amounts of assumed deposits.

Not really - the SO's are set by M&S to be monthly for 12 months so the total interest should be £44.50 give or take a few pennies for a £250 pcm funding.

M&S will set up the DDs for the amount you ask them to. It's not compulsory to deposit £250 every month. You can also change the amount. The historic interest absolutely depends on the balance of each day.

fluffig

I have that groundhog day feeling ...
Having, eventually, received the £44 odd interest for closing my monthly saver, my partner has just rung them to close his. He's made 8 x £250 payment so far and the adviser on the phone estimated his interest to be £16 odd because he was closing it early!
Hmmmn. We think it should be a similar amount to that £44 odd they paid me. Waiting to see how much they pay!
EDIT : he just checked the £2,000 had credited to his current account, and yes it had, and also he's already (just a few minutes) been paid £45.13 'account transfer' interest!  So, they're getting quicker at paying it, but why on earth did adviser estimate it at £16?!
Never mind, all's well that ends well

soulsaver

colsten said:

ctdctd said:

colsten said:

CRISPIANNE3 said:

ctdctd said:

rowla said:

Closed my saver yesterday. Shortly after doing so the money in my saver was transferred to my current account. There was no small 6p/7p/8p interest payment as well.

This morning I received £44.98 interest in one transaction named 'account transfer'.

They seem to be on top of it now. 

Or not quite on top of it!

I closed mine yesterday and today got an "Account Transfer" of only £37.34.

Will give it 'till next week to see if the rest turns up and if not, phone again.

Not sure why there are differing amounts. I received £44.27. I had four payments left to make of £250 per month. 

It will depend on the date deposits were made, and on the amounts deposited. Interest earned to date will be calculated based on the balance at the end of each day. Interest going forward would be on assumed deposit amounts, for the remaining number of days to make up 12 months from account opening, as well as on the dates and amounts of assumed deposits.

Not really - the SO's are set by M&S to be monthly for 12 months so the total interest should be £44.50 give or take a few pennies for a £250 pcm funding.

M&S will set up the DDs for the amount you ask them to. It's not compulsory to deposit £250 every month. You can also change the amount. The historic interest absolutely depends on the balance of each day.

I never varied, nor missed a payment and got £2 less than the £44 expected/calculated. I've secure messaged them as 'chat' wasn't manned by human.