M&S Bank closing all current accounts

CRISPIANNE3

fluffig said:

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

The advisor estimated £19.00 for me but did say the extra would be added on. This was and came to a total of £44.27. I had made 8 payments of £250.00. 

SuperHans1

I called M&S last week and was told that I cannot close the Monthly Saver and receive the years interest without closing the Current Account at the same time and so I did not proceed.

Having read the above comments I tried again yesterday. The Monthly Saver was closed and I received the balance plus interest of £41.19 the same day. Up until yesterday I had made 9 out of 12 £250 contributions to the Monthly Saver on the same day of the month and so this interest payment did not add up. I spoke to them again this morning and they offered me £44 which they said was the maximum interest possible. I quoted the £44.69 from the summary box for the Monthly Saver which is still published online (https://bank.marksandspencer.com/pdf/CPSaverSummaryBox.pdf) and they then agreed to credit this amount instead.

I asked why there was such a variety of payments and why some people are receiving more than £44.69 but they couldn't/wouldn't answer this. Anyway if you need to dispute the interest with them I suggest referring to the above summary box.

FYI I have been using the Savings & Investments phone number 0808 002 2222 where they then transferred me to the Savings Department.

soulsaver

soulsaver said:

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.

As a result, got another £2 odd in my current ac this morning bringing total to £44.30 which I guess is near enough.

JustAnotherSaver

Had a quick look online last night before bed and I found a form to be filled out in order to close. I saw no internal close option.

So as that'll be a drawn out process I'm thinking the quickest way now will be to just switch to another current account that I hold. 

Ed-1

soulsaver said:

soulsaver said:

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.

As a result, got another £2 odd in my current ac this morning bringing total to £44.30 which I guess is near enough.

The variance is really bizarre. My mum got £48 today which bet my £46. My dad got £38!

jimjames

hoc said:

Other than calling and speaking to someone how else can the regular saver be closed? Can it be done with online chat? Can it be done with telephone banking (automated not talking to a human)? Does a CASS close the saver and add the balance to the current before switching completes or does the 45 odd quid get sent separately later?

By switching your current account to a new provider. I've been told by M&S that this will happen but will be able to confirm when the switch takes place next week.

SPOWER

This thread wants closing and moved to savings area cause that is what it is all about.  I am bored of it all.  I called the bank and asked for compensation and was told under no circumstances would that be paid, that the instruction came from above.   Now can we keep this about Marksies current accounts and anymore comments about these silly monthly savers and £40 interest, GO TO SAVINGS AREA.  Thank you.

eskbanker

SPOWER said:

This thread wants closing and moved to savings area cause that is what it is all about.  I am bored of it all.  I called the bank and asked for compensation and was told under no circumstances would that be paid, that the instruction came from above.   Now can we keep this about Marksies current accounts and anymore comments about these silly monthly savers and £40 interest, GO TO SAVINGS AREA.  Thank you.

What else do you expect to find out about their decision to close their current accounts?  It was established very early on in this thread that they were closing, so if you keep coming back to it in the expectation of finding out something interesting then you'll be disappointed, whether or not there's discussion about the ancillary product that was the reason many held the current account for.  Having said that, I think there was another optimistic poster who apparently felt (wrongly) that this was a decision for which compensation should be expected....

SamDude

SPOWER said:

I called the bank and asked for compensation and was told under no circumstances would that be paid, that the instruction came from above.

Not true.
https://forums.moneysavingexpert.com/discussion/comment/78146276#Comment_78146276 

jimjames

SPOWER said:

This thread wants closing and moved to savings area cause that is what it is all about.  I am bored of it all.  I called the bank and asked for compensation and was told under no circumstances would that be paid, that the instruction came from above.   

What exactly are you expecting to be compensated for?