M&S Bank closing all current accounts

masonic

It really does seem that every element of this process has been meticulously planned.

jimjames

masonic said:

It really does seem that every element of this process has been meticulously planned.

You missed out some words on the end

"to be as complicated as possible"

MDMD

jimjames said:

masonic said:

It really does seem that every element of this process has been meticulously planned.

You missed out some words on the end

"to be as complicated as possible"

Exactly, they have tied up their staff doing manual calculations (incorrectly in my case) while customers clog up phone lines, when even if they have the most antiquated systems they should be able to automatically close all the MS accounts, dump the proceeds plus £44.69 in the current accounts and issue a letter and/or email to say what they have just done.....

tel_

tel_ said:

I've just initiated the closure of my Monthly Saver (and cancellation of the SO into the Monthly Saver).

I got through via telephone straight away a few minutes ago - it was a quick process.

The closure and interest should be completed tomorrow, so we'll see what happens.

I've checked my balance this evening and my Monthly Saver has been closed.

My interest has been credited as £44.11. 

Perhaps I should get £44.69 as advertised, but I won't query it as it's only 58p.

And I'm looking at the positive side - with still 6 months to go - I get my £1,500 back to earn interest elsewhere 

Divorced_Daddy_001

Does anyone have any suggestions about other decent current accounts to switch to?  As a M&S current account holder (opened in Jan. 2020), I'm not eligible for the switching incentives from First Direct or HSBC.  I don't want free wine from Virgin, so I'm looking for a new current account to switch to (ideally without me having to pay a monthly fee).  Any suggestions would be very much appreciated!  Otherwise I'll just sit and wait to see if any other switching incentives appear before August.

jimjames

I've switched to Bank of Scotland Vantage account. No incentives but pays interest and app seems ok. I've already got Virgin account but reading a few issues with that so decided against switching to it.

Sea_Shell

Sorry if I missed it up thread, but have any of you worked out what your actual APR was on your regular savers having been paid the full interest based on "virtual" payments to the account.   It must be quite a bit more than the advertised rate.

Which of you had the lowest balance to get your max interest?   

Just curious! 

Divorced_Daddy_001

jimjames said:

I've switched to Bank of Scotland Vantage account. No incentives but pays interest and app seems ok. I've already got Virgin account but reading a few issues with that so decided against switching to it.

Thanks very much for this, I'll take a look at that. 

tel_

JamesRobinson48 said:

tel_ said:

I've checked my balance this evening and my Monthly Saver has been closed.
My interest has been credited as £44.11. 

Please, does M&S Bank specifically refer to all, or part, of the £44.11 as 'interest'?  
I ask because if this is truly interest, then in principle it would be subject to income tax in the usual way.  Whereas if it would be categorised as a 'goodwill gesture', or words to that effect, might it perhaps be exempt from income tax?

Yes, M&S state this is interest, and calculated monthly at 2.75%.

tel_

Divorced_Daddy_001 said:

Does anyone have any suggestions about other decent current accounts to switch to?  As a M&S current account holder (opened in Jan. 2020), I'm not eligible for the switching incentives from First Direct or HSBC.  I don't want free wine from Virgin, so I'm looking for a new current account to switch to (ideally without me having to pay a monthly fee).  Any suggestions would be very much appreciated!  Otherwise I'll just sit and wait to see if any other switching incentives appear before August.

MSE have heard a rumor NatWest might offer a switch incentive shortly, but nothing is confirmed yet.

Might we worth holding out for a while, as we have until M&S close down their current account service in August.