M&S Bank closing all current accounts

Ashen

jimjames said:

Looks like M&S are getting their act together. My transfer out is due to take place tomorrow, the regular saver has been closed today and the balance transferred to my current account including £41.32 interest. Number is slightly different from others mentioned here so I may query that but overall it seems to be a smooth process now.

Thanks - did you do anything in terms of contacting M&S before/after requesting the switch, or has all that happened automatically as part of the switch request?

jimjames

Ashen said:

jimjames said:

Looks like M&S are getting their act together. My transfer out is due to take place tomorrow, the regular saver has been closed today and the balance transferred to my current account including £41.32 interest. Number is slightly different from others mentioned here so I may query that but overall it seems to be a smooth process now.

Thanks - did you do anything in terms of contacting M&S before/after requesting the switch, or has all that happened automatically as part of the switch request?

It's happened automatically as part of the switch so I didn't need to do anything else. Just to confirm, the switch has now taken place successfully. The RS was closed the day before the switch, balance transferred to current account and then the transfer took place sending the entire balance to the new account at the new bank.

Reg_Smeeton

Just dropping in on the thread to confirm I have had the same experience as Jimjames. 

My transfer out is due to complete tomorrow, just checked on the app this morning and my RS contributions to date + £43.38 interest have been transferred to my current account and the RS closed. The only contact I’ve had with M&S is a “sorry you’re leaving us” letter over the weekend!!

soulsaver

Reg_Smeeton said:

Just dropping in on the thread to confirm I have had the same experience as Jimjames. 

My transfer out is due to complete tomorrow, just checked on the app this morning and my RS contributions to date + £43.38 interest have been transferred to my current account and the RS closed. The only contact I’ve had with M&S is a “sorry you’re leaving us” letter over the weekend!!

Assuming you're fully paid up they've 'done' you for a quid, then.

Gers

soulsaver said:

Reg_Smeeton said:

Just dropping in on the thread to confirm I have had the same experience as Jimjames. 

My transfer out is due to complete tomorrow, just checked on the app this morning and my RS contributions to date + £43.38 interest have been transferred to my current account and the RS closed. The only contact I’ve had with M&S is a “sorry you’re leaving us” letter over the weekend!!

Assuming you're fully paid up they've 'done' you for a quid, then.

I've still only received £0.21 as interest on 13 March.  M&S agree that it's a mistake though it'll take a further 3-5 working days to rectify.  The RS was paid up and so had £3k in.  I'm trying hard to be patient.

MSE_Helen_K

Hi everyone, just an update to confirm that all M&S Bank customers can now switch to HSBC and First Direct regardless of how long they've been with M&S. M&S had previously said customers wouldn't be able to switch to its sister banks if they'd joined the group since 1 January 2018. But it's now U-turned on this decision...

Read the full story:
'All M&S Bank customers can now switch to HSBC and First Direct - regardless of how long they've held their account'

Click reply below to discuss. If you haven’t already, join the forum to reply.

jimjames

MSE_Helen_K said:

Hi everyone, just an update to confirm that all M&S Bank customers can now switch to HSBC and First Direct regardless of how long they've been with M&S. M&S had previously said customers wouldn't be able to switch to its sister banks if they'd joined the group since 1 January 2018. But it's now U-turned on this decision...

Read the full story:
'All M&S Bank customers can now switch to HSBC and First Direct - regardless of how long they've held their account'

Click reply below to discuss. If you haven’t already, join the forum to reply.

I'm sorry Helen but I think that's quite inaccurate posting. All M&S Bank customers have ALWAYS been able to switch to HSBC if they so wished. The only thing they couldn't get was the switching bonus. It would avoid confusion if your article and accompanying text was clarified to fix that.

jimjames

JamesRobinson48 said:

Gers said:

I've still only received £0.21 as interest on 13 March.  M&S agree that it's a mistake though it'll take a further 3-5 working days to rectify.  The RS was paid up and so had £3k in.  I'm trying hard to be patient.

Please, any update on this?   Also, did you ask M&S to close your CA, or did you request a CA switch to another bank instead?

Personally I just arranged a switch and M&S did the rest automatically to calculate the final interest due when it was closed.

colsten

jimjames said:

MSE_Helen_K said:

Hi everyone, just an update to confirm that all M&S Bank customers can now switch to HSBC and First Direct regardless of how long they've been with M&S. M&S had previously said customers wouldn't be able to switch to its sister banks if they'd joined the group since 1 January 2018. But it's now U-turned on this decision...

Read the full story:
'All M&S Bank customers can now switch to HSBC and First Direct - regardless of how long they've held their account'

Click reply below to discuss. If you haven’t already, join the forum to reply.

I'm sorry Helen but I think that's quite inaccurate posting. All M&S Bank customers have ALWAYS been able to switch to HSBC if they so wished. The only thing they couldn't get was the switching bonus. It would avoid confusion if your article and accompanying text was clarified to fix that.

The MSE article also omits to mention that the bonus from the switch offer is only available to people who 

1. if switching to HSBC: are not, and have not been an HSBC current account holder on or after 1 January 2018
2. if switching to FD: have never held a First Direct account

Plus some other terms that are best read up on the respective website.

Alexland

MSE_Helen_K said:

Hi everyone, just an update to confirm that all M&S Bank customers can now switch to HSBC and First Direct regardless of how long they've been with M&S. M&S had previously said customers wouldn't be able to switch to its sister banks if they'd joined the group since 1 January 2018. But it's now U-turned on this decision...

Read the full story:
'All M&S Bank customers can now switch to HSBC and First Direct - regardless of how long they've held their account'

This story doesn't make sense - it's written as M&S Bank making decisions about if their former customers qualify for bonuses with a new bank. Surely it's for HSBC or First Direct to decide if they want to pay bonuses to former M&S Bank customers? Appreciate all three are linked but this is not an M&S Bank decision as the incentive is paid by the gaining bank under their terms.