M&S Bank closing all current accounts

xylophone

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?

I just contacted Lloyds (where I already held an account) and asked them to arrange the switch.

The money in the current account plus the money in the  monthly saver account and interest  (£42.88) appeared in Lloyds in one transaction.

I already hold FD and HSBC so no bonus available.

MDMD

xylophone said:

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?

I just contacted Lloyds (where I already held an account) and asked them to arrange the switch.

The money in the current account plus the money in the  monthly saver account and interest  (£42.88) appeared in Lloyds in one transaction.

I already hold FD and HSBC so no bonus available.

Shouldn’t the interest be £44.69?

https://bank.marksandspencer.com/pdf/CPSaverSummaryBox.pdf

xylophone

Shouldn’t the interest be £44.69?

I think that what they did was to calculate interest up to the date of closure then added on interest for the remaining  complete months.

MDMD

xylophone said:

Shouldn’t the interest be £44.69?

I think that what they did was to calculate interest up to the date of closure then added on interest for the remaining  complete months.

Interesting, that explains why I got £39 as mine closed a couple of days after my payment went in this month, so then that means they didn’t pay interest for the whole of that month....

Not exactly what I’d assume  “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” means....

I might call them to chase up the explanation and open a complaint at the same time....

Divorced_Daddy_001

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.

This sounds like great news!  Thanks for letting us know about it.  Hopefully First Direct will soon update the wording on their website.  At the moment is still excludes people who opened a M&S current account after 1st January 2018, from receiving the £100 switching bonus.

veggieblob

Divorced_Daddy_001 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.

This sounds like great news!  Thanks for letting us know about it.  Hopefully First Direct will soon update the wording on their website.  At the moment is still excludes people who opened a M&S current account after 1st January 2018, from receiving the £100 switching bonus.

First Direct website now only excludes HSBC accounts from the bonus.  I started my switch from M&S this morning.  First switch date available was 13th April.  Still waiting for final confirmation so fingers crossed.

masonic

MDMD said:

xylophone said:

Shouldn’t the interest be £44.69?

I think that what they did was to calculate interest up to the date of closure then added on interest for the remaining  complete months.

Interesting, that explains why I got £39 as mine closed a couple of days after my payment went in this month, so then that means they didn’t pay interest for the whole of that month....

Not exactly what I’d assume  “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” means....

I might call them to chase up the explanation and open a complaint at the same time....

Hmm, so it seems as things stand that the optimal switch date is the day before your standing order would normally go in.

Divorced_Daddy_001

veggieblob said:

First Direct website now only excludes HSBC accounts from the bonus.  I started my switch from M&S this morning.  First switch date available was 13th April.  Still waiting for final confirmation so fingers crossed.

That's great, thanks for this info.  If I go to the First Direct website via the link on MSE it says that recent M&S customers are excluded from the bonus, but if I search online and go direct to their website, there's no mention of M&S customers being ineligible, only HSBC customers, just like you said.  I'll be applying for my switch this weekend as well  

schiff

I've got an M&S current account, still open but with nothing in it, and with no DDs nor SOs set up. I was not intending to use it again. Does this mean that I can switch it to First Direct (where I already have their 1st account which is used only once a month to cycle the RS £300 through it) and get cash-back? This sounds like the ultimate in MSEism.

colsten

schiff said:

I've got an M&S current account, still open but with nothing in it, and with no DDs nor SOs set up. I was not intending to use it again. Does this mean that I can switch it to First Direct (where I already have their 1st account which is used only once a month to cycle the RS £300 through it) and get cash-back? This sounds like the ultimate in MSEism.

Refer to the FD switch offer terms. They have excluded existing customers from their offers since Adam was a boy.

You wouldn't be the first who tried their luck. Let us know what happened.