M&S Bank closing all current accounts

NoodleDoodleMan

Does anybody have a handle on what is liable to happen to the £10 monthly fee for the M&S Premium Club ?

We pay ours from this account - I had previously asked if it could be charged to an M&S credit card - no that's not possible.

Maybe that'll change ?

EarthBoy

NoodleDoodleMan said:

Does anybody have a handle on what is liable to happen to the £10 monthly fee for the M&S Premium Club ?

We pay ours from this account - I had previously asked if it could be charged to an M&S credit card - no that's not possible.

Maybe that'll change ?

I presume this is covered by this statement on their website:

What will happen to my exclusive M&S benefits?

We are currently finalising a way for you to access exclusive M&S benefits, which are dependent upon holding an M&S product. If you want to continue to access exclusive M&S benefits please don't close or switch your account yet and check back in April when we will have more information to share with you on how to keep these benefits.
https://bank.marksandspencer.com/current-accounts/premium-current-account/

colsten

The T&Cs of the M&S Premium Club suggest your monthly Premium Club fee will be charged to your M&S Credit Card. I cannot find anything that suggests an M&S Current Account is a pre-req for this Premium Club.

Could it be you have the Premium M&S Current Account? In which case, the answers about the perks are on the M&S website

Rich2808

NoodleDoodleMan said:

Does anybody have a handle on what is liable to happen to the £10 monthly fee for the M&S Premium Club ?

We pay ours from this account - I had previously asked if it could be charged to an M&S credit card - no that's not possible.

Maybe that'll change ?

My mother pays her £10 premium club monthly payment via her M&S credit card - she doesn't have an M&S current account  - their website says you can do this too.  So whoever told you it couldn't be is talking nonsense.
https://bank.marksandspencer.com/credit-card/premium-club-members/
If they won't oblige and transfer payment sources - just close your membership and reopen by authorising payment to your credit card. 

NoodleDoodleMan

I seem to be having problems posting here - fingers crossed.

I asked M&S about paying for the Premium Club £10 monthly fee after the current account is closed - heres's the reponse.

Hi xxxxxxx,
We understand this news is likely to come as a disappointment and we want to apologise for any inconvenience.
Unfortunately, when your account closes you will no longer be a member of the Premium Club.
We are looking to open a new Premium club in the next few months and we will provide more information on this as soon as possible.
If there is anything further we can help with, please get in touch.

colsten

Rich2808 said:

If they won't oblige and transfer payment sources - just close your membership and reopen by authorising payment to your credit card. 

NoodleDoodleMan seems to have  the M&S Premium Current Account, which is getting the chop, like the normal M&S Current Account.

The 'benefits' of that Premium current account appear to be the same as those of the Premium Club account which M&S credit card members were able to join.

The scheme is, however, no longer open to new  applicants, and there is no option on the M&S credit card to open Premium Club membership.

M&S are clearly aware of the issue, as their website states that holders of the M&S Premium Current Account need to check back in April.

NoodleDoodleMan

Thanks for responses.

As you'll see from M&S bank reply above, the Premium Club is also to close and a new version introduced.

Hopefully the fee can be charged to an M&S credit card.

Dephead2004

The process seems reasonably easy. Go to Chat, told to either initiate the switch with new bank , M&S will close the monthly saver and transfer this sum plus full years interest to my current a/c and then send all this over to my new bank. Or I can close the monthly saver straight away by giving a call on 03459000900 and they can sort that for you, receive the interest on the next  business day into Current a/c and then do the switch at leisure. Jen from Philipines was excellent, took 20 minutes with checking with supervisor. Will confirm on Monday/Tuesday that the interest has been paid in full

Dephead2004

Zanderman said:

colsten said:

I just remembered, there is another current switch offer which one or two people may still be able to go after: Virgin Money.
The offer is not for 'real' money but for 15,000 Virgin Red points, which may or may not turn you on. Gregg's sausage roll fans could be set for life, or at least until the end of summer, with 75 sausage rolls. Or you could learn how to make chocolate truffles, exchange them into wine etc etc.

Isn't the Virgin Money Wine offer still running too?

Yes it is 12 bottles of wine and £50 to a charity of your choice from a list. 2% on £1000 in a current a/c and 0.35% (from April) in a savings a/c. 2 DDs needed and use of mobile app

CRISPIANNE3

Just spoken to a customer service advisor and have closed the Monthly saver account. He advised the interest was £19.00 but it will be made up for the full year. I had 4 monthly payments left to go.