M&S Bank closing all current accounts

Rich2808

colsten said:

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.

Didn't realise premium club had closed too to new members - and odd the page before (which I linked to) invites you to click to that page to only be told it is currently unavailable to new applicants! And even more bizarre that existing premium members at least cannot switch to make their £10 monthly premium club membership payments from their credit card - staying - from their current account which is being closed?
Will the hot drinks and general vouchers available stay under the replacement scheme?

datlex

Dephead2004 said:

Jen from Philipines was excellent, took 20 minutes with checking with supervisor. 

This made me smile

Rich2808

datlex said:

Dephead2004 said:

Jen from Philipines was excellent, took 20 minutes with checking with supervisor. 

This made me smile

Do M&S have a call centre in the Philippines now?
Or do they just use Manila envelopes?

NoodleDoodleMan

"Will the hot drinks and general vouchers available stay under the replacement scheme?"

I used Live Chat online to get some understanding of what's on offer ahead.

 A new Premium Club (maybe with a different title ?) which can be paid by M&S credit card - indeed that appears to be the only way to do so when it's floated.

A new range of benefits/rewards mentioned.

No specifics, so don't take this as Gospel, and don't quote me.

Basically a Watch This Space scenario.

MrsShazbat

I also thought this was a scam when I first read it, not least because I got the email twice.  So I checked, found the story on MSE and sent the link to my mum to confirm it wasn't a scam (as we both have our main current accounts with M&S and I'm joint account-holder on hers).  Ironically, she'd read it before me and it never entered her head that it wasn't genuine LOL! 
I've got a small Monthly Saver due to expire in November, but I'm also currently using my overdraft so will have to get that paid back before I can look into changing anything.  I could use my other current account with Santander but of course I'd have to switch everything myself which is a pain.  So I'm just going to hang on till the next update in May and see what's what at that point.

PennyDD

Martin suggests Nat West or RBS for a good interest rate (3%). It's a possible alternative.  But the max you can invest is £1,000 compared to the £3,000 that M & S allowed on their Monthly Saver.  Any suggestions for an a/c for the remaining money?

jimjames

PennyDD said:

Martin suggests Nat West or RBS for a good interest rate (3%). It's a possible alternative.  But the max you can invest is £1,000 compared to the £3,000 that M & S allowed on their Monthly Saver.  Any suggestions for an a/c for the remaining money?

Virgin at 2%?

Dephead2004

2% at Virgin in Current a/c and 0.35% in a savings a/c plus 12 bottles of wine and £50 to your chosen charity.

Dephead2004

Also Lloyds Club Current a/c

• There’s a £3 monthly fee for maintaining the account, but we’ll refund this every month in which you pay in £1,500 or more
• Earn interest on your money - on balances up to £5,000,  when you pay out two different Direct Debits each month

• £1 - £3,999.99	0.60%
  £4,000 - £5,000	1.50%

with a monthly saver

• Save from £25 to £400 a month.
• Receive 1.50% gross/AER interest on your savings. Interest is fixed so it won’t change during the term.
• Withdraw your money when you need it without charge.

plus a range of club benefits 
Choose a yearly benefit from:

• a Gourmet Society membership
• 6 cinema tickets
• a magazine subscription
• 12 digital movie rentals

born_again

Rich2808 said:

datlex said:

Dephead2004 said:

Jen from Philipines was excellent, took 20 minutes with checking with supervisor. 

This made me smile

Do M&S have a call centre in the Philippines now?
Or do they just use Manila envelopes?

A lot of HSBC stuff has moved from India to Philippines. Guess they do it a lot cheaper than India now
So M&S calls will be handled by HSBC staff pretending to be M&S.