Marks and Spencer Regular Saver

I opened a Marks and Spencer current account and a 6% regular saver account 12 months ago. I have now paid the maximum into the regular saver (£3,000), and believe the account is due to mature into an everyday saver account this month.

Does anyone know if you can continue to pay into, or open a new, 6% regular saver, or is this account just for one year only? Anybody been with Marks and Spencer longer than 12 months, and can advise me please?

If it doesn't continue, I will look to switch to a different provider's current account, with attached regular saver.
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Comments

  • FOREVER21
    FOREVER21 Posts: 1,729
    Energy Saving Champion I've been Money Tipped!
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    On maturity you can just open another regular saver
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    You should have received a maturity letter that specifies your options. The letter also says that they will move the money into your current account.
  • Frogletina
    Frogletina Posts: 3,865
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    I've just opened my second. However, it took half an hour on the phone to do so.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    Archi_Bald wrote: »
    You should have received a maturity letter that specifies your options. The letter also says that they will move the money into your current account.


    And despite of what they say in the letter, they didn't put my money into my current account. Instead, they opened a savings account and put the money into there. I was unable to transfer the money out of that account myself, even an internal transfer to my current account wasn't possible. I had to call them to get the money moved.
  • Frogletina
    Frogletina Posts: 3,865
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    Archi_Bald wrote: »
    And despite of what they say in the letter, they didn't put my money into my current account. Instead, they opened a savings account and put the money into there. I was unable to transfer the money out of that account myself, even an internal transfer to my current account wasn't possible. I had to call them to get the money moved.

    Mine was transferred into my current account but it took about 3 days to appear there and until it did I was not able to open another monthly saver account.

    Was your standing order from your Marks and Spencer current account?
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • Archi_Bald
    Archi_Bald Posts: 9,681
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    The SO was from my M&S account.
  • Frogletina
    Frogletina Posts: 3,865
    First Anniversary Name Dropper First Post
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    Archi_Bald wrote: »
    The SO was from my M&S account.

    Seems very odd that they opened a new account instead of putting it in your current account. When I was on the line to them this afternoon they offered me a savings account, with preferential rates as an existing customer - of 0.75%. I declined.

    All I use my current account for is a standing order to my M&S credit card account and the standing order for my monthly saver. I told the adviser I did not use it as my main account because there is no interest on the account.
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first
    SPC 8 £1567.31 SPC 9 £1014.64 SPC 10 # £1164.13 SPC 11 £1598.15 SPC 12 # £994.67 SPC 13 £962.54 SPC 14 £1154.79 SPC15 £715.38 SPC16 £1071.81⭐⭐⭐⭐⭐⭐⭐⭐⭐Declutter thread - ⭐⭐🏅
  • DominicH
    DominicH Posts: 288
    First Anniversary First Post Combo Breaker
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    Frogletina wrote: »
    Mine was transferred into my current account but it took about 3 days to appear there
    (Bumping because it doesn't really merit a new thread)

    Yeah, that happened to me, and it was pretty alarming to see my account with £3K+ in it just vanish without a trace from the website. I phoned them and they were like "oh yeah, don't worry, it'll get transferred to your current account in a few days." A bit too lackadaisical about it for my liking. I actually took a screenshot of an old statement showing payment into the Monthly Saver, as I had no other evidence that it ever existed.
    With my First Direct regular saver there is no delay and it is clear what is going on.
    "Einstein never said most of the things attributed to him" - Mark Twain
  • djpailo
    djpailo Posts: 550
    First Post First Anniversary Combo Breaker
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    Yeah, it seems they haven't improved things since last year, because my money has "disappeared" today too. Guess I'll have to wait til Monday then...
  • indsty
    indsty Posts: 372 Forumite
    Just opened another one after mine matured. Did it online and it took about three minutes. Got a confirmation letter 2 days later. No problems.
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