M&S Switch Bonus

snowqueen555
snowqueen555 Posts: 1,521 Forumite
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in Budgeting & bank accounts
Hi all

Has anyone had positive experience switching an account to M&S and claiming the £100 in gift vouchers? there hasn't been a recent thread I can find, but any comments i have found have not been very positive.
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Comments

  • stehouk
    stehouk Posts: 412 Forumite
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    edited 9 September 2019 at 9:33AM
    I have just received my voucher card seven days after the switch completed, i applied for the credit card first and then the account so i can gain an extra £40 next year.
    I switched a doner HSBC account and all went smoothly but a little slow.
  • Voyager2002
    Voyager2002 Posts: 15,279 Forumite
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    I also received the voucher: probably not quite within the seven days expected, but the process was reasonably smooth.
  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    Sounds good. Just 4 direct debits needed for the £100?
  • stehouk
    stehouk Posts: 412 Forumite
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    4 dd and £1250 per month pay in for the second payment a year later, it is worth applying for the credit card for a little extra, 5% regular saver as well, the app is rubbish though, i wouldn't have it as my main account and the confirmation letters keep coming , it must cost them a fortune in stationary and postage.
  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    Sounds great. I may just gain the £100 by having 4 direct debits. Is there anything stopping you from cancelling the 4 direct debits once the switch has completed?
  • fenwick458
    fenwick458 Posts: 1,522 Forumite
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    edited 29 September 2019 at 9:11AM
    snowqueen555 wrote: »
    Sounds great. I may just gain the £100 by having 4 direct debits. Is there anything stopping you from cancelling the 4 direct debits once the switch has completed?

    nope, same thing here you can cancel them all as soon as you have the bonus

    only bank i'v heard of that you can't do this is nationwide, they used to have some sort of fair usage policy wording on their T's & C's
    EDIT, Here it is
    https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#nationwiderefer
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    snowqueen555 wrote: »
    Sounds great. I may just gain the £100 by having 4 direct debits. Is there anything stopping you from cancelling the 4 direct debits once the switch has completed?
    The fact you'd only get around 55% of the potential switching incentive value perhaps? It would certainly stop me.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    fenwick458 wrote: »
    only bank i'v heard of that you can't do this is nationwide, they used to have some sort of fair usage policy wording on their T's & C's
    EDIT, Here it is
    https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/#nationwiderefer
    That's not the same. With Nationwide you can cancel the DDs as soon as the switch completes. If you read the link you've posted it talks about closing the account, not simply cancelling the DDs that have been switched.
  • snowqueen555
    snowqueen555 Posts: 1,521 Forumite
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    edited 29 September 2019 at 3:10PM
    Sounds great. My nationwide bonus came through last week, so would be nice to cancel the dd on those.

    M@s sounds good, some vouchers for Xmas spending

    EDIT -

    4 direct debits setup this morning (charitable), once they show up i will be able to go through the switch, and hope to update everyone on how smooth the service is and how long till I get the £100 vouchers :)
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,711 Forumite
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    My experience with M&S Bank was slow, but not as slow as HSBC or First Direct. For M&S Bank, the DDs can be cancelled after the initial switch incentive is paid, but you will forfeit the remaining bonus as your DDs need to remain "active" for 12 months to be eligible for the remainder of the bonus. IMO it's worth keeping this account open for the 5% regular saver, regardless of the switch incentive.

    For Nationwide, you can cancel the DDs after the switch bonus is paid - just don't close the account for 3 months afterwards otherwise they reserve the right to reclaim the money!
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