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  • FIRST POST
    • elephantrosie
    • By elephantrosie 22nd May 17, 11:06 PM
    • 425Posts
    • 121Thanks
    elephantrosie
    Marks and spencer regular savings account
    • #1
    • 22nd May 17, 11:06 PM
    Marks and spencer regular savings account 22nd May 17 at 11:06 PM
    I would like to open a m&s regular saver account. having a current account is a prerequisite to it. Does the current account need to one that switched from another bank? or can it be a brand new current account?
    Another night of thankfulness.
Page 1
    • apt
    • By apt 22nd May 17, 11:54 PM
    • 3,072 Posts
    • 1,739 Thanks
    apt
    • #2
    • 22nd May 17, 11:54 PM
    • #2
    • 22nd May 17, 11:54 PM
    You need to have used the switching service and have 2 active direct debits to qualify.
    • metrobus
    • By metrobus 22nd Mar 18, 11:37 AM
    • 1,401 Posts
    • 729 Thanks
    metrobus
    • #3
    • 22nd Mar 18, 11:37 AM
    • #3
    • 22nd Mar 18, 11:37 AM
    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a 3000 limit?
    • noh
    • By noh 22nd Mar 18, 11:57 AM
    • 5,256 Posts
    • 3,558 Thanks
    noh
    • #4
    • 22nd Mar 18, 11:57 AM
    • #4
    • 22nd Mar 18, 11:57 AM
    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a 3000 limit?
    Originally posted by metrobus
    It allows only 12 payments max 250 per month.
    • clivep
    • By clivep 22nd Mar 18, 12:00 PM
    • 331 Posts
    • 164 Thanks
    clivep
    • #5
    • 22nd Mar 18, 12:00 PM
    • #5
    • 22nd Mar 18, 12:00 PM
    Does it allow 13 payments eg 1st payment 22nd March 2018 followed by 12 payments the following 12 1st of the months or is there a 3000 limit?
    Originally posted by metrobus
    Following payments are on the same day of the month as the initial one (unlike Nationwide) so there would be a 3,000 limit.
    • pafpcg
    • By pafpcg 22nd Mar 18, 12:25 PM
    • 256 Posts
    • 241 Thanks
    pafpcg
    • #6
    • 22nd Mar 18, 12:25 PM
    • #6
    • 22nd Mar 18, 12:25 PM
    M&S set-up the standing order to debit your M&S current account. When I've set-up a new regular saver, M&S have debited the first payment by a transfer from my current account and the remaining 11 payments as a standing order. Only the amount can be changed in the standing order - you CANNOT change the day it is taken from your current account, so you have to fix the day by opening the regular saver the day before you want the standing order to pay. (And in succeeding years, you lose a day or two before you can reopen another regular saver, so the day the standing order pays moves back over time.) M&S are very pedantic about the funding of their regular saver.
    • OceanSound
    • By OceanSound 11th Aug 18, 1:47 PM
    • 323 Posts
    • 48 Thanks
    OceanSound
    • #7
    • 11th Aug 18, 1:47 PM
    • #7
    • 11th Aug 18, 1:47 PM
    You need to have used the switching service and have 2 active direct debits to qualify.
    Originally posted by apt
    I switched from Metro bank on 07 August. I had 4 active direct debits. They've all been transferred across. Metro bank balance has also been transferred across.

    I logged in to Metro Bank internet banking and the account has definitely been closed (switched).

    Do I need to wait for some sort of confirmation from M&S (that switch is complete), or can I go ahead and apply for monthly saver now.
    • surreysaver
    • By surreysaver 11th Aug 18, 2:08 PM
    • 2,519 Posts
    • 1,434 Thanks
    surreysaver
    • #8
    • 11th Aug 18, 2:08 PM
    • #8
    • 11th Aug 18, 2:08 PM
    Just apply. If there's an issue I'm sure they will say something
    I consider myself to be a male feminist. Is that allowed?
    • OceanSound
    • By OceanSound 11th Aug 18, 2:27 PM
    • 323 Posts
    • 48 Thanks
    OceanSound
    • #9
    • 11th Aug 18, 2:27 PM
    • #9
    • 11th Aug 18, 2:27 PM
    Just apply. If there's an issue I'm sure they will say something
    Originally posted by surreysaver
    Apply via phone or online?
    • planteria
    • By planteria 11th Aug 18, 3:04 PM
    • 5,009 Posts
    • 1,112 Thanks
    planteria
    You need to have used the switching service and have 2 active direct debits to qualify.
    Originally posted by apt
    i didn't know that the account has to have been transferred.. that seems strange, as you would think they would look after all current account customers with access to their regular saver.
    • Westie983
    • By Westie983 11th Aug 18, 4:07 PM
    • 4,514 Posts
    • 15,050 Thanks
    Westie983
    This thread is five months old -

    The new stipulation for the regular saver was introduced probably over two years ago, I had a regular saver by just opening an account but then wasn't able to renew it as I hadn't switched, so I left M&S to go to COOP.

    I assume that the OP either opened one as they had switched or moved onto somewhere else.

    Westie983
    Save 12k in 2018 #10 Total (25,000)+13,000/12,000 = 108.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 1200/1000 = 120.00%
    2 Savers Club 2018 #16 Total (1500)+-470/2000 = 51.50%

    Total 15,332.59/15,865 = 96.64%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
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