Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Mikkelzzz3
    • By Mikkelzzz3 30th Nov 17, 5:00 PM
    • 15Posts
    • 4Thanks
    Mikkelzzz3
    M&S Bank Current Account Rejection
    • #1
    • 30th Nov 17, 5:00 PM
    M&S Bank Current Account Rejection 30th Nov 17 at 5:00 PM
    Hey all, I am currently applying & switching bank accounts, to sweep up all those nice switching bonuses.

    Today I got declined for a current account the first time. This was a M&S Current Account. My question is: Do M&S have higher standards than other banks?

    Would it be safe for me to start a new current account application with First Direct (Do they have "lower standards"), or will every bank decline me now, and for how long?
Page 1
    • Gary_Dexter
    • By Gary_Dexter 30th Nov 17, 5:09 PM
    • 1,288 Posts
    • 736 Thanks
    Gary_Dexter
    • #2
    • 30th Nov 17, 5:09 PM
    • #2
    • 30th Nov 17, 5:09 PM
    Check your credit files for any defaults, late payments etc. first before making multiple applications
    • badger09
    • By badger09 30th Nov 17, 5:26 PM
    • 6,000 Posts
    • 5,349 Thanks
    badger09
    • #3
    • 30th Nov 17, 5:26 PM
    • #3
    • 30th Nov 17, 5:26 PM
    First Direct are amongst the 'choosiest'. As are HSBC. Spot the theme here

    I would try a completely different group, but a check of your credit files is a good idea.
    • Kim_13
    • By Kim_13 30th Nov 17, 7:15 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #4
    • 30th Nov 17, 7:15 PM
    • #4
    • 30th Nov 17, 7:15 PM
    In case you haven't managed to 'spot the theme' as you aren't aware, HSBC, First Direct and M&S are all part of the same group, so the former two aren't recommended following an M&S decline.

    Lloyds, Halifax and Bank of Scotland are another group.

    Natwest and Royal Bank of Scotland are another.

    Anyone else is out on their own.

    As another poster suggested, do check your credit files before applying elsewhere. Never pay for these, as you can get them all via the free services. See this article for details: https://www.moneysavingexpert.com/loans/check-free-credit-report#free
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00
    • Katiehound
    • By Katiehound 30th Nov 17, 8:44 PM
    • 4,444 Posts
    • 38,865 Thanks
    Katiehound
    • #5
    • 30th Nov 17, 8:44 PM
    • #5
    • 30th Nov 17, 8:44 PM
    Another group of stable mates are Clydesdale & Yorkshire + the new 'B'

    Isn't Tesco affiliated to RBS?- or am I imagining things??
    Being polite and pleasant doesn't cost anything!
    If you found my posting helpful please hit the "Thanks" button!
    Many thanks

    2018 Wombling : Entrant 8 ..2319 cc+.2205mm (£2.20.5) + RK £5.21= £30.64.5
    • Mikkelzzz3
    • By Mikkelzzz3 30th Nov 17, 11:16 PM
    • 15 Posts
    • 4 Thanks
    Mikkelzzz3
    • #6
    • 30th Nov 17, 11:16 PM
    • #6
    • 30th Nov 17, 11:16 PM
    Thank you everyone!

    My credit file looks good. No overdue payments. No Loans, paying credit cards in full every month.

    I think I got declined because of the numerous current account applications I have made in a very short period. Around 6 in 3 months. (All successful until now)

    I will take a 2 month break, then try M&S again. Is that a good strategy, or is 2 months too little?
    • EachPenny
    • By EachPenny 30th Nov 17, 11:28 PM
    • 5,171 Posts
    • 13,802 Thanks
    EachPenny
    • #7
    • 30th Nov 17, 11:28 PM
    • #7
    • 30th Nov 17, 11:28 PM
    Isn't Tesco affiliated to RBS?- or am I imagining things??
    Originally posted by Katiehound
    Originally, but then Tesco went its own way in 2008.
    "In the future, everyone will be rich for 15 minutes"
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,840Posts Today

9,463Users online

Martin's Twitter