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  • FIRST POST
    • &*()*
    • By &*()* 7th Jul 18, 7:49 PM
    • 48Posts
    • 25Thanks
    &*()*
    Switching bank? Check the features, not just the . My M&S story.
    • #1
    • 7th Jul 18, 7:49 PM
    Switching bank? Check the features, not just the . My M&S story. 7th Jul 18 at 7:49 PM
    Hi,

    I just wanted to share my experience, as many like I'm sure are looking to switch after terrible interest rates at Lloyds et al. And the 120+ of Marks and Spencer's spending tempted me.

    Foolishly - and this is my own fault hands up - I didn't actually think about bank features. I made an assumption, as I'd been with decent banks, that they were all much of a muchness.

    The irony is that M&S having the slogan "new fashioned banking" but it's anything but.

    The first major issue was I got one of those keypads that you have to use to login to your internet banking every time. i.e. a complete hassle that locks you to one place and you have to find and use it every time. This sort of tech I was using with banks 6 - 7 YEARS ago. Lloyds I can use it and setup a payment wherever I am.

    Then I dug into the M&S Google App. No fingerprint scanning. No way to setup new payments on the go. No PayM - I use PayM so much! It basically is a look at your last 90 days of transactions, that's it, and people are complaining even that's slow.

    I invoked my cool down period and have cancelled it.

    Perhaps all banks are like this and I'm just spoilt with Lloyds and Amex. Perhaps fast/remote access isn't important and you don't use payments on your phone - so you may be fine with M&S.

    But I'd say... just pause for a moment and look into the features as well as the incentives! As there is clearly a massive gulf in the market out there. I really am surprised how antiquated the bank is considering it's HSBC under the bonnet

    P.S. also the debit card was utterly, utterly awful. Like a kid had been left with Microsoft Paint. I would have been embarrassed to use it.
Page 1
    • Browntoa
    • By Browntoa 7th Jul 18, 8:05 PM
    • 33,849 Posts
    • 39,979 Thanks
    Browntoa
    • #2
    • 7th Jul 18, 8:05 PM
    • #2
    • 7th Jul 18, 8:05 PM
    I use the m&s banking app , no need for the keypad to make payments to existing payee's .

    Can view all recent transactions quite easily.

    Only time I need to fully login is to view an old statement or set up a new payment
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Ed-1
    • By Ed-1 7th Jul 18, 8:06 PM
    • 2,413 Posts
    • 1,256 Thanks
    Ed-1
    • #3
    • 7th Jul 18, 8:06 PM
    • #3
    • 7th Jul 18, 8:06 PM
    Hi,

    I just wanted to share my experience, as many like I'm sure are looking to switch after terrible interest rates at Lloyds et al. And the 120+ of Marks and Spencer's spending tempted me.

    Foolishly - and this is my own fault hands up - I didn't actually think about bank features. I made an assumption, as I'd been with decent banks, that they were all much of a muchness.

    The irony is that M&S having the slogan "new fashioned banking" but it's anything but.

    The first major issue was I got one of those keypads that you have to use to login to your internet banking every time. i.e. a complete hassle that locks you to one place and you have to find and use it every time. This sort of tech I was using with banks 6 - 7 YEARS ago. Lloyds I can use it and setup a payment wherever I am.

    Then I dug into the M&S Google App. No fingerprint scanning. No way to setup new payments on the go. No PayM - I use PayM so much! It basically is a look at your last 90 days of transactions, that's it, and people are complaining even that's slow.

    I invoked my cool down period and have cancelled it.

    Perhaps all banks are like this and I'm just spoilt with Lloyds and Amex. Perhaps fast/remote access isn't important and you don't use payments on your phone - so you may be fine with M&S.

    But I'd say... just pause for a moment and look into the features as well as the incentives! As there is clearly a massive gulf in the market out there. I really am surprised how antiquated the bank is considering it's HSBC under the bonnet

    P.S. also the debit card was utterly, utterly awful. Like a kid had been left with Microsoft Paint. I would have been embarrassed to use it.
    Originally posted by hostile17
    I'd never use it as a main account. I just used it as a second (thirtieth) account to get the gift card and then the regular saver.
    • &*()*
    • By &*()* 7th Jul 18, 9:08 PM
    • 48 Posts
    • 25 Thanks
    &*()*
    • #4
    • 7th Jul 18, 9:08 PM
    • #4
    • 7th Jul 18, 9:08 PM
    I'd never use it as a main account. I just used it as a second (thirtieth) account to get the gift card and then the regular saver.
    Originally posted by Ed-1
    Yeah... to be honest I could have done that, but was trying not to have too many accounts on the go has have had three, but am trying to keep to two (still have a Tesco).
    • Gary_Dexter
    • By Gary_Dexter 7th Jul 18, 10:07 PM
    • 2,581 Posts
    • 1,453 Thanks
    Gary_Dexter
    • #5
    • 7th Jul 18, 10:07 PM
    • #5
    • 7th Jul 18, 10:07 PM
    Thanks for the private message.

    How about posting for the public to see next time seeing?
    • colsten
    • By colsten 8th Jul 18, 7:10 AM
    • 9,386 Posts
    • 8,324 Thanks
    colsten
    • #6
    • 8th Jul 18, 7:10 AM
    • #6
    • 8th Jul 18, 7:10 AM
    Different banks do things differently, and appeal to different people in different ways. For example, there are still plenty of people who don't care about internet banking, so to them it's no issue that you need a hideous gadget to get online.

    To others, interest payments is important. For example, why change from an account that pays 1.5% interest to one that pays none?

    For yet others, the switching offers are attractive but it seems not everybody is clued up about them. It's quite easy to bag the M&S, or any other, switching bonus without actually ditching your main account. This has been discussed on this forum for ages.

    It is also easy enough making yourself eligible for the M&S Regular Saver account, which pays a market-leading 5% AER, without giving up your main current account. Again, this is of interest to some people, whilst to others, it is not.

    The OP does have a point though: always do your own research and only go ahead if you are sure you are doing the right thing for yourself. It shouldn't come as a surprise that different companies sell different things and that we have choices.
    • &*()*
    • By &*()* 10th Jul 18, 10:46 PM
    • 48 Posts
    • 25 Thanks
    &*()*
    • #7
    • 10th Jul 18, 10:46 PM
    • #7
    • 10th Jul 18, 10:46 PM
    Horses for courses Colsten... definitely. Just wanted to share my thoughts on the technical side of M&S so people can be aware of those elements.
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