£185 M&S vouchers for switching current accounts
376°Expired

£185 M&S vouchers for switching current accounts

Editor 20
Editor
Found 28th Apr 2017
M&S Bank has upped its switching incentive for new current account customers.

People switching their current account to M&S can now get a £125 M&S gift card plus £5 a month gift card top-up for a year (£60 in total): a total of £185.

However, there are a few provisos:
•\x09To get the £5 a month you need to deposit £1,000 in the account each month – so it’s a *staying* incentive alongside the switching incentive.
•\x09You need to use the Current Account Switch Service (CASS) to switch from your existing bank.
•\x09You need to transfer at least two active direct debits.

It’s an improvement on the previous M&S offer: it used to be a £50 voucher plus the £5 monthly reward for two years.

Regular saver
Customers who switch to an M&S current account will also have access to the bank’s Regular Saver which pays the top regular saver rate of 5%. You can pay in between £25 and £250 a month. If you paid in £250 a month for a year you’d earn £81 in interest over 12 months.

So, combining the two deals together you could earn £266 from M&S in the first year.


Rewards
If you’re a big M&S fan, its current account also has a reward scheme:
•\x09You get one point for every £1 spent in M&S (in-store and online).
•\x09100 points is worth £1 in M&S vouchers so it’s the equivalent to 1% cashback.
•\x09Points are automatically converted into M&S vouchers and sent to customers each quarter.

A few other bits of info about the M&S current account:
•\x09You get an £500 overdraft (subject to status and credit checks). The first £100 is interest-free and the rest is charged at 15.9%.
•\x09There are no overdraft fees and customers receive free text alerts as they approach their overdraft limit.

In summary:
It’s not a bad account but it doesn’t pay credit interest so if you have loads of cash you’d be better off stashing it in one paying a decent interest rate.

The debit card loyalty points make it a sweet deal for M&S fans.

It compares well against other switching deals. You can get up to £176 with the Co-op (£110 plus up to £5.50 a month). First Direct pays £100. Halifax pays £75 cash plus £3 a month so £111 in the first year.

Community Updates

Groups

Top comments
Cameron92

I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other … I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other than a suit for work or formal events.


You don't eat food?
20 Comments

5. You must not have previously held an M&S currentaccount and used the … 5. You must not have previously held an M&S currentaccount and used the Current Account Switch Service,or submitted a ‘Switching your standing orders andDirect Debits’ form to us or used any other switchingmethod to switch your banking and received anyswitching incentive whether the accounts are currentlyopened or closed.



Shame they gone abit tight , I'm still on the £100 card plus £10 a month top up , total £220
Edited by: "Scooby2520" 28th Apr 2017
You have to close the account you switch as well.

And the app is terrible.
I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other than a suit for work or formal events.
Does your current account get closed if you use the switching service to open a new current account
Cameron92

I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other … I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other than a suit for work or formal events.


You don't eat food?
There isn't any guarantee you will receive the voucher. After countless emails and phone calls to M&S I eventually I had to go through the banking ombudsman to get them to send me one.
Can you switch to this account and then switch elsewhere when you've got the £125, ignoring the fiver a month or do you sign up for a year?
only for new customers? think I did it 3 years back with m&s
Besford

You don't eat food?



Why would I waste it on vastly overpriced food. I'd rather have £185 and get a ton more food than I could at M&S from Tesco or Aldi.
Zameen

only for new customers? think I did it 3 years back with m&s



I checked the terms and conditions to be sure and yes it's new customers only.
Cameron92

Why would I waste it on vastly overpriced food. I'd rather have £185 and … Why would I waste it on vastly overpriced food. I'd rather have £185 and get a ton more food than I could at M&S from Tesco or Aldi.


IDIOT, THATS THE POINT YOU DONT HAVE THE £185
Damm don't feed the trolls, well not this one, he cant a deal when he sees one!
Original Poster Editor
rdbradshaw

Shame they gone abit tight , I'm still on the £100 card plus £10 a month t … Shame they gone abit tight , I'm still on the £100 card plus £10 a month top up , total £220


Yes it's a shame it's not M&S' best ever incentive but it's not bad for the market at the moment.
Original Poster Editor
rdbradshaw

Shame they gone abit tight , I'm still on the £100 card plus £10 a month t … Shame they gone abit tight , I'm still on the £100 card plus £10 a month top up , total £220


Yes it's a shame it's not M&S' best ever incentive but it's not bad for the market at the moment.

Cameron92

I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other … I'd rather have cash. Nothing for a guy who isn't 40+ to buy in M&S other than a suit for work or formal events.


Christmas /birthday presents?
Cameron92

Why would I waste it on vastly overpriced food. I'd rather have £185 and … Why would I waste it on vastly overpriced food. I'd rather have £185 and get a ton more food than I could at M&S from Tesco or Aldi.


Well I agree (Aldi anyway) - but that doesn't make your comment correct.
Jiwani80

Does your current account get closed if you use the switching service to … Does your current account get closed if you use the switching service to open a new current account


thats what switch means... you 'switch'(move) your account from one bank to another..... but there is no limit on bank accounts, just open a new account at whatever bank you are currently with and switch that...... remember to conditions for things like direct debits as some banks require a few to be switched for the reward...
Edited by: "X50pence777" 29th Apr 2017
since switching I've not yet had my monthly bonus despite 2 active DDs and £1000 paid in... also the login process is horrible and the app is poor as it just shows your balance.

take initial voucher and leave!
Original Poster Editor
defgimp

Can you switch to this account and then switch elsewhere when you've got … Can you switch to this account and then switch elsewhere when you've got the £125, ignoring the fiver a month or do you sign up for a year?



​You can go once you have the £125.
they are extremely picky about who they take as customers , expect multiple requests for you to ring them and send in ID . but you do get there in the end . Nice friendly UK call centres
browntoa

they are extremely picky about who they take as customers , expect … they are extremely picky about who they take as customers , expect multiple requests for you to ring them and send in ID . but you do get there in the end . Nice friendly UK call centres



​true. they refused me because I only work part time
Post a comment
Avatar
@
    Text