M&S Current Account - £100 gift card for switch and up to £120 GC [£10 a month with £1000 paying in]
392°Expired

M&S Current Account - £100 gift card for switch and up to £120 GC [£10 a month with £1000 paying in]

50
Found 20th Jul 2016
Was looking to switch my current account and this looked like a decent deal..

£100 gift card to switch an existing current account. Switching needs to be done from a current account that has 2 active Direct Debits. Pay in £1000 a month for a £10 top up on the gift card (valid for a year), making that the additional £120. Plus access to a 6% monthly saver account (from £25 to max £250 monthly).

Blurb from the website:

With an M&S Current Account you’ll enjoy:

£220 M&S gift card. £100 when you switch and up to £120 when you stay. Financial criteria and other terms and conditions apply

Access to a 6% AER/gross fixed rate for 12 months with our M&S Monthly Saver* if you switch to us using the Current Account Switch Service and have two active Direct Debits

Banking with NO MONTHLY FEE

Automatic £500 overdraft at account opening – with the first £100 interest free 15.9% EAR variable (subject to status)

Access to preferential rates on selected M&S Bank products
Earn 1 point for every £1 spent on your M&S Visa Debit Card in M&S (in store and online) through the M&S Loyalty Scheme

View your balance, your last 6 transactions and make pay as you go mobile top ups with the M&S Balance App

Banking online, in branch or via our 24 hour UK call centre

Representative example (assumed overdraft £1,200): 0% EAR variable on the first £100. 15.9% EAR variable thereafter.

Once you’ve switched using the Current Account Switch Service, including two active Direct Debits, we’ll send you a £100 M&S gift card. But that’s not all. Once you have your M&S gift card, we’ll top it up with £10 each calendar month that a minimum of £1,000 is paid into your current account and two Direct Debits remain active – for a period of 12 months following the switch. So you could enjoy spending up to £220 in M&S. Terms and conditions apply

*With the M&S Monthly Saver you can save from as little as £25 up to a maximum of £250 a month. Which means that, if you pay in the maximum monthly contribution of £250 on the same date each month, for 12 months, you could earn gross interest of around £96. Partial withdrawals not permitted. Interest is paid at the end of the 12 month term. If you save less than £250 in any given month, you can carry over any unused allowance to the following months. Monthly Saver interest is calculated daily and credited annually at the end of the 12 month term.

49 Comments

I've been meaning to get on the switch brigade a while back but never got around to doing it. Thanks will give this a try.

What do people regard as the best switching account at the mo, either purely for the incentive or including other bonuses?
I'm going to switch my Nationwide as soon as I get the £100 credit for a referral and recently switched another account to Halifax for their rewards account.

Good deal .. but laziness means I'll stay with Halifax and get my £5 a month from them

Switched from the Halifax to M&S earlier in the year when they ran this deal before. It was a bit of a faff to set up but it was worth it. As well as the gift card benefits it also then allows you to access their Regular Saver account that pays 6%. You can only pay in £250 a month to the saver, but still worth it.
Edited by: "Burgmeister" 20th Jul 2016

Is it online only? might be a bit silly question but never seen a m&sbank. I like a good old sit down with my banker sometimes.

I've applied but received no email confirmation. Is that normal?

Can anyone comment on the M&S Banking App? From what I've heard it's woeful.

Is the 6% savings rate long term, or just for a year or so?

Original Poster

ficosaneil

Is the 6% savings rate long term, or just for a year or so?



Just for a year.

"Access to a 6% AER/gross fixed rate for 12 months with our M&S Monthly Saver* if you switch to us using the Current Account Switch Service and have two active Direct Debits"

Original Poster

pinacolada123

Is it online only? might be a bit silly question but never seen a … Is it online only? might be a bit silly question but never seen a m&sbank. I like a good old sit down with my banker sometimes.



Website says 'Apply now' (online) or call 0800 756 7777. Not too sure if it's available in branch (and they seem to have very few branches).

pinacolada123

Is it online only? might be a bit silly question but never seen a … Is it online only? might be a bit silly question but never seen a m&sbank. I like a good old sit down with my banker sometimes.





M&s and first direct are part of HSBC. If you need to go into branch any HSBC bank will do.

danby22

Website says 'Apply now' (online) or call 0800 756 7777. Not too sure if … Website says 'Apply now' (online) or call 0800 756 7777. Not too sure if it's available in branch (and they seem to have very few branches).




It's part of HSBC,so any HSBC bank will do,been there got the t shirt.

woldranger

What do people regard as the best switching account at the mo, either … What do people regard as the best switching account at the mo, either purely for the incentive or including other bonuses? I'm going to switch my Nationwide as soon as I get the £100 credit for a referral and recently switched another account to Halifax for their rewards account.



All of them are worthwhile - free money after all.

Also, be careful with Nationwide, there's a clause that says you need to remain with them for 3 months after having received the £100 via their recommend a friend incentive.

woldranger

What do people regard as the best switching account at the mo, either … What do people regard as the best switching account at the mo, either purely for the incentive or including other bonuses? I'm going to switch my Nationwide as soon as I get the £100 credit for a referral and recently switched another account to Halifax for their rewards account.





moneysavingexpert.com/new…ing

tomdavidrichards

http://www.moneysavingexpert.com/news/banking/2016/07/britains-biggest-bank-tarts-revealed-we-made-1565-switching



X)

Amateurs!

karlie88

X)Amateurs!




Got my £100 from nationwide today,m&s next stop in 3 months. I've done the rest, got £725 in last 18 months doing it,do you change banks regular?

karlie88

All of them are worthwhile - free money after all.Also, be careful with … All of them are worthwhile - free money after all.Also, be careful with Nationwide, there's a clause that says you need to remain with them for 3 months after having received the £100 via their recommend a friend incentive.



​Really? Well spotted! That's a little annoying. I guess I'll have to decide if it's worth sticking around for another 3 months for the £100 then. I don't really have another account that I could use to switch.

tomdavidrichards

Got my £100 from nationwide today,m&s next stop in 3 months. I've done … Got my £100 from nationwide today,m&s next stop in 3 months. I've done the rest, got £725 in last 18 months doing it,do you change banks regular?



Don't even ask...

hotukdeals.com/dea…867

-----------------------

Best one by far:

forums.moneysavingexpert.com/sho…472

Off the top of my head, someone said they had opened 20+ accounts. Thread gets interesting around halfway....:{
Edited by: "karlie88" 20th Jul 2016

woldranger

​Really? Well spotted! That's a little annoying. I guess I'll have to d … ​Really? Well spotted! That's a little annoying. I guess I'll have to decide if it's worth sticking around for another 3 months for the £100 then. I don't really have another account that I could use to switch.




Open a second account with tsb or someone similar without joining incentive.transfer two direct debits to that account and pay in certain amount each month then pay straight back out.then use the new account to switch around for incentives while leaving your nationwide account open as well...for now

i have a lloyds account ready to switch might look at this later thabks op

tomdavidrichards

Open a second account with tsb or someone similar without joining … Open a second account with tsb or someone similar without joining incentive.transfer two direct debits to that account and pay in certain amount each month then pay straight back out.then use the new account to switch around for incentives while leaving your nationwide account open as well...for now



​Yeah that's what I was going to do, then I'll have 2 accounts that I can use when I can get finally close the nationwide one. May wondering which bank to use but TSB could work, I've not got an account with them. I'm with Santander, HSBC and Halifax, all of which I'd like to keep hold of for various reasons.

The best switch at the moment is the Co-Op bank. £150 in the bank and £50.40 Top Cashback

davelfc

Can anyone comment on the M&S Banking App? From what I've heard it's … Can anyone comment on the M&S Banking App? From what I've heard it's woeful.



It only allows u to see your balance and about 5 transactions. To logon to ur online banking u need a keyfob. I'm leaving!

If you setup a crappy 'donor' current account and then use that to switch you don't need to worry about it going wrong. Only difficulty is with the DDs but you can setup some to a charity for a few quid a month, or setup two tesco savings account which allows you to setup DDs easily online... Ok, it is a bit of work but £220 for free plus 6% fixed savings for a year ? Yessssh please !

mikeyb

The best switch at the moment is the Co-Op bank. £150 in the bank and … The best switch at the moment is the Co-Op bank. £150 in the bank and £50.40 Top Cashback



That one requires 4 direct debits, this one only 2. Also people are reporting difficulty in getting them to actually pay, months after they should have. But still a good option for straight up cash.
Edited by: "garreh" 20th Jul 2016

desdan

Good deal .. but laziness means I'll stay with Halifax and get my £5 a … Good deal .. but laziness means I'll stay with Halifax and get my £5 a month from them



Lol this is me why i rob myself???

ficosaneil

Is the 6% savings rate long term, or just for a year or so?



After a year, you can open another saving account with interest rate they offer at that time, which might be 6% again.

davelfc

Can anyone comment on the M&S Banking App? From what I've heard it's … Can anyone comment on the M&S Banking App? From what I've heard it's woeful.



The app is ok for checking your balance and last 6 transactions but you need to go onto full site to do anything else and that really is a pain in the a*** You need to use a little machine that generates codes and it's time consuming - but you need to weigh the benefits against the downsides.

davelfc

Can anyone comment on the M&S Banking App? From what I've heard it's … Can anyone comment on the M&S Banking App? From what I've heard it's woeful.



​it's rubbish compared to other banking apps. all you can do is view your balance and see recent transactions. if you want to make payments etc you need to log into the website which is a faff. only downside. oh and if you want the regular saver you have to either phone up or apply in branch, you can't do that online.

If you've got a Nationwide current account you should be able to open their Flexclusive regular saver that pays 5% on up to £500 paid in each month. Think it's one of the best regular savers due to the amount (TSB is 250pm and first direct is 300pm).

New customers only from their T&Cs

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 SwitchService, or submitted a ‘Switching your standingorders and Direct Debits’ form to us or used anyother switching method to switch your banking andreceived any switching incentive whether theaccounts are currently opened or closed.

Isn't it bad for your credit score to switch frequently or have (too) many current accounts?

jomay

Isn't it bad for your credit score to switch frequently or have (too) … Isn't it bad for your credit score to switch frequently or have (too) many current accounts?




The banks credit checks last 1 year on your credit file.

A little but when applying for mortgage etc try not to change within the previous 12 months
Edited by: "tomdavidrichards" 20th Jul 2016

I've switched a lot of accounts over the years (I normally open donor accounts then switch them, I don't just have one main account) and although I eventually got there, M&S was almost the most painful switch ever, only second to the Clydesdale, which had to be done by phone and then returning paperwork. M&S/HSBC seem to take forever to do anything and love sending you paperwork.
The app is pretty useless, and the site requires you to have their physical calculatory device to even log in - not just to authorise new payments or anything like that, to actually log in, which I find very frustrating.
I just have it setup now with standing orders in and out to rinse it for the £10 a month on the gift card, but would not recommend moving a main current account there - just open a secondary account with a bank you're already with, doctor up your DDs and switch that.

M&s bank it's rubbish. it takes ages to open that account and you have to call them million times. If you get to open than run away from them as soon as you can.

davelfc

Can anyone comment on the M&S Banking App? From what I've heard it's … Can anyone comment on the M&S Banking App? From what I've heard it's woeful.


it is pathetic - a 5 year old can make better app than that. setting up an account on mobile app is absolute nightmare and once (if you manage to) you setup the account the only thing you can do is check your balance - such a waste of space on my phone.

I use it as a second account - main being the TSB plus account with TSB credit card.

danby22

Just for a year."Access to a 6% AER/gross fixed rate for 12 months with … Just for a year."Access to a 6% AER/gross fixed rate for 12 months with our M&S Monthly Saver* if you switch to us using the Current Account Switch Service and have two active Direct Debits"


they told me that you will be able to open it for 12 months and if the same product is available next yet you will be able to open the same savings account again. next year:)

isabella1la

M&s bank it's rubbish. it takes ages to open that account and you have to … M&s bank it's rubbish. it takes ages to open that account and you have to call them million times. If you get to open than run away from them as soon as you can.



I've only had to call once to activate and switch, but the call did take about 20 minutes. They said if I ant to open the 6 month saver account I'll have to call again. Still, I'm mopping up these bank offers so it had to be done!

ihaveaquestion

I've only had to call once to activate and switch, but the call did take … I've only had to call once to activate and switch, but the call did take about 20 minutes. They said if I ant to open the 6 month saver account I'll have to call again. Still, I'm mopping up these bank offers so it had to be done!



I take this back. There's been a few complications since. Hopefully no more though!

I've had a make a few calls along the way (annoying) but they are quite friendly, and the switch has now taken place. I've just set up the monthly saver. I'll let others know if/when my gift card arrives!
Post a comment
Avatar
@
    Text