Switch to a monthly fee free Marks and Spencer Bank Account and receive a £100 gift card
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Switch to a monthly fee free Marks and Spencer Bank Account and receive a £100 gift card

106
Found 15th May 2014
Switch to a Marks and Spencer monthly fee free current account and receive a £100 M&S Gift card for free within 1 month of opening. I have looked at the terms and conditions and can't find a condition of having to pay a set amount of money into the account or having a set amount of direct debits. You do however have to meet the criteria of switching bank accounts. I am no expert on these terms and conditions so I would be grateful for anyone to read them help me out.

Terms and Conditions:

If you meet all the following requirements, you will
qualify for the switching offer described in clause
2 below:
a) from 1 March 2014 you must apply for, and
successfully open, an M&S Premium Current
Account, M&S Premium Current Account with
insurance or M&S Current Account (“Qualifying
Account”). This means that you must have met
all our identification and address verification
requirements and the account eligibility criteria;
b) within 6 months from the date you opened the
Qualifying Account you must have switched
your account to us using the Current Account
Switch Service. You must complete a full
switch of your old bank account to M&S Bank
through the Current Account Switch Service
initiated through our bank branches or by
calling us on 0845 900 0900. Where your
Qualifying Account is a joint account, this
requirement must be met by at least one of the
joint account holders;
c) you must be switching your banking to us from
another UK bank or building society, and
d) you must not have previously used the Current
Account Switch Service or submitted a
‘Switching your standing orders and Direct
Debits’ form to us for any of your M&S current
accounts (whether or not they are currently
open) in order to be eligible for the offer.
INCENTIVE
2. The incentive is a £100 M&S gift card available to
spend throughout the Marks and Spencer plc
store or on the Marks & Spencer website
marksandspencer.com.
a) We will only pay one incentive as follows:
• if you open one Qualifying Account in your sole
name, we will pay one incentive for that
account;
• if you open one Qualifying Account in joint
names, we will pay one incentive for that
account (we will not pay an incentive per
account holder); and
• if you open more than one Qualifying Account
(in your sole name, joint names or in a
combination of accounts in your sole name
and accounts in joint names), we will only pay
one incentive for the first time you switch your
account to us using the Current Account
Switch Service and meet the requirements set
out in clause 1 in relation to your Qualifying
Account (if this is a joint account this means
we will not pay an incentive per account holder).
b) We will send the £100 M&S gift card to your
account address within one calendar month of
the switch being completed.
GENERAL
3. These Offer Terms and Conditions apply in
addition to the Current Account Switch
Agreement. In the event of any conflict between
these Offer Terms and Conditions and the Current
Account Switch Agreement, the Current Account
Switch Agreement will apply.
4. In these Offer Terms and Conditions `we, us or
our' means M&S Bank.
5. This offer is not transferable.
6. We may withdraw this offer at any time without
notice.
7. We reserve the right to refuse any application for
a product or service.
8. The definitions in our M&S Current Account terms
and conditions and the Banking terms and
conditions for M&S Premium Current Account,
M&S Premium Current Account with insurance
and M&S Monthly Saver apply to these Offer
Terms and Conditions.
9. All credit is subject to status.
O

106 Comments

Hot from me OP!

Can't see any requirement to switch direct debits or standing orders or minimum monthly payment requirements - anyone aware if these are required?

Many thanks

Original Poster

I can't find anything. The only thing that puts me off is the lack of M&S banks to pay money into.

You've got to use the switch service = switching direct debits. Most of these offers state at least 2 direct debits have to be switched

Until all banks charge a monthly fee I won't be joining one! Long live free (in credit) banking!- bloody hell, they're free to make money on my nightly balance so why should I pay a fee ontop?

just rang M&S bank and I've been told that there is no monthly minimum amount you have to put into the account. Also you don't have to have any direct debits on your old account in order to be eligible for switching to M&S. There is no monthly fee on the standard M&S current account. Think I will go ahead with this, thanks OP.

Voucher after 1 month.... no need to switch accounts for 6 months... close after receiving voucher.......
Is it really that simple?? Any thoughts please.

Original Poster

monster144

Voucher after 1 month.... no need to switch accounts for 6 months... … Voucher after 1 month.... no need to switch accounts for 6 months... close after receiving voucher.......Is it really that simple?? Any thoughts please.



That's what I do not understand how can the terms and conditions say must transfer the bank account within 6 months but then say receive the gift card within 1 month of opening???

Is it not 1 month of switching?

Can't see me spending £100 on M&S Clothing but their M&S Food is nice.

Can I apply online?

Halifax are doing a £100 cash within 7days of the switching of account ,also co-op but they have a min pay in per month ,looks like Halifax then coop then m and s easy £300 oh and co-op also donate £25 to a charity of your choice everyones a winner

First Direct

/That is all.

The terms and conditions contradict themselves re switching accounts. Any one got any Ideas?

jammygreeny

I can't find anything. The only thing that puts me off is the lack of … I can't find anything. The only thing that puts me off is the lack of M&S banks to pay money into.



the account is administered by HSBC, so you can use their branches free of charge too! ;-)

Transformers

First Direct/That is all.


Far from it - depends on your circumstances, as explained clearly in the MSE link I posted above.

Is there any negatives / adverse consequences of consistently switching bank accounts (for these various sign up's)
Edited by: "pazza2000" 25th May 2014

pazza2000

Is there any negatives / adverse consequences of consistently switching … Is there any negatives / adverse consequences of consistently switching bank accounts (for these various sign up's)


Again, I recommend you read MSE.

pazza2000

Is there any negatives / adverse consequences of consistently switching … Is there any negatives / adverse consequences of consistently switching bank accounts (for these various sign up's)


Not really - but best to keep one 'real' account for the longer term, switch-free. Standard credit question asks for details of bank account, and how long you've had it. Longstanding accounts count very positively, along with landlines and spouses.

Transformers

First Direct/That is all.


Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,000 to your 1st Account each month or maintain an average monthly 1st Account balance of £1,000 or hold a selected first direct additional product.

When do tesco launch I'm saving my switch for that

rodman

Banking with first direct usually costs £10 a month, but we'll waive the … Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,000 to your 1st Account each month or maintain an average monthly 1st Account balance of £1,000 or hold a selected first direct additional product.


And...

It's not hard, is it?

rodman

Banking with first direct usually costs £10 a month, but we'll waive the … Banking with first direct usually costs £10 a month, but we'll waive the fee if you pay in at least £1,000 to your 1st Account each month or maintain an average monthly 1st Account balance of £1,000 or hold a selected first direct additional product.



Just open an Everyday Saver and stick £1 in it.

No fee and no monthly payments required.



£100 + access to a 6% regular saver.

Does switching bank effect credit rating? I recently switch to halifax

karlie88

Just open an Everyday Saver and stick £1 in it.No fee and no monthly … Just open an Everyday Saver and stick £1 in it.No fee and no monthly payments required.:)£100 + access to a 6% regular saver.


The 6% regular saver looks amazing... until you realise that the max you can put in per month is £300.

Doing this switch will close your old current account down, just so you guys are aware

karlie88

Just open an Everyday Saver and stick £1 in it.No fee and no monthly … Just open an Everyday Saver and stick £1 in it.No fee and no monthly payments required.:)£100 + access to a 6% regular saver.

'Just open an Everyday Saver and stick £1 in it. £100 + access to a 6% regular saver.'

Don't you have to switch your account in order to get the £100 sign up bonus ?

I can't see that you get anything for just opening an account and putting £1 in it - unless I've missed something ?

seriously, i hv a first direct account and i cant be more happy with them.... on a different note tsb is also offering a good current account with 5% interest

Banned

pazza2000

Is there any negatives / adverse consequences of consistently switching … Is there any negatives / adverse consequences of consistently switching bank accounts (for these various sign up's)



The link on MSE doesn't say much.

So..

A prerequisite for opening a bank account is a credit check. Keeping a bank account for long periods demonstrates stability in your finances and results in a good credit score. I called Experian who confirmed this is true.

Closing it and opening another will likely impact your credit rating until you rebuild the stability again.

All things considered I am put off switching bank accounts due to the risk of impacting credit score.

Just to say that I've recently swapped to M&S bank to take up this offer of the £100 gift card and when I spoke to them on the phone, they said you can pay cheques or cash into any branch of HSBC if you can't get to an M&S store.

trixabel

The link on MSE doesn't say much.So..A prerequisite for opening a bank … The link on MSE doesn't say much.So..A prerequisite for opening a bank account is a credit check. Keeping a bank account for long periods demonstrates stability in your finances and results in a good credit score. I called Experian who confirmed this is true.Closing it and opening another will likely impact your credit rating until you rebuild the stability again.All things considered I am put off switching bank accounts due to the risk of impacting credit score.



Your score won't be impacted at all. I have ten bank accounts and it's never impacted mine. As someone else said, make sure you keep one account permanently so you can show stability, then switch the rest as much as you want.

The only time I'd be weary about this is if you're about to get a mortgage. It probably won't affect your application, but you don't want to take any chances at all.

pcygan

'Just open an Everyday Saver and stick £1 in it. £100 + access to a 6% r … 'Just open an Everyday Saver and stick £1 in it. £100 + access to a 6% regular saver.'Don't you have to switch your account in order to get the £100 sign up bonus ?I can't see that you get anything for just opening an account and putting £1 in it - unless I've missed something ?



Yes you must switch to get the £100 incentive but it cost £10 a month, if you don't have an additional product with them so people get the everyday saver to avoid the charge.
fd have 6% regular saver (max £300pm) for a year but after it matures you can setup one again.

Banned

Note that switching (closing) a long standing bank account will negatively affect your credit rating. Staying with one bank for a long time shows financial stability and is viewed favourably by would be lenders. Closing it to make a quick buck at another bank isn't viewed favorably.

Banned

callum9999

Your score won't be impacted at all. I have ten bank accounts and it's … Your score won't be impacted at all. I have ten bank accounts and it's never impacted mine. As someone else said, make sure you keep one account permanently so you can show stability, then switch the rest as much as you want.The only time I'd be weary about this is if you're about to get a mortgage. It probably won't affect your application, but you don't want to take any chances at all.



Having ten bank accounts hardly shows stability, does it.


trixabel

Having ten bank accounts hardly shows stability, does it.



It won't impact credit rating that much as long as you have one main account. I know a few who've had 25+ current accounts and they've had no problems getting more.

Banned

I did this, you don't have to switch any direct debits or even have any money in the account you switch from. They do close your other account though, you don't have a choice about this.

With all those bank accounts, no wonder he's weary though.

I've just applied for this, there was no section regarding switching current accounts, I guess this comes afterwards if accepted (will be advised within 48hrs)?? The current account I'll be switching over (& closing) is a secondary account with no direct debits although as per the t&c's, that should be ok re. for the purposes of receiving the £100 gift card.

I have a spare account just purposely for these offers I switched last week so just waiting for the vouchers and will switch again to the next best offer
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