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Everyday Savings Account application

It only takes a few minutes to apply for an Everyday Savings Account. Before you start, please look at the What you should know before you apply section below.

Are you eligible?

To apply for the M&S Everyday Savings Account you have to be a UK resident aged 16 or over. The M&S Everyday Savings Account is not available to residents of the Channel Islands and the Isle of Man.

Start your application

What you should read

What you should know before you apply

What you'll be asked for

  • Your residential address including post code. You'll also need to provide your previous residential address if you've been at your current address for less than 3 years.
  • Your email address.
  • Your bank or building society details to set up a linked account for withdrawals.

As part of our ongoing commitment to managing financial crime risk, we need to ask a few questions about your income and employment and how you intend to use and fund your account. We may also check your name and address with a credit reference agency to verify your identity, using information from the Voters Roll and other public sources. If we're unable to confirm your details or we need you to provide further information, we will contact you to explain what you need to do to progress with your application.

Non-UK Tax Residents

If you are liable to pay tax in any country other than the UK, you cannot complete this application online. To apply please call us on 0808 001 3131. Lines are open 24 hours a day, 7 days a week. Alternatively, please call into your nearest M&S Bank branch.

Summary Box

Account name

M&S Everyday Savings Account

What is the interest rate?

Balance Type Interest rate
£1+ Standard 0.10% AER/Gross
Preferential 0.35% AER/Gross

Interest is calculated daily and paid monthly.

If you hold one of our current accounts you will benefit from a preferential rate. However, if your current account is closed you will revert to our standard rate of interest.

Can M&S Bank change the interest rate?

Yes, the interest rate is variable. We can change the interest rate on this account in line with clause 24 of the M&S Everyday Savings Account Terms and Conditions:

If we increase the rate of interest, we'll tell you personally within 30 days of the change.

If we reduce or remove the credit interest we will tell you personally at least 2 months in advance of the change.

For more details on when we may change the interest rate and the notice we will provide, please see the account terms and conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Initial deposit Rate type Interest rate Balance after 12 months
£1,000 Standard rate 0.10% AER/Gross £1,001.00
Preferential rate 0.35% AER/Gross £1,003.50

For the purpose of this calculation it is assumed:-

  • Initial deposit of £1,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?


  • You must be a UK resident
  • You must be aged 16 years or over

How to open the account:

  • You can open an Everyday Savings Account online, by phone or in branch.

Minimum/Maximum balance:

  • Minimum deposit of £1 to open an account
  • No maximum balance, however the maximum deposit amount is £1,000,000.

How to manage the account:

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many penalty free withdrawals as you like - withdraw up to £10,000 online or up to your full balance over the phone.

Call us on 0345 900 0900 to set up a linked bank or building society account – then you can make as many fee free withdrawals as you like.

Additional information

A 14 day cancellation period applies to this account.

Tax is not deducted from the interest we pay you.

The value of tax benefits depends on individual circumstances and could change in the future.


  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate of interest if interest were paid and not compounded each year.

Rates correct as at 10.02.2017

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