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Fixed Rate Savings application

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

Start your application

What you should read

What you should know before you apply

Are you eligible?

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

Making a large deposit

We highly recommend you contact your bank before making a large deposit with your debit card so that they're aware that a payment will be requested from your account. This will reduce the chance of your payment being declined by your bank.

You can open Fixed Rate Savings online with less than £40,000. If you want to open an account with £40,000 or more, please call us on 0808 001 1111.

What you'll be asked for

  • Your residential address including post code (we are unable to accept c/o or PO Box addresses). 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 for future income or withdrawal payments. We will write to you to request suitable verification of your bank details, at a later stage, in order for us to make payments directly to your bank or building society account.
  • Your debit card details - make sure you've got enough cleared funds in your account to make a deposit. Your debit card should be registered to your residential address.

To comply with regulatory obligations we need to collect certain personal information from you, including your employment and income details and how you will fund your account. We will conduct various checks on applications and transactions.

Your name and address will be checked with a credit reference agency to verify your identity and for crime prevention measures, using information from the Voters Roll and other public sources. If we're unable to confirm your details we will write to you to request verification prior to accepting and completing your application.

We will check to confirm the card being used is yours by using a database maintained by the UK banks (Address Verification System). If we are unable to confirm the card is yours we will write to you requesting additional documentation to verify the transaction and outline the action we will take if we do not receive the documentation.

Summary Box

Account name

M&S Fixed Rate Savings (issue 28)

What is the interest rate?

Balance Term Interest rate
£500 - £1m 1 year 0.60% AER tax free
2 year 0.70% AER tax free
3 year 0.80% AER tax free

Interest is calculated daily and paid annually - interest can be added to your savings or paid out to your nominated bank or building society account.

Can M&S Bank change the interest rate?

No, once your account is opened the rate will remain fixed for the fixed term.

What would the estimated balance be after a term of 1, 2 or 3 years based on a £1,000 deposit?

Initial deposit Term Interest rate Balance at the end of the term
£1,000 1 year term 0.60% AER (0.60% Gross) £1,006.00
2 year term 0.70% AER (0.70% Gross) £1,014.05
3 year term 0.80% AER (0.80% Gross) £1,024.19

For the purpose of this calculation it is assumed:

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

How do I open and manage my account?


You must:

  • be aged 16 years or over.
  • be a UK resident.

How to open the account:

  • You can open the account online, by telephone, branch or by post.

Minimum/Maximum balance:

  • the minimum deposit is £500.
  • the maximum deposit is £1,000,000.

How to manage the account:

Once opened, you can manage the account by telephone or by post.

Can I withdraw money?

You can’t make partial withdrawals, however, subject to the following charges, you can withdraw your funds in total and your account will be closed. Interest will be paid until the account is closed, however, depending on when you close your account you may get back less than your original deposit.

1 year term 2 year terms 3 year term
Withdrawal fee £50 £75 £100

A notice of maturity will be sent to you 14 days before your fixed rate bond matures outlining your options which may include the option to reinvest in another fixed rate bond and the option to withdraw your funds. If we do not hear from you, we reserve the right to reinvest your funds in another fixed rate bond or any other savings option we make available at that time.

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.
  • Tax free means free from personal liability to any UK Income Tax and Capital Gains Tax.
  • ISA stands for Individual Savings Account.

Rates correct as at 10.02.2017

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