Before you apply
Eligibility criteria
To apply for an M&S Monthly Saver you must:
-
be an M&S current account holder - have switched to M&S Bank using the Current Account Switch
Service and have 2 active Direct Debits on the account
- have sufficient available funds to make the first payment
What you'll be asked for
During your application process we will need your:
Nationality/Citizenship
Tax residency*
Monthly amount you wish to save
Email address
*If you are resident for tax purposes in countries other than the UK and cannot provide your Tax Identification Number you will not be able to apply online, please call 0345 900 0900
Regular payments
Please read the following information:
-
Payments must be made by standing order from your M&S
current account each month
-
You can change the amount of the standing order but not
the date
-
Minimum monthly payment is £25
Important documents
Please read the following documents:
-
M&S Banking Terms and Conditions
-
Charges and Additional Product Terms: Current Account and M&S Monthly
Saver
-
M&S Bank Privacy Notice
-
UK FSCS Information Sheet and Exclusion List
You may require Adobe PDF reader to view these documents. Download Adobe Reader
Other important information
Please read the following information:
-
No partial withdrawals are permitted
-
To access your money, the account must be
closed and you will receive interest at the early closure rate
-
M&S
Monthly Saver Summary Box
Summary Box
Account name
M&S Monthly Saver account
What is the interest rate?
Interest is calculated daily and is paid at the end of the 12 month fixed term.
Can M&S Bank change the interest rate?
No, once your account is opened the rate will remain fixed for the duration of your fixed rate period.
What would the estimated balance be after 12 months based on 12 monthly deposits of £25 and £250?
| Monthly deposits | Total deposits at end of 12 month period (excluding interest) | Interest rate | Balance including interest at end of 12 months |
|---|---|---|---|
| £25 | £300 | 2.75% AER/Gross | £304.47 |
| £250 | £3000 | 2.75% AER/Gross | £3,044.69 |
For the purpose of this calculation it is assumed:
-
12 monthly deposits of £25 or £250.
-
No withdrawals.
-
Interest is calculated daily and paid at the end of the 12
month period.
-
No change to the interest rate during the 12
months.
-
Deposits made on the 1st of each month.
How do I open and manage my account?
Eligibility
To be eligible you must:
-
be a current account customer
-
have switched to M&S Bank using the Current Account Switch
Service
-
have two active Direct Debits
How to open the account:
You can open an account online, by phone or in branch.
Minimum/Maximum balance
-
The minimum deposit is £25.
-
The maximum balance is £3,000 at the end of the 12 month
term.
Regular payments:
-
Regular payments must be made by standing order each
month.
-
You can change the amount of your standing order but not
the date.
-
Minimum monthly payment is £25.
-
Maximum monthly payment is £250.
-
If you don’t pay in the maximum allowed in any month, you
can carry over any unused subscription to the following months.
How to manage the account
Once opened, you can manage your account online, by phone or in branch.
Can I withdraw money?
Partial withdrawals are not permitted. If you need access to your money early, it means closing your account. If this happens, you will lose the Monthly Saver interest rate and instead you will receive interest up to the date of closure at our preferential Everyday Savings Account rate.
After 12 months, if you have an M&S Everyday Savings Account, we’ll transfer your balance into that account. If you do not have an M&S Everyday Savings Account, we’ll transfer your balance into your M&S Current Account.
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.
Definitions:
-
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 15.11.19
