Before you apply
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
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?
Representative example 1
Representative example 2
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?
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.
- The minimum deposit is £25.
- The maximum balance is £3,000 at the end of the 12 month term.
- 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, which is 0.35% AER/Gross.
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.
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 10.02.17