Simple, everyday savings
With an M&S Everyday Savings Account your savings after year(s) and month(s) could be:
Your total interest earned could be
Based on a variable interest rate of .
The calculations show the gross interest earned before tax is deducted at the basic rate (currently 20%). Interest rates are correct as at .
There's no limit on how often you can dip into your savings - you can withdraw any amount from £1 up to £10,000 online, or up to the balance of your account over the phone.
Interest is calculated daily and paid into your account monthly, so you don't have to wait to use the extra money your savings earn.
You can add money to your savings account by bank transfer from your linked account. The maximum for each deposit is £1 million.
You can also access your savings account online whenever you want safely and securely. Find out more information about how to register for Digital Banking and download the M&S Banking App in our digital banking hub.
Apply for an M&S Everyday Savings Account
You can call us on 0808 001 3131. Lines are open 8am-8pm. Calls are recorded.
This is the interest rate the Bank of England charges on money lent to financial institutions - like us. It is currently 4.50%. The Bank of England's Monetary Policy Committee meets 8 times a year to review this rate.
The Monetary Policy Committee is due to meet 8 May, 19 June, 7 August, 18 September, 6 November and 18 December in 2025.
We don't currently offer savings products directly linked to a Bank of England Base Rate, but we constantly review our products and will notify customers of any changes to their products.
Everyday Savings Account Summary Box (PDF document) (Opens in a new window)
Everyday Savings Account Terms and Conditions (PDF document) (Opens in a new window)
UK FSCS Information Sheet and Exclusion List (PDF document) (Opens in a new window)
Third party mandate (PDF document) (Opens in a new window)
You may require Adobe PDF reader to view these documents. Download Adobe Reader (Opens in a new window)
Definitions
AER is the annual equivalent rate and illustrates what the rate of interest would be if interest was paid and compounded on an annual basis.
Gross is the rate of interest if interest was paid and not compounded each year.
Interest is calculated daily and will be credited to your account monthly. Variable interest rates correct as at 05.03.2025.
