Before you apply
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.
M&S Fixed Rate Savings Account
What is the interest rate?
|£500 - £1m||1 year||0.70% AER/Gross|
|2 year||0.80% AER/Gross|
|3 year||0.85% AER/Gross|
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 an initial £1,000 deposit?
|Term||Interest rate||Balance at the end of the term|
|1 year||0.70% AER/Gross||£1,007.00|
|2 years||0.80% AER/Gross||£1,016.06||3 years||0.85% AER/Gross||£1,025.72|
For the purpose of this calculation it is assumed:
- Initial deposit of £1,000
- No further deposits
- No withdrawals
- No change to the interest rate during the 12 months.
How do I open and manage my account?
To be eligible you must:
- be a UK resident
- be aged 16 years or over
How to open the account:
You can open the account online, by phone or in branch.
- 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?
If your deposit is under £50,000, subject to early withdrawal fees in the following table, you can close your Fixed Rate Savings before the end of the fixed term. Depending on when you close your account, you may get back less than your original deposits. If your deposit is £50,000 or more you can’t close your bond or withdraw any money until the end of the deposit term. Partial withdrawals are not permitted.
|1 year term||2 year term||3 year term|
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 saving option we make available at that time.
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 09/03/2020
Once you submit your application
If you apply online, we'll keep you updated on the progress of your application.
By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section above.