Apply onlinefor the M&S Fixed Rate Savings

You are about to apply for the M&S Fixed Rate Savings

By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section below.

All information you provide will remain safe, secure and confidential

Before you apply

Eligibility criteria

To apply for the M&S Fixed Rate Savings you must:

  • be a UK resident — not available to residents of the Channel Islands and the Isle of Man
  • be aged 16 or over

What you'll be asked for

During your application process we will need your:

  • residential address
  • email address
  • account number and sort code of your bank or building society
  • debit card details

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.

Important documents

Please read the following documents:

You may require Adobe PDF reader to view these documents. Download Adobe Reader

Other important information

Please read the following information:

Checking your details

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 Account

What is the interest rate?

Balance Term Interest rate
£500 - £1m 1 year 4.35% AER/Gross
2 year 4.05% AER/Gross
3 year 3.75% 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 4.35% AER/Gross £1,043.50
2 years 4.05% AER/Gross £1,082.64
3 years 3.75% AER/Gross £1,116.77

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 telephone or by post.

Minimum/Maximum balance

  • you can only make one deposit into each bond.
  • 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
£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 saving 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 tax benefits provided depend on your personal circumstances and tax rules may 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 08.02.2024

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.