Features and Benefits
Only available to current account customers who have switched to us using the Current Account Switch Service and have two active Direct Debits.
Earn a great rate of interest
Your money earns an impressive 2.75% AER/gross (fixed), which will produce approximately £44.69Footnote 1* in interest in just one year if you save the maximum £250 a month.
Save up to £250 a month
You can save between £25 and £250 per month for 12 months. Payments are made by standing order from your current account.
Carry over your savings allowance
If you save less than £250 in any given month, you can carry over any unused allowance to the following months.
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 variable rate. Monthly Saver interest is calculated daily and credited annually at the end of the 12 month term.
Spend or save – the choice is yours
At the end of the 12 months we’ll write to let you know we’re about to transfer your account balance and interest into your M&S Everyday Savings Account if you have one, or into you M&S current account. If you like what you earned, you can open another Monthly Saver at the prevailing rate of interest and do it all over again as long as you have switched your everyday banking to us using the Current Account Switch Service and still have 2 active Direct Debits on your account.
Please note, you can only have one Monthly Saver per current account relationship. So if you have a joint account, only one of you will be the Monthly Saver account holder. You can only hold one Monthly Saver at a time.
See how much interest you could earn
|Deposit each month||Total deposits||InterestFootnote 1* 2.75% AER/gross|
Table assumes months are of equal length. However given some months are longer than others interest accrued will vary depending upon the month.
M&S Monthly Saver is not available to residents of the Channel Islands and the Isle of Man. Interest rates correct as at 15 November 2019. Rate is subject to change.
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 were paid and not compounded each year.