Apply onlinefor the M&S Current Account

You are about to apply for the M&S Monthly Saver

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 an M&S Monthly Saver you must:

  • be an M&S current account holder
  • have switched to M&S Bank using the Current Account Switch Service and have 2 active Direct Debits on the account
  • have sufficient available funds to make the first payment

What you'll be asked for

During your application process we will need your:

  • Nationality/Citizenship
  • Tax residency*
  • Monthly amount you wish to save
  • Email address

*If you are resident for tax purposes in countries other than the UK and cannot provide your Tax Identification Number you will not be able to apply online, please call 0345 900 0900

Regular payments

Please read the following information:

  • Payments must be made by standing order from your M&S current account each month
  • You can change the amount of the standing order but not the date
  • Minimum monthly payment is £25

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

Summary Box

Account name

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

£25
Monthly deposit

£300
Total deposits at end of 12 month period (excluding interest)

5.00% AER/Gross
Interest rate

£308.12
Balance including interest at end of 12 months

Representative example 2

£250
Monthly deposit

£3,000
Total deposits at end of 12 month period (excluding interest)

5.00% AER/Gross
Interest rate

£3,081.25
Balance including interest at end of 12 months

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?

Eligibility

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.

Minimum/Maximum balance

  • The minimum deposit is £25.
  • The maximum balance is £3,000 at the end of the 12 month term.

Regular payments:

  • 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.

Additional information

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.

Definitions:

  • 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

Once you submit your application

If you apply online, we’ll process your application within two working days.

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