5th January 2016
From Tuesday 5 January, new M&S Current Account customers can enjoy up to £220 to spend if they switch and stay with the bank.
Those who transfer their current account to M&S Bank via the Current Account Switching Service (CASS), will receive a £100 M&S Gift card, plus an extra £10 per month, credited to the card for each of the first 12 months, on the condition they pay in a minimum of £1,000 each month and have at least two direct debits set up.
Additionally, customers who switch have the opportunity to open a linked monthly savings account paying 6% AER and if they save the maximum £250 per month they can earn interest of £96.63 gross in 12 months.
Therefore in the first year, customers can potentially earn £316.63, made up of the £100 initial gift card, 12 x £10 monthly gift card credits and regular saver interest of £96.63 gross.
Paul Stokes, head of products at M&S Bank, commented: “We want to make banking with M&S as rewarding as possible, so we’re delighted to be able to welcome new customers with a £100 M&S gift card, and the potential to receive a further £120 in the first year they bank with us.”
Looking at the enhanced current account switching offer from M&S Bank, Andrew Hagger of Moneycomms asserted that there is nothing buried in the small print to trip people up however he highlighted that potential customers need to remember that if they do not pay in £1000 per month they will not receive the £10 gift card credit for that particular month.
However customers are still eligible for future monthly credits once meet the monthly minimum credit criteria and maintain two active direct debits.
Hagger said: “It is also worth pointing out that the £10 per month incentive is for the first year only and customers should always consider the suitability of any current account over the longer term based on the way they run their day to day finances.
“As an overall first year incentive the M&S Current Account gives you the chance to earn more than any of its competitors when looking at a the combined value of switching incentive, first year incentive and monthly savings interest. This doesn’t take account of the reward points you can earn on M&S Debit Card spending.”
Hagger added that the M&S Bank offer represents the best year one deal for in credit balances of £1,000 and £2,000.
“For customers looking to maintain a much larger credit balance, Santander 123 would pay more than M&S in the first year; however to achieve this you’d need a balance of £12,500 plus to top the M&S bank return,” he said.