Monthly Saver - M&S Bank

Monthly Saver

M&S Bank
5 % AER
Headline Interest Rate
Regular Saver
FSCS
Compensation Scheme
£ 25 min monthly deposit
£ 250 max monthly deposit
  • Open By:
High interest rate
Need a current account to open

About the account

Account Type: Regular Saver
Headline Interest Rate: 5 % AER
Protection Scheme: This account is covered by the Financial Services Compensation Scheme.
Minimum Initial Deposit: £ 25
Minimum Monthly Deposit: £ 25
Minimum Additional Deposit: £ 25
Maximum Monthly Deposit: £ 250
What happens if you miss a payment: If a monthly payment is missed the account will automatically be closed and transferred into an Everyday Savings account.
Date account was introduced: 29 Sep 2016

This account may be appropriate for you if

  • You are happy not withdrawing funds before the end of the term
  • You are over 18 years of age

Rate details

Gross Rate
Excluding Bonus
Gross Rate
Including Bonus
AER
£255.00%5.00%5.00%

Account access

Open account byManage account by
Bank
Post
Phone
Internet
Interest Payment Option
Interest Added to Account
Interest Paid to Other A/c
Interest Paid to Bank A/c
Interest Paid by Cheque
Interest Payment Frequency: maturity
Statement Frequency: annually
Additional Deposits: Not allowed
Standing Orders: Allowed

Withdrawals

Withdrawal Conditions: Withdrawals are not permitted during term. Closure is permitted however the Monthly Saver interest rate will be lost and interest will be paid at the early closure rate of 1.35% Gross/AER.
Notice and Penalty Charge: There are no withdrawal conditions.
Free Withdrawal Conditions: No free withdrawals are allowed.
Transferred on Maturity: This account will be transferred to an Everyday Savings Account at maturity. If the customers does not already have this account it will be transferred to your M&S current account.

Conditions

Additional Account Required: This account is only available to M&S current account holders who opened their account via a full switch using the M&S switching service and have a minimum of 2 active direct debits.
Additional Subscriptions Permitted: This account does not let you transfer ISA savings from a deceased spouse

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Customer ratings