M&S Bank Monthly Saver - M&S Bank

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

  • Your are happy to give na days notice before accessing your money
  • You are over 18 years of age

Rate details

Gross Rate
Excluding Bonus
Gross Rate
Including Bonus
AER

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: Not 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

Existing Customer: 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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