The monthly saver earns interest for the entire term of 12 months
If you have linked the M&S Bank monthly saver to your checking account and it closes before the due date due to the changes, the bank automatically assumes that a maximum contribution of £ 250 has been made in each remaining month to calculate your interest.
For those who have already changed or plan to contact M&S Bank on or before the 31st provider as part of the change.
If you have not changed and your M&S Bank current account is still open on August 31, your monthly savings balance will be credited to your current account and the total amount will be sent to you as a check. You also have the option of transferring your monthly savings to the M&S Bank daily savings account (ESA), if you also have one of them.
For those who have not changed but closed their M&S checking accounts themselves before August 31; Your monthly savings will be automatically transferred to the balance of your current account when it is closed, with the total amount being sent to you in the form of a check.
Insurance, credit and credit card customers ARE NOT affected
Only current account customers and customers with the linked monthly saver from M&S Bank are affected. This means that customers with the following products are not affected:
- Credit cards
- Insurance products
- Other savings than the monthly saver linked to checking accounts
- Travel money service (the 100 M&S Bank travel agencies will remain in place)