Its that time of year again when banks want our cash, first out of the blocks was the co-op topcashback deal from yesterday, today M&S have increased their incentives to offer £10 gift card per month. Add on top of this the £100 gift card they also give and potential added interest from using their regular savings account, now may be a time to switch.
need to transfer 2 direct debits and put in £1000 a month.
Other banks like FirstDirect and Halifax offer similar incentives.
Top comments
ajavaid92 to mumofthree53
5 Jan 163#5
A lot of the big banks have this "weird little gadget" including HSBC, Natwest, Barclays, etc.
Latest comments (37)
Grapey
5 Jan 161#3
Worth it for the £100 gift card but honestly, if I was eligible, I would find it hard to stick with them for a year to get the other £120. I switched to them at the end of last year and switched again as soon as possible - hated all the messing about with the 'pass' whenever you logged on or made a payment etc and not having a decent app is unforgivable, app is balance check only. Urgh!
Coffee100 to Grapey
5 Apr 16#37
How quickly did you get the gift card?
neilied
7 Jan 16#36
Yes, was told the application includes a minimum £100 overdraft on all accounts and i couldn't apply for one without.
sach1636
6 Jan 16#35
HSBC has moved on to mobile app so you don't need secure key /token device to log in.
kiish
6 Jan 16#34
All the sites need a user/password but Natwest for example to send payments to a new payee you need to use a physical device where you put your card in and then the PIN. With Lloyds for example they call you with a code to enter on the phone.
Do they? I'm with Lloyds but still have to login with password. 2FA would be better, how do you setup SMS/App for authentication?
Grrrrrrrrrrr
5 Jan 162#20
I've currently got several hundred pounds worth of M&S vouchers - but am finding it very difficult to find anything at M&S worth using them to get. It seems daft using them to buy something that I don't really want or need.. but that looks to be the way it's going..
summerof76 to Grrrrrrrrrrr
5 Jan 161#21
I'll have them :laughing:
stphnstevey to Grrrrrrrrrrr
5 Jan 16#22
Ebay
NickyOhMG to Grrrrrrrrrrr
5 Jan 16#23
Alcohol? Food?... You can use them in the food stores too. (in most cases!). Surely you'll find something one day you're hungry... for a **** up.
lianne21 to Grrrrrrrrrrr
6 Jan 16#32
Just get your weekly food shopping there for a while till you use it up, their food us excellent !
r1dao
6 Jan 161#29
can you get these benefits as a new customer (without moving other account to them)?
thanks
danby22 to r1dao
6 Jan 16#31
Nope - looks like these rewards (£220 & high rate interest savings account) are exclusive to those using the switching service according to their T&Cs.
rambobambo
6 Jan 16#30
can one do it again considering previously had vouchers
neilied
6 Jan 16#27
Said they were concerned that I wouldn't be able to keep payments against the compulsory £100 overdraft. Even though I told them that there would be pay,wants to the account of double that and gave salary details. So even though it says no income payments or direct debits needed if you don't then it's a big no
WillPS to neilied
6 Jan 16#28
Is the £100 overdraft compulsory? When I applied last March-ish it wasnt, and I applied without.
Unless you actually need an overdraft, it's always best not to get one when switching I find - certainly has less of an impact on your credit record.
neilied
6 Jan 16#24
Underwriters hsbc??? Tried the switch last month with my basic account with Natwest to say I have my primary acct Natwest with o/draft also an isa and a credit card also a barclaycard and a tesco credit card none full and 5 years good repay and it took m&s 3 days and a referral and then declined the account?? Now have a search listed on equifax cheers m&s
WillPS to neilied
6 Jan 16#26
Sounds like it might have been a security issue?
Don't worry too much about a search on your account; it's when you have several close together that problems arise. In any case they drop off completely after either 1 or 2 years.
Kittyno7
6 Jan 16#25
If you don't the vouchers can l have them
Happykuar
5 Jan 162#19
Did this a few months ago. PITA trying to activate your card, they're always wanting you to ring them and answer questions. I chose accounts you can open online because I don't want to talk to people.
jaydeeuk1
5 Jan 16#18
Good deal, almost switched from Halifax before Xmas. Might switch and then open another Halifax ac anyway.
muffboy
5 Jan 16#17
get in!
backinstock
5 Jan 161#15
£1000 per month?
That's my beer and gambling money!
I'm not wasting that by putting it in a bank........................even a M&S bank!
Good deal though.
seanmorris100 to backinstock
5 Jan 16#16
You dont have to leave it in the bank...
premierfella
5 Jan 16#14
I realise this is veering off-topic, but most banks that use devices (e.g. HSBC, Natwest) are aware of the negatives for the customer experience. If you are always sending payments to new payees, they are annoying. If (like most) your payments tend to be using existing instructions, you don't normally need to use the devices to authorise future payments to the same payees after the first few times.
I'd guess that M&S (as a HSBC subsidiary) works the same way.
Dogeared
5 Jan 16#13
I switched last year for the incentives and agree it's not easy to access your money but they're one of the few banks that don't require you to deposit any money each month. I've accepted the incentive and will use their 6% regular saver for a year and then switch. Wouldn't like it as my main bank account.
CheapLife
5 Jan 16#12
this is a great option because it's free. Ok you need to fund it to get the additional £10 per month but I like having one of these, a lot less hoops to jump through to get the bonus than some of the others and you get access to the 6% reg saver
TheGreatPoobarr
5 Jan 16#11
can confirm, m&s banking is all supplied by HSBC.
kiish
5 Jan 16#10
Barclays/HSBC/FD has a equivalent to the device through a App. Regardless a "robust" device or not, a device is completely pointless and painstakingly stupid for customer experience.
Lloyds etc all now have authentication through SMS/App
marineville
5 Jan 16#9
acrually, arent hsbc, first direct and m&s bank all the same bank: hsbc? that's why they all use the tiny keyring thing... natwest use a card reader but it's still as cumbersome.
mcormack
5 Jan 161#6
All bank have "weird" gadgets to protect you.
WillPS to mcormack
5 Jan 16#8
see above
WillPS
5 Jan 161#7
only HSBC and firstdirect. Natwest, Barclays, co-op etc use a much more robust device that actually reads your card.
mumofthree53
5 Jan 16#4
I switched to them and it was such a bother I switched again. The £120 isn't worth the hassle you will get trying to access your own money. They had a weird little gadget to log the password each time you logged in . It looked like a little calculator for a doll - I think I went through 3 or 4 or more of these before I gave up and changed to the Bank of Scotland
ajavaid92 to mumofthree53
5 Jan 163#5
A lot of the big banks have this "weird little gadget" including HSBC, Natwest, Barclays, etc.
sho_me_da_money
5 Jan 16#1
Can you get this if youve already held account with them?
eslick to sho_me_da_money
5 Jan 16#2
You must not have previously used the Current
Account Switch Service to switch to one of our
M&S Bank current accounts (whether or not they
are currently open) or submitted a ‘Switching your
standing orders and Direct Debits’ form to us.
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
![[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold](/images/topics/208716_1.jpg)
Opening post
need to transfer 2 direct debits and put in £1000 a month.
Other banks like FirstDirect and Halifax offer similar incentives.
Top comments
Latest comments (37)
This thing:
https://supportcentre.natwest.com/app/answers/detail/a_id/1233/~/what-is-a-card-reader-and-why-do-i-need-one%3F
thanks
Unless you actually need an overdraft, it's always best not to get one when switching I find - certainly has less of an impact on your credit record.
Don't worry too much about a search on your account; it's when you have several close together that problems arise. In any case they drop off completely after either 1 or 2 years.
That's my beer and gambling money!
I'm not wasting that by putting it in a bank........................even a M&S bank!
Good deal though.
I'd guess that M&S (as a HSBC subsidiary) works the same way.
Lloyds etc all now have authentication through SMS/App
Account Switch Service to switch to one of our
M&S Bank current accounts (whether or not they
are currently open) or submitted a ‘Switching your
standing orders and Direct Debits’ form to us.
full terms
http://bank.marksandspencer.com/pdf/CACass.pdf