Find out why Marks and Spencer Bank offers big bank account switching incentive.
Marks and Spencer Bank offers big bank account switching incentive – Get up to £220 worth of coupons in first year.
M&S bank scored well in the latest Which?
M&S Bank has published a new bank current account changing incentive, enabling new customers to get up to £220 in coupons in the first year.
For a limited time, in the event you switch to an M&S Bank current account, you will earn a £100 M&S gift card plus an extra £10 in vouchers for every month you deposit at least £1,000 in year one.
M&S Bank current account holders can also open a connected regular saver account for paying into as well.
The M&S Monthly Saver enables you to save between £25 and £250 a month, meaning you can earn up to £96.63 in gross interest alone over a 12-month interval.
M&S bank accounts – the nitty gritty
To be able to qualify for this particular offer, you must have at least two direct debits that stay active and you need to work with the official Current Account Switch Service.
The bonus £10 per month will then be automatically loaded onto the initial £100 M&S gift card.
There are two accounts to choose from – the free M&S Current Account or the M&S Premium Current Account costing £10 per month.
The yearly Premium benefits comprise £40 in M&S vouchers to spend on clothes and a homeware £10 birthday gift, 48 hot beverages coupons, plus other seasonal treats four times a year valued at £45 by M&S.
Both accounts come with an automatic £500 overdraft, with the first £100 interest- free.
How can the M&S bank account changing bonus compare?
The rewards are paid into a gift card, which means if you do not enjoy shopping at M&S, then this is not for you.
However, if you do like the brand, the offer of GBP 220 in year one is quite good.
Now, the biggest cash incentive for switching current accounts is offered by Halifax, which pays up to £160 in year one.
You’ll have to pay out at least two direct debits to get the £100 for switching, plus a £5 reward each month you pay in a minimum of £750 and remain in credit.
However, should you keep a big balance in your account, a bank account offering in-credit interest could be the better choice.
The Santander 123 current account pays tiered interest of up to 3% on balances up to £20,000 and in the event you kept a balance of £10,000, you could bring in around £296 (minus £60 in yearly fees from 11 January 2016), which would top the M&S deal.
TSB pays 5% AER on balances up to £2,000, as long as you pay in at least £500 each month.
Nationwide also pays 5% AER on balances up to £2,500 for 12 months, falling to 1% AER afterwards, although you will have to pay in £1,000 a month to qualify.
The government’s new Midata scheme enables you to compare current accounts should you not know where to start.