Financial institution with M&S, HSBC or First Direct? Urgently open its common saver

How to get 2.75% if you’re with M&S Bank, HSBC or First Direct 

If you’ve a current account with one of these banks and want to open a regular saver while they’re still around, here’s what to do:

  • To open a regular saver with M&S Bank, you must apply by Thursday 12 November. To be eligible for its Monthly Saver account, you’ll need to have used the current account switching service to switch to one of its current accounts and have two or more direct debits. You can then deposit between £25 and £250 a month. If you don’t pay in the max each month, you can pay more in later months.

    Once the 12 months is up, the account is closed and the balance and interest given to you as a lump sum (or transferred into M&S Everyday Savings Account if you have one). No withdrawals are allowed before the year is up.

  • With HSBC or First Direct, there’s no set deadline to open a regular saver – but go fast to be safe. You must have a current account with the bank – though unlike with M&S Bank, you don’t need to have switched to it using the current account switching service. With HSBC’s regular savings account, you can deposit between £25 and £250 a month – with First Direct’s regular saver, it’s between £25 and £300 a month.

    Both banks also let you carry your allowance over, so if you don’t pay in the max each month, you can pay more in later months. As with M&S Bank above, no withdrawals are allowed during the term. After 12 months, your money will be transferred into an easy-access account with the relevant bank. 

I’m not with these banks – can I switch to get 2.75%?

If you DON’T have a current account with one of these banks currently, then it IS still possible to get a current account and then open a regular saver.

M&S Bank told us you don’t need to have completed a switch to it before you open a regular saver, so if you apply to switch your current account to M&S Bank by Thursday 12 November, and at the same time open a regular saver, you could still beat the deadline.

However it’s likely there are better options for those who currently bank elsewhere – for example, HSBC pays newbies switching to it £125 AND you can grab the 2.75% regular saver as well. Alternatively you could switch to NatWest or RBS, which offer free switching cash and ongoing cashback and currently offer 3.04% AER variable via their regular savers. For full details of all these, see our Best Bank Accounts and Regular Savings Accounts guides. 

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