M&S Money - Savings Accounts.

M&S Savings Accounts Review.

Marks and Spencer offers savers a number of accounts that can be applied for online including Fixed rate bonds, Cash ISA’s and everyday savings accounts. These savings accounts are backed by HSBC. The rates below were correct @ 06/02/2011.


Marks offer 1, 2 and 3 year fixed rate bonds that allow you to invest any amount between £500 and £1,000,000. 1 Year 3.00% AER, 2 Year 3.20% AER and 3 Year 3.50% AER.


This account from M&S offers unlimited penalty free withdrawals and a rate of 2.35% AER including a  1% bonus for 12 months from the account being opened. You can save between £1 and £1,000,000 and check your account balance online. Interest is calculated daily and paid monthly.


If you are looking for tax free savings marks and spencer offer a choice of two tax free savings accounts and remember under the new isa rules you are allowed to put up to £5,100 in a cash ISA each year.

Fixed Rate ISA- Choose either a 1 Year Term paying £3.00% AER, 2 Year Term paying £3.20% AER or a 3 Year Term paying 3.50%. M&S also allow you to transfer funds in from other cash ISA providers.

Flexi Cash ISA-Variable rate of 2.65% including 18 month bonus of 1.25%. £100 minimum lump sum deposit or set up a d/d and pay in from £25 per month.

Full information can be found @ marksandspencer.com.

The UK's Financial Services Compensation Scheme guarantees the first £85,000 of all your cash savings (Cash ISA, Fixed Rate Savings and Everyday Savings Account) held by M&S Money.