This comparison simply includes all savings accounts.
Marks And Spencer Savings Accounts
Why we like it: MARKET LEADING. 0.60% AER if customer makes two or fewer withdrawals within an anniversary year. If a customer makes three or more withdrawals in an anniversary year the rate reduces to 0.10% from the date of the third withdrawal. Monthly or annual interest. Must be UK resident and be aged 18 or older. Maximum deposit £1,000,000. Manage your account online. Covered by the FSCS
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: Unlimited withdrawals subject to 120 days notice.
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older
Compare Marks & Spencer savings accounts
Marks & Spencer’s financial services division is known as M&S Bank. They provide a number of different savings options for their customers, which might be a good fit for you. This will depend on your personal finances and saving objectives.
Below we explain the main types of accounts M&S Bank offers to savers.
Current Accounts
If your savings are relatively modest at this point, keeping them in your current account might be your best move. Current accounts generally pay good rates of interest, but only up to a certain deposit limit.
When your savings exceed the deposit limit on your account, you will normally not earn any interest on the excess balance. This should be moved to an alternative account to ensure the best overall return.
Instant Access Savings Accounts
Flexible saving can be very appealing, especially to those who aren’t sure what their financial situation will be like in the near future. An instant access savings account lets you put money in and take it out when it suits you. However, bear in mind there may be a limit on how many withdrawals you can make each year.
Fixed Rate Bonds
If you want to get a guaranteed return on a lump sum, a fixed rate bond is ideal. These pay a set rate of interested over a pre-agreed period. The trade-off is that you cannot access your money during this period, so fixed rate bonds are generally best for long term saving. The longer you can afford to lock your money away, the better interest rate you will normally get.
Cash ISAs
ISAs allow UK taxpayers to earn tax-free interest on their savings, which make them very appealing. There is a limit to how much you can put into an ISA, which is set each year by the government. For 2017/18 this is £20,000.
ISAs will generally fall into one of two camps – fixed term or instant access. A fixed term ISA works like a fixed rate bond, giving a guaranteed interest rate for a set period during which you can’t use your money. Instant access ISAs give variable rates of interest, but provide the freedom to take your money out whenever you want and put more money in later if you can afford to.
ISAs often give slightly lower rates than other types of savings accounts, so this must be offset against the tax incentives on offer to see which type of savings account is the best value overall.
Find the best Marks & Spencer savings account for you
Given that there are many different brands and products on the market to choose from, getting the right one for you can seem a daunting task. Our savings account comparison tool at the top of the page lets you see the different benefits, including all the latest interest rates, of various accounts so you can make an informed decision.
