A Marks and Spencer current account switch could take you a matter of minutes and best of all, it will earn you £180 in gift cards. Take a look at what you need to know.
I love a current account switch. They are so quick to do and require very little effort. The banks do all the hard work and swap all your direct debits and standing orders for you. And if any payments are made to your old account, they will be automatically forwarded to your new one.
But the best thing about switching? You are often paid to do it. It’s true that quite a few banks pay you in cash when you switch, but there are a few signs that this might be changing. First Direct recently swapped from offering cash to vouchers or gifts.
Current account switch to Marks and Spencer
One generous reward available at the moment comes from Marks and Spencer. Okay, so your reward comes to you in the form of gift cards, but it’s still a good amount. M&S stocks a range of items and there’s something for everyone.
What do I have to do?
Open a current account with Marks and Spencer and use the Current Account Switch Service. As long as your old account has two active Direct Debits, you will receive a £125 gift card within one calendar month.
I thought you said £180?
Recently banks have gotten wise to people switching accounts for a couple of months just to receive a reward. To stop this, they now offer extra to people that stay for longer. For every month you stay, you’ll receive a £5 top-up on your M&S gift card. However, you’ll only receive this if you pay in a minimum of £1000 into your account each month and you have 2 active Direct Debits.
Is it worth it?
Of course it is. Switching accounts will only take around 30 minutes, so it’s easy money. Whether staying for a year is worth the extra £55 is up to you. The main issue is whether you can find what to spend your vouchers on. After all, there’s only so many pants and socks you can get through!
M&S has a very tasty Monthly Saver account. This pays an impressive 5% AER for the first year of opening. You can pay in a maximum of £250 every month.
Plus, using your Marks and Spencer debit card earns you 1 loyalty point for every £1 you spend. Collect enough loyalty points and they can then be exchanged for more gift vouchers.