M&S Money launches first easy access saver

M&S Money has announced a further expansion of its range of savings products with the launch of the M&S Everyday Savings Account.

M&S Money is already a leading provider of tax-free Cash ISA savings. This is the first M&S Money easy access account, offering a convenient, safe home for customers who want to save for everyday items.

The account has a variable interest rate of 1.56% AER which includes a 1% bonus for 12 months from the date the account is opened. Interest rates are variable. Interest is calculated daily and paid into the account monthly.

From Thursday 14th May customers can apply for an account on the phone or by post. The minimum deposit required to open an account is just £1.

M&S Credit Card and Chargecard holders who open an ‘Everyday' account before 17 July 2009 can earn up to 2,000 M&S points. The number of points you receive will be based on the cleared balance that you have in your account as at 31 July 2009.

Customers can make deposits into their account by debit card, BACS transfer, standing order or by cheque through the post or at one of the nationwide in-store bureaux de change.

There is no obligation to make regular deposits, and savers can make unlimited, penalty-free withdrawals whenever they choose.

Research by M&S Money has revealed that saving money remains a priority for many people despite the current economic climate.

The survey found that almost three?quarters (73%) of people will continue to save this year, and a further 11% plan to start saving.

When asked what was most important when putting their money into savings, a third (34%) said it was having a provider they could trust.

The Everyday Savings Account is the latest addition to the range of M&S savings products. The M&S Advantage Cash ISA, launched in January, has attracted record numbers of savers.

All cash savings with M&S Money are protected under the UK Financial Services Compensation Scheme, so the first £50,000 per customer of any cash savings are 100% guaranteed. M&S Money is part of HSBC, one of the world's largest banking and financial services organisations.

Colin Kersley, M&S Money Chief Executive, said: ‘Financial stability is a priority for savers in these uncertain times, with trust and value becoming key factors for customers when choosing a savings provider.

‘M&S tax free Cash ISA savings have attracted a record number of people who want to save for the long-term. The Everyday Savings Account gives M&S customers an easy way to save for everyday things, whether it's a well earned holiday or home improvements.'
For more information, visit marksandspencer.com/savings