M&S Money attracts record numbers of new savers
Released
on: April 10, 2009, 2:01 am
Author: Liz Neild
Industry: Financial
The
new M&S Advantage Cash ISA option is attracting record numbers
of savers, with over twice as many accounts opened since its launch
in January compared with during the whole of 2008.
Customer
feedback indicates that many are basing their choice to save with
M&S Money not only on the rate itself, but also on brand trust
and security. Recent research reveals that for a third of people
(34%) the most important factor when choosing a home for their
money is a savings provider they can trust*.
As
well as seeking a trustworthy provider, customers are looking
for value in terms of pricing, quality and service**. M&S
Advantage Cash ISA is currently one of the most competitive
in the market. Fixed rate options are also available, and customers
can split their annual Cash ISA allowance between variable and
fixed rates, using one simple application form.
Colin
Kersley, M&S Money Chief Executive, commented; "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. Record numbers of savers are applying for
new Cash ISAs with M&S
Money or transferring from other providers, and they tell
us it’s because they have trust in the brand."
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.
Advantage Cash ISA option
Minimum deposit £100 lump sum, or £25 by monthly direct
debit, up to Cash ISA allowance of £3,600 per tax year,
transfers from other ISA providers allowed. The Advantage Cash
ISA interest rate of 3.10% includes a 1% bonus until 21st April
2010, after which the rate will revert to 2.10% AER/tax-free variable.
Fixed Rate Savings
Within an ISA - minimum deposit £500 up to Cash ISA allowance
of £3,600 per tax year, transfers from other ISA providers
allowed. Outside an ISA - minimum deposit £500, maximum
£1 million.
This
is a strictly limited offer and is available both inside and outside
an ISA. Early withdrawals are permitted during the term but will
be charged at a fixed flat withdrawal charge (£50 for 1
year term, £75 for 2 year term, £100 for 3 year term).
The charge may mean a customer gets back less than they originally
deposited if they withdraw their savings before the term end date.
Partial withdrawals are not permitted.
- ENDS -
Notes to Editors:
* Research carried out on behalf of M&S Money by YouGov 9th
- 11th January 2009, among 2,120 people aged 18 and over.
** YouGov and the Credit Crunch, 21st November 2008 - key factors
in consumer choice (savings), c.35% safety/security/confidence/reputation,
c.25% price-related factors (interest rate).
About
M&S Money
M&S Money (the trading name of Marks & Spencer Financial
Services) was founded in 1985 as the financial services division
of Marks and Spencer Group plc. The company is now a top ten credit
card provider and the second largest travel money retailer in
the UK. M&S Money also offers a range of insurance cover,
including home
insurance, wedding
insurance and pet
insurance, as well as loans, savings and investment products.
Contact Details:
For further information and to request a case study please call
the M&S Money press office:
Liz Neild
M&S Money press office
Marks & Spencer Money
Kings Meadow
Chester
CH99 9FB
01244 686 068
www6.marksandspencer.com
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