Everyday Savings Account Information

One great interest rate, whatever your balance

With an Everyday Savings Account, the interest rate is 1.56% AER/1.55% Gross variable* for all balances. Rate includes a 1% bonus for 12 months from account opening. You can start saving from just £1.

Bonus rate for 12 months

We'll give your savings a boost with a 1% bonus for the first 12 months from account opening. After the introductory bonus the rate will revert to our variable rate (currently 0.55% AER/Gross).

	AER	Gross	Net
Including introductory bonus	1.56%	1.55%	1.24%
After introductory bonus	0.55%	0.55%	0.44%

Make your money work harder

The Everyday Savings Account not only ensures that your money is safe and secure, it also pays a competitive, variable interest rate. See for yourself how we compare against other banks and retailers.

Company	Account name	AER at £1
M&S Money	Everyday Savings Account	1.56%**
Tesco	Instant Access Account	0.75%
Barclays	MoreForMore Savings	0.50%
NatWest	Savings Direct	0.10%
Virgin Money	Deposit Account	0.10%

Source: Moneyfacts datascreen. Rates correct as at 02/10/2009. Variable rate savings accounts with no notice required for making a withdrawal. Excludes 'online only' accounts. **Rate includes a 1% bonus for 12 months from account opening.

Penalty free withdrawals

There's no limit on how often you can dip into your savings – or how much you withdraw each time. You can also top up your balance whenever you want. The minimum withdrawal amount is £1.

It's easy to open an account

You can open an account online, or open by phone on 0808 001 3131. Calls may be recorded. The minimum deposit is just £1.

Access your savings by phone

The easiest way to manage your savings is by phone. You can call us anytime to check your balance and transfer money in and out of your account.

Manage your account easily

You can pay in a cheque either instore at one of our 110+ M&S Bureaux de Change, or by post. Alternatively, make a payment by Debit Card or BACS transfer, or make regular deposits by standing order. Call us on 0845 900 0900 to set up a linked bank or building society account – then you can withdraw your money as often as you like, without charge. See 'Questions' for more information.

Interest paid monthly

Interest is calculated daily and paid to your account monthly. You can sit back and watch your savings grow.

Peace of mind

The first £50,000 of the savings you hold with us is protected by the UK Financial Services Compensation Scheme – and because Marks & Spencer Financial Services plc (which trades as M&S Money) is authorised by the Financial Services Authority in its own right, the savings you hold with M&S won't be affected by any money that you have elsewhere, including HSBC.

* AER is the Annual Equivalent Rate and illustrates what the rate of interest would be if interest was paid and compounded on an annual basis. Gross means the rate of interest before the deduction of tax applicable to interest on savings. Net means the rate of interest after the deduction of the lower rate of tax. For illustrative purposes only this is based on the lower rate of tax, currently 20%. Interest will be credited to your account monthly. Variable interest rate correct as at 22/02/2010

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