Apply online
You are about to apply for or top up an existing
M&S Everyday Savings Account
By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section below.
- All information you provide will remain safe, secure and confidential
Before you apply
Eligibility criteria
To apply for an M&S Everyday Savings Account you must:
- be a UK resident — not available to residents of the Channel Islands and the Isle of Man
- be aged 16 or over
What you'll be asked for
During your application process we will need your:
- residential address
- email address
- bank or building society details to set up a linked account for withdrawals
Non UK tax residents
If you are liable to pay tax in any country other than the UK, you cannot complete this application online. To apply please call us on 0808 001 3131. Lines are open 8am-8pm, 7 days a week.
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Other important information
Please read the following information:
As part of our ongoing commitment to managing financial crime risk, we need to ask a few questions about your income and employment and how you intend to use and fund your account. We may also check your name and address with a credit reference agency to verify your identity, using information from the Voters Roll and other public sources. If we're unable to confirm your details or we need you to provide further information, we will contact you to explain what you need to do to progress with your application.
Summary box
Account name
M&S Everyday Savings Account
What is the interest rate?
| Balance | Interest rate |
|---|---|
| £1+ | 1.30% AER/1.29% Gross |
| Balance | £1+ |
|---|---|
| Interest rate | 1.30% AER/1.29% Gross |
Interest is variable, is calculated daily and credited to the account monthly.
The interest rates effective from 2nd September 2025
| Balance | Interest rate |
|---|---|
| £1+ | 1.15% AER/1.14% Gross |
| Balance | £1+ |
|---|---|
| Interest rate | 1.15% AER/1.14% Gross |
Interest is variable, is calculated daily and credited to the account monthly.
Can M&S Bank change the interest rate?
Yes, we can change the interest rate on this account in line with the account’s terms and conditions.
What would the estimated balance be after 12 months based on an initial £1,000 deposit?
| Initial deposit | Interest rate | Balance after 12 months |
|---|---|---|
| £1,000 | 1.30% AER/1.29% Gross | £1,013.00 |
| Initial deposit | £1,000 |
|---|---|
| Interest rate | 1.30% AER/1.29% Gross |
| Balance after 12 months | £1,013.00 |
The estimated balance after 12 months based on a £1,000 initial deposit would be as follows, based on interest rates effective from 2nd September 2025
| Initial deposit | Interest rate | Balance after 12 months |
|---|---|---|
| £1,000 | 1.15% AER/1.14% Gross | £1,011.50 |
| Initial deposit | £1,000 |
|---|---|
| Interest rate | 1.15% AER/1.14% Gross |
| Balance after 12 months | £1,011.50 |
How do I open and manage my account?
Eligibility
To be eligible you must:
- be a UK resident
- be aged 16 years or over
How to open the account:
You can open an Everyday Savings Account online or by phone.
Minimum/Maximum balance
- Minimum deposit of £1 to open an account
- No maximum balance, however the maximum deposit amount is £1,000,000.
How to manage the account
Once opened you can manage your account online or by phone.
Can I withdraw money?
Yes, you can make as many penalty free withdrawals as you like - withdraw up to £10,000 online or up to your full balance over the phone.
Call us on 0345 900 0900 to set up a linked bank or building society account – then you can make as many fee free withdrawals as you like.
Additional information
A 14 day cancellation period applies to this account.
Tax is not deducted from the interest we pay you.
The value of tax benefits depends on individual circumstances and could change in the future.
Definitions:
- AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
- Gross is the rate of interest if interest were paid and not compounded each year.
Rates correct as at 12.08.2025.
Once you submit your application
- If you apply online, we'll keep you updated on the progress of your application.
By clicking 'Start my application' you agree that you have read all the information in the 'Before you apply' section above.