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You are about to apply for the
M&S Fixed Rate Savings
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 the M&S Fixed Rate Savings 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
- account number and sort code of your bank or building society
- debit card details
Making a large deposit
We highly recommend you contact your bank before making a large deposit with your debit card so that they're aware that a payment will be requested from your account. This will reduce the chance of your payment being declined by your bank. You can open Fixed Rate Savings online with less than £40,000. If you want to open an account with £40,000 or more, please call us on 0808 001 1111.
Important documents
Please read the following documents:
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Other important information
Please read the following information:
Summary box
Account name
M&S Fixed Rate Savings Account
What is the interest rate?
| Balance | Term | Interest rate |
|---|---|---|
| £500 - £1m | 1 year term | 3.80% AER tax free |
| £500 - £1m | 2 year term | 3.75% AER tax free |
| £500 - £1m | 3 year term | 3.55% AER tax free |
| Balance | £500 - £1m |
|---|---|
| Term | 1 year term |
| Interest rate | 3.80% AER tax free |
| Balance | £500 - £1m |
| Term | 2 year term |
| Interest rate | 3.75% AER tax free |
| Balance | £500 - £1m |
| Term | 3 year term |
| Interest rate | 3.55% AER tax free |
Interest is calculated daily and paid annually - interest can be added to your savings or paid out to your nominated bank or building society account.
Can M&S Bank change the interest rate?
No, once your account is opened the rate will remain fixed for the fixed term.
What would the estimated balance be after a term of 1, 2 or 3 years based on an initial £1,000 deposit?
For the purpose of this calculation it is assumed:
- Initial deposit of £1,000
- No further deposits
- No withdrawals
- No change to the interest rate during the 12 months.
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 the account online, by telephone or by post.
Minimum/Maximum balance
- you can only make one deposit into each bond.
- the minimum deposit is £500.
- the maximum deposit is £1,000,000.
How to manage the account
Once opened, you can manage the account by telephone or by post.
Can I withdraw money?
| 1 year term | 2 year term | 3 year term |
|---|---|---|
| £50 | £75 | £100 |
| 1 year term | £50 |
|---|---|
| 2 year term | £75 |
| 3 year term | £100 |
A notice of maturity will be sent to you 14 days before your fixed rate bond matures outlining your options, which may include the option to reinvest in another fixed rate bond and the option to withdraw your funds. If we do not hear from you, we reserve the right to reinvest your funds in another fixed rate bond or any other saving option we make available at that time.
Additional information
A 14 day cancellation period applies to this account.
Tax is not deducted from the interest we pay you.
The tax benefits provided depend on your personal circumstances and tax rules may 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 10.07.2025
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.