Opening BOS accounts

vernall · 9 October 2016 at 8:22AM

Hi guys

Im looking for a new home for some of my Santander cash.

Interested in opening 3 BOS accounts,my question is do I have to open an initial one online then at a later time it will give me the option via online banking or something to open the further 2 or can I open the 3 straight away with my first application online?

started the application process and thought it may tell me,got to the credit check section and it hadn't told me so i stopped

cheers:beer:

ASavvyBuyer · 9 October 2016 at 8:32AM

When we opened them, we did one at a time just after we received the confirmation email that the previous one was open. Managed all 6 that way, but they may have changed it now.

bigadaj · 9 October 2016 at 9:27AM

It's likely that you open one online and will then be rejected for accounts two and three, this certainly happened to me.

You then have to ring them up and go through the application process on the phone for the two additional accounts, it's a bit long winded and takes about 10-15 minutes but you'll get there in the end.

Some people seem to have done everything online but many haven't, once set up it is easily managed online, I've never logged into bos as it all shows on my Halifax online portal.

vernall · 9 October 2016 at 12:26PM

All 3 opened fine online and all showing up instantly on my Halifax online banking.

Now for the £1000 funding of each.......will BOS be satisfied with the same £1000 cycled from one to the other to the other?

i.e. the same £1000 paid into BOS 1 then straight into BOS 2 then straight into BOS 3 then straight out again?

john1002 · 9 October 2016 at 12:35PM

vernall no they need to be funded from external accounts so you would need to send the 1000 back to another account and then from there to BOS 2 and then back and then to BOS 3 unless you have the funds or accounts to use a separate external account for 2.

I just opened a second account and luckiy was able to do this online from within internet banking, although the second account is just like applying for a new account.

Do like though how you get your details straight away and can see the account in your online/mobile banking.

2nd one though didn't let me have an overdraft wasn't even an option, also don't forget you need to fund all 2/3 new accounts with separate paying out DD to get interest as well as funds transfer.

John

badger09 · 9 October 2016 at 12:48PM

john1002 wrote: »

vernall no they need to be funded from external accounts so you would need to send the 1000 back to another account and then from there to BOS 2 and then back and then to BOS 3 unless you have the funds or accounts to use a separate external account for 2.

I just opened a second account and luckiy was able to do this online from within internet banking, although the second account is just like applying for a new account.

Do like though how you get your details straight away and can see the account in your online/mobile banking.

2nd one though didn't let me have an overdraft wasn't even an option, also don't forget you need to fund all 2/3 new accounts with separate paying out DD to get interest as well as funds transfer.

John

That is not true

vernall wrote: »

All 3 opened fine online and all showing up instantly on my Halifax online banking.

Now for the £1000 funding of each.......will BOS be satisfied with the same £1000 cycled from one to the other to the other?

i.e. the same £1000 paid into BOS 1 then straight into BOS 2 then straight into BOS 3 then straight out again?

Yes, internal cross funding is fine.

Hint: unless the T&Cs specify external funding, then it isn't necessary.

john1002 · 9 October 2016 at 3:19PM

My mistake I was sure it needed to be external accounts but yes you are correct having read the terms:

Your Added Value Account with Vantage
If you have Vantage added to your Added Value Account it gives you the benefit of credit interest on your current account if you comply with the Vantage conditions.
You can have a maximum of three accounts with Vantage.
The Vantage conditions are that each month you must:
▶ pay into your account at least £1,000 during the calendar month; and
▶ keep your account in credit (that is above £0) during the monthly billing period; and
▶ pay at least two different Direct Debits from your account each calendar month.

So your assumption vernall is correct you can just transfer as suggested in your post.

john

Ashen · 9 October 2016 at 5:03PM

On the subject of the BoS application, I'm always never sure whether I should have included the leading 0 in my phone numbers when I applied, given it indicated +44 before it - it accepted either, and not sure if whichever I did was correct.

vernall · 9 October 2016 at 6:42PM

Does anyone have any experience of using just 1 Tesco internet saver account to service these 3 accounts 6 direct debits?

I think I read somewhere that if you make out the direct debit for Mr J Smith and John Smith(thats not my name btw lol) it will count as 2 different direct debits.....is this true?

Vortigern · 9 October 2016 at 7:00PM

The suggestion I've seen on these boards is that each DD should have a different reference. I haven't tried that technique, but others report that it works.

YorkshireBoy · 9 October 2016 at 7:19PM

vernall wrote: »

Does anyone have any experience of using just 1 Tesco internet saver account to service these 3 accounts 6 direct debits?

I think I read somewhere that if you make out the direct debit for Mr J Smith and John Smith(thats not my name btw lol) it will count as 2 different direct debits.....is this true?

With up to £37 at stake, why would you risk it?

Opening BOS accounts

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