BOS Vantage Current account rate reduction 11th June

veryintrigued
veryintrigued Posts: 3,843 Forumite
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in Budgeting & bank accounts
Just a reminder in case any of you have better places to squirrel your money in

https://www.bankofscotland.co.uk/bankaccounts/vantage/

Comments

  • Motormad
    Motormad Posts: 134 Forumite
    Time to switch one to the Coop I think,just wish the HSBC would reduce their monthly funding to a sensible level.
  • AndyPK
    AndyPK Posts: 4,241 Forumite
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    Thanks for the reminder.

    June already!
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    Motormad wrote: »
    Time to switch one to the Coop I think,just wish the HSBC would reduce their monthly funding to a sensible level.

    Why? They will still be paying 2% on up to £5000 - it will remain one of the best places to put larger amounts of money.

    The HSBC monthly funding also shouldn't be a problem for most people - persuading HSBC it isn't a problem is another story!
    "In the future, everyone will be rich for 15 minutes"
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    EachPenny wrote: »
    Why? They will still be paying 2% on up to £5000 - it will remain one of the best places to put larger amounts of money.
    Probably has room in Tesco and/or TSB to absorb one of the BoS balances. It didn't matter before whether accounts were full or not, being as they all paid 3% AER. They maybe even have some room in Lloyds at 2% AER...the same as BoS will pay from tomorrow.

    That said, if Co-op is an option not yet taken, I'd have been taking it long ago...not using the prompt of a cut from 3% to 2% AER to push me.
    The HSBC monthly funding also shouldn't be a problem for most people
    A £25K (maybe £26K if sizeable pension deducted) salary (less than UK average) would generate >£1,750 per month.

    Even a pair of joint account holders on national living wage would receive a total of >£1,750 per month.

    As you say though, if HSBC are targeting 'high' earners for Advance then even that might not be enough.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    YorkshireBoy wrote: »
    Probably has room in Tesco and/or TSB to absorb one of the BoS balances. It didn't matter before whether accounts were full or not, being as they all paid 3% AER. They maybe even have some room in Lloyds at 2% AER...the same as BoS will pay from tomorrow.

    The rate cut certainly provides a good reason to move money into higher paying accounts, but I wouldn't go so far as to close the account down (even as a switching sacrifice). Having up to three accounts is a perk which may not last forever and the T&C's could change without warning to prevent new accounts being opened by existing account holders. Plus, TSB have already let it be known that a second account with them may be downgraded in the not to distant future... I'd want to keep a nice cosy home for my money with BoS, ready to receive it back if/when the situation changes.

    Like most banks the Advance account still only needs a monthly pay-in, unlike the Premier's minimum income requirement, so in theory most people should be able to get an Advance account. The practice seems to be very different though.
    "In the future, everyone will be rich for 15 minutes"
  • Brewer20
    Brewer20 Posts: 395 Forumite
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    EachPenny wrote: »
    Why? They will still be paying 2% on up to £5000 - it will remain one of the best places to put larger amounts of money.

    The HSBC monthly funding also shouldn't be a problem for most people - persuading HSBC it isn't a problem is another story!

    It didn't put me off, I've just applied and got a BoS account, it's a straight 2% up to £5k now.

    The HSBC next for me, again the high pay in shouldn't be a problem if you serve that account from others, it's just a money "go round" unless there's something about HSBC I should know first?
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    Brewer20 wrote: »
    It didn't put me off, I've just applied and got a BoS account, it's a straight 2% up to £5k now.

    The HSBC next for me, again the high pay in shouldn't be a problem if you serve that account from others, it's just a money "go round" unless there's something about HSBC I should know first?

    Yes, if the best savings accounts thread had a new "Get 2% on up to £5k" thread running on it right now people would be rushing to open one....

    There's been quite a bit of discussion about the HSBC Advance account on other threads in the past, a quick search should turn up the information you might need. In short, all banks can decide not to accept your application - even if you do meet the published criteria, and even if you meet all the criteria in the T&C's. Have a look at some of the HSBC threads and ask any questions you have on one of them :)
    "In the future, everyone will be rich for 15 minutes"
  • Brewer20
    Brewer20 Posts: 395 Forumite
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    ^^^ Thanks I'll take a look at them. I kind of get where this maybe going as in other news...

    In another thread re HSBC I asked the question in one of there branches, can I transfer from a First Direct account to their account and get the switch bonus of £200 (well £150 then a further £50 12 months later) their reply, was no you can't. In short, on the website there's no reference to this, even after doing an online chat thing their rep replied with, yes you can switch and get the bonus.
  • TheShape
    TheShape Posts: 1,779 Forumite
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    I don't believe it, I forgot!
  • schiff
    schiff Posts: 20,099 Forumite
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    If you are maxing the regular savers and the current accounts that pay interest of over 2%, with Santander being your principal current account (which is where this all started for most of us I guess) the BOS accounts are an alternative account to 'raid' if your Santander balance is being tested. Temporarily or not.

    Well worth keeping :)
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