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  • FIRST POST
    • Wonderingaboutbills
    • By Wonderingaboutbills 14th Oct 16, 11:31 AM
    • 3Posts
    • 0Thanks
    Wonderingaboutbills
    Will the bank of Scotland cut rates on the vantage account?
    • #1
    • 14th Oct 16, 11:31 AM
    Will the bank of Scotland cut rates on the vantage account? 14th Oct 16 at 11:31 AM
    Or is the reduction of the reward they give on some accounts all they'll do now? I am thinking about opening three after closing my Santander 123 account but don't want to sign up to find they've cut the interest.
Page 1
    • talexuser
    • By talexuser 14th Oct 16, 11:47 AM
    • 2,091 Posts
    • 1,557 Thanks
    talexuser
    • #2
    • 14th Oct 16, 11:47 AM
    • #2
    • 14th Oct 16, 11:47 AM
    Halifax have, Lloyds have, TSB have, I doubt it can last that long.
    • Wonderingaboutbills
    • By Wonderingaboutbills 14th Oct 16, 11:51 AM
    • 3 Posts
    • 0 Thanks
    Wonderingaboutbills
    • #3
    • 14th Oct 16, 11:51 AM
    • #3
    • 14th Oct 16, 11:51 AM
    I thought they might as they're part of the same group but then why not release all the information together, and would they still cut rates after already cutting the rewards for some accounts?
    • Dan83
    • By Dan83 14th Oct 16, 12:51 PM
    • 635 Posts
    • 256 Thanks
    Dan83
    • #4
    • 14th Oct 16, 12:51 PM
    • #4
    • 14th Oct 16, 12:51 PM
    No one really knows what BoS will do, we can only guess.

    I share the same opinion as you, if they was going to cut the rate, surely they would of announced it with the Halifax and Lloyds cuts.

    Their vantage account will (in a few months) be 1 of the market leaders. how long it lasts is anyone's guess.
    • RuleTheWorld
    • By RuleTheWorld 14th Oct 16, 12:51 PM
    • 79 Posts
    • 14 Thanks
    RuleTheWorld
    • #5
    • 14th Oct 16, 12:51 PM
    • #5
    • 14th Oct 16, 12:51 PM
    halifax and bank of scotland are the same surely.
    • Rich2808
    • By Rich2808 14th Oct 16, 12:56 PM
    • 321 Posts
    • 306 Thanks
    Rich2808
    • #6
    • 14th Oct 16, 12:56 PM
    • #6
    • 14th Oct 16, 12:56 PM
    Tesco and Nationwide have not cut their current account rates yet which range from 3 to 5 per cent. Maybe they won't as they see them as loss leaders to sell other products.

    The Tesco one is particularly good as there is no minimum monthly pay in so it is effectively a savings account.
    • eskbanker
    • By eskbanker 14th Oct 16, 12:58 PM
    • 3,618 Posts
    • 3,236 Thanks
    eskbanker
    • #7
    • 14th Oct 16, 12:58 PM
    • #7
    • 14th Oct 16, 12:58 PM
    halifax and bank of scotland are the same surely.
    Originally posted by RuleTheWorld
    In legal entity terms, yes, but as commercial brands they have different product offerings with different interest and reward rates.







    And don't call me Shirley!
    • verybigchris
    • By verybigchris 14th Oct 16, 3:04 PM
    • 343 Posts
    • 392 Thanks
    verybigchris
    • #8
    • 14th Oct 16, 3:04 PM
    • #8
    • 14th Oct 16, 3:04 PM
    BoS only introduced the Direct Debit requirements last month, so I wouldn't be surprised if they hold off for a short while before making more changes to the account.
    • TheShape
    • By TheShape 14th Oct 16, 3:19 PM
    • 424 Posts
    • 209 Thanks
    TheShape
    • #9
    • 14th Oct 16, 3:19 PM
    • #9
    • 14th Oct 16, 3:19 PM
    Whether any of the banks reduce their rates will depend on their desire to attract more current account customers and what they're willing to pay to do so. The rates are a marketing tool to get you to switch to their account and get the opportunity to sell you products.

    Nationwide, for example, finds itself in the position of being the top paying current account for no additional cost. If that brings enough new custom/profit the rate will stay. I expect BOS will decide it's position in the same way.
    • knack92
    • By knack92 15th Oct 16, 1:45 AM
    • 380 Posts
    • 186 Thanks
    knack92
    BoS only introduced the Direct Debit requirements last month, so I wouldn't be surprised if they hold off for a short while before making more changes to the account.
    Originally posted by verybigchris
    I imagine plenty of customers will have failed to set up direct debits which will have resulted in an immediate cost saving. They can then use this data to determine how long they can carry on at the existing rate.
    • talexuser
    • By talexuser 15th Oct 16, 12:52 PM
    • 2,091 Posts
    • 1,557 Thanks
    talexuser
    I imagine plenty of customers will have failed to set up direct debits which will have resulted in an immediate cost saving. They can then use this data to determine how long they can carry on at the existing rate.
    Originally posted by knack92
    A good point. It may give us another few months before they decide anything. But if Tesco and Nationwide cut soon I can't see them staying high on their own for long.
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