QUICK! BOS 6% fixed 12 months/Unlimited deposits/4 withdrawals without penalty

greeneye

http://www.bankofscotlandhalifax.co.uk/savings/bosinstantaccesssavingsaccountreward.asp

Don't know how long this has been on the market spotted an advert in the paper this morning.
Anyone who fancies it needs to act quickly as they say they can withdraw it at anytime.
Have to do the application on the phone.
Inital minimum £5,000 deposit (which is your minimum balance to keep the account open) has to arrive in the account by 30th october (this Thursday) the sort code I was given accepts faster payments, you can deposit the £5,000 in cash but only at Bank of Scotland branches not Halifax, didn't ask about cheques.

Seems like a cracking account to me unless I've missed something.
Particularily if you have money in instant access variable rate savings accounts, are worried about your interest rate dropping in the next few months (BOE rates expected to be close to 2% next year) and don't want a fixed term account.

Fixed 6% (6.3% over £100,00) rate for 12 months,
As many additional deposits as you like (providing your balance is under £9 million)
4 unlimited withdrawals without penalty (but balance has to remain £5000 minimum)
Account is closed if you go under £5000 or make a 5th withdrawal (switches to a variable rate saver).
Cashcard if you want one (£300 a day max but would count as one of your 4 withdrawals).
Operate via post/telephone/online (via halifax website)

Once account opened you need to take ID (passport,bills etc) with your account details to a branch of Halifax or BOS within 28 days.

Only thing I wasn't sure of was wether to have the interest paid monthly or yearly - you have to decide on the phone during the application.
Monthly is 5.84%, yearly 6%.
Wondering if anyone could work out which is best for someone who deposits an intial £5,000 and then transfers in large sums over the course of the year as other banks reduce their instant access interest rates??

edit: Bank of scotland are under the same compensation scheme as the following AA, Birmingham Midshires, Saga, Halifax, Intelligent Finance

Reaper

greeneye wrote: »

Monthly is 5.84%, yearly 6%.
Wondering if anyone could work out which is best for someone who deposits an intial £5,000 and then transfers in large sums over the course of the year as other banks reduce their instant access interest rates??

As long as the AER rate they quote is the same for both it makes no difference.