Bank of Scotland IASA Reward 5.8% Deadline

apt

GlasWolf, if you've got a Halifax current account anyway why are you bothering with the Bank of Scotland account? The Halifax Guaranteed Saver Reward has a higher fixed rate 6.0% and a lower minimum balance of £2,500.

grnglide

evenasus wrote: »

If you ring them first thing tomorrow morning, they will open an account for you there and then, giving you your sort code and account number straight away. You can then pop into your local BOS or HALIFAX and deposit your cheque to said account.

I rang and opened mine online, even after going through the online opening. I was told to ignore the online opening as it would take too long for the papers to come through.
I did this after reading other posts re opening this account.

I applied online and then saw the warnings.

Opening by phone gives you the sort code and account number and you can fund immediately - they accept FasterPayments. Job done.

And the beauty of this account is the fixed rate, the abilty to add further funds at any time (when obtained from FSCS for IceSave) and you can even make 4 withdrawals! Amazing in current climate.

tea-towel

I have a couple of questions that I was wondering if anyone would be able to help with?

1) I opened the account online about 10 days ago - I have my login and have moved £5001 into the account. When I view the account online it shows as being funded with £5001, however it shows at Bank of Scotland IASA (and no mention of the Reward part) - does this happen for other people too? My account still says 'awaiting details' - I have not yet sent back the signed agreement and proof of id - I'm sending this on Monday.

2) To fund the account I first transferred £1 (faster payment) to make sure I had the sort code and account number correct, before then transferring a further £5000 a few minutes later - did anyone else use this tactic? I'm a bit worried that my account might show as being less than £5000 for a moment in time, hence losing the reward status?

Thanks in advance.

evenasus

apt wrote: »

GlasWolf, if you've got a Halifax current account anyway why are you bothering with the Bank of Scotland account? The Halifax Guaranteed Saver Reward has a higher fixed rate 6.0% and a lower minimum balance of £2,500.

I believe you have to pay £1,000 into a qualifying current account every month for the next 12 months to get the The Halifax Guaranteed Saver Reward fixed 6%.

evenasus

tea-towel wrote: »

1) I opened the account online about 10 days ago - I have my login and have moved £5001 into the account. When I view the account online it shows as being funded with £5001, however it shows at Bank of Scotland IASA (and no mention of the Reward part) - does this happen for other people too? My account still says 'awaiting details' - I have not yet sent back the signed agreement and proof of id - I'm sending this on Monday

On the 'My accounts list' page it shows...

0/12345678-7 Bank of Scotland IASA
J Bloggs

If I click the account open, I can see that it shows,,,

Available balance £123

Balance £123

Current rate 5.80% Gross p.a.

GlasWolf

apt wrote: »

GlasWolf, if you've got a Halifax current account anyway why are you bothering with the Bank of Scotland account?

Thanks but I have a savings account with them, not a current account.

earlgrey_3

GlasWolf wrote: »

Thanks, but I went through the application process and it says as much there. My intention is to CHAPS it into my Halifax account and fund it from there. I'm presuming the latter part is internal and won't take 3-4 days like a BACS payment, but it depends on how integrated Halifax and BOS's systems are. Can anyone confirm?

I tried an on-line transfer from a Halifax Websaver to a BoS IASA on Friday and it wouldn't allow it. The IASA is showing as 'awaiting details'. Will BACS the loot on Monday.

BTW, I was told when I opened it by phone had to be funded by 28/11, not 26/11. Could be the later date is for cleared funds... or just plain wrong.

QQuaver

I was planning on sending the cheque on Monday. Would transferring funds from NatWest current account online be better? I opened the account online, and was about to send a cheque with the forms they sent me.

earlgrey_3

QQuaver wrote: »

I was planning on sending the cheque on Monday. Would transferring funds from NatWest current account online be better? I opened the account online, and was about to send a cheque with the forms they sent me.

If the 26/11 date is for cleared funds then a cheque posted tomorrow wouldn't be cleared until 27/11. If you post the form and BACS the money you should be fine whichever date is correct.

rathernot

I've just opened an account over the phone.

They give you a roll number over the phone, then you can make a payment from your existing bank using the "Faster Payments" system if they support it - guess I'll know for sure in a few hours but that should be the initial £5k in the account within a couple of hours.