Bank of Scotland IASA Reward 5.8% Deadline

stanmoor

I've just done this over the phone now and I was given a roll number, sort code and account number. I then sent money over to this account from my Lloyds account using the FastPayment thing. I rang Halifax/Scotland bank and they confirmed the money was now in my 5.8% account. However, when I login to my Halifax account and try to add an account using my account no. and sort code, it says it's not recognised (same too with the roll number). I rang and asked why this was and the woman said it takes up to 24 hours to update. Fair enough. I later rang again to ask something else and decided to ask again why my online was not on. This time the lady said it's because i need to agree to terms and conditions that will be sent through the post...is this correct? And will I still be earning 5.8% interest now that the money is in the account even though I haven't signed to any terms and conditions? Thanks.

chris1

Does anyone know whether they require paper ID (if you don't already have an account with them) or whether they can do everything they need to do straight away electronically?

earlgrey_3

chris1 wrote: »

Does anyone know whether they require paper ID (if you don't already have an account with them) or whether they can do everything they need to do straight away electronically?

For a joint IASA opened over the phone, the ID for myself and wife was done electronically as we spoke.

rathernot

You seem to be able to do everything over the phone to get up and running.

I just checked and my initial deposit has hit my account so it's 100% live/active but until I receive and return the T&Cs no withdrawals are allowed.

Actually as much as people knock banks, and as much as the cynic in me says "I'm giving them money of course they'll make it easy" I'm actually pretty surprised and impressed that it's possible to open an account and fund it between 2 separate (for now) institutions, without signing anything, and on a Sunday.

evenasus

stanmoor wrote: »

I rang Halifax/Scotland bank and they confirmed the money was now in my 5.8% account. However, when I login to my Halifax account and try to add an account using my account no. and sort code, it says it's not recognised (same too with the roll number). I rang and asked why this was and the woman said it takes up to 24 hours to update. Fair enough. I later rang again to ask something else and decided to ask again why my online was not on. This time the lady said it's because i need to agree to terms and conditions that will be sent through the post...is this correct? And will I still be earning 5.8% interest now that the money is in the account even though I haven't signed to any terms and conditions? Thanks.

My account showed up before I had signed and returned the document.

I think it's more to do with it taking 24 hours to update their website.

rb10

chris1 wrote: »

Does anyone know whether they require paper ID (if you don't already have an account with them) or whether they can do everything they need to do straight away electronically?

Can sometimes be done electronically, sometimes not.

They check with credit reference agencies and on the electoral roll. So, if you have lived at the same address for, say, 1 year or more, are on the electoral roll, and have at least one current account/credit card/mortgage/other credit product at that address, then chances are they can do it immediately.

arjar

Apologies for a slightly lengthy post, but this may be of help if you still haven't funded your BOS IASA reward account (deadline Wednesday).

I received my confirmation paperwork with account number etc. on Friday. I tried to fund it over the weekend via the 'Fastpay' process but was told by my bank this morning that the payment had been declined by BOS. On enquiry to BOS I was told that they don't accept Fastpay into savings accounts, only current accounts. So I asked whether it would be OK to pay a cheque over the counter at the nearest Halifax branch. (The nearest BOS branch is about 120 miles away.) At first I was advised to call the branch to find out, but I politely asked whether BOS couldn't do that for me and they did - and came back to say that this particular branch could not accept cheques on behalf of BOS for this particular account. So I asked which branch could, and offered to give them a list of all the nearest towns so they could start calling them. After some delay, they came back and said that they'd spoken to my nearest Halifax branch again and that if I went there and spoke to a particular staff member, it would be OK after all to deposit my cheque there.

So I did this. A very friendly person took all the paperwork and my cheque and disappeared. She reappeared after 20 minutes, apologising for the delay. She said she'd had to go to three people and press quite hard before she succeeded in getting BOS to unblock my new account so that she could record the deposit. So now I have a receipt for the deposit and an assurance that I've met the deadline (even though the cheque won't clear for a few days).

So if you haven't yet funded your account perhaps this route will work for you. You may have to press the BOS helpline people find you a Halifax branch that you can be sure will deal with you, (I wouldn't recommend just turning up). Then you may need to politely encourage that Branch to press BOS to unblock the account and take the deposit. All rather tedious - it's hard work giving money to the BOS. But at least it saved a CHAPS fee of £25, which may be the only alternative at this stage.

musehead

Faster Payments worked fine for me when I funded my new IASA a couple of days ago.

It wasn't instant but the balance was showing when I logged back in the next day.

stanmoor

Faster payments worked for my account too...although the online bit still won't work, so i've emailed them.

Mr_K

I made my initial payment by Fast Payments this morning. It appeared in the BOS account immediately. You can see your balance online & make deposits but not operate (i.e. withdraw) until they've received back the signed paperwork they send you.