Vantage account BOS - be aware

nearleyretired

Maybe this issue is well known - or - possibly one for Martin to champion.

We recently took out a Vantage account (or rather added Vantage to an existing account). For a certain sum transferred into the account every month this account gives a little interest on balances of a couple of thousand pounds.

Being new I have kept an eye on the account and noticed that we didn't get any interest in June. I rang BOS to ask why but worked it out for myself whilst on the phone. I get paid on the 1st of the month but depending on when that is it can reach my account late in the previous month. when I checked I noticed that I had been paid on 31 May not the 1 June. BOS take this as no payments in June. Very very inflexible - surely the point of making it a requirement to deposit £xxx per month implies that they want your salary every month?

I have looked and see that this is going to happen maybe 3 or 4 times a year. It is not a lot of money involved here but a principle.

I cannot move the payment date - but surely BOS could allow you to choose your qualification day in the month?


Does anyone have an email address for BOS that I can write to? The website is big on contact phone numbers but not email addresses.

matttye

Choosing your qualification day wouldn't help as it changes.

Besides that, you can just transfer the money out and then in again on the 1st if you have access to another account.

AndyPK

Yes on these odd months that there is a problem transfer £1000 out and in again. It's what a lot of people do on here.

nearleyretired

AndyPK wrote: »

Yes on these odd months that there is a problem transfer £1000 out and in again. It's what a lot of people do on here.

Thanks.

Of course this is a 'solution' but I would have thought that the bank could use a bit of fuzzy logic here and work out that you were doing what was intended. I cannot be hassled to do this for the sake of a few pounds - but the bank is in a sense making money on these months

ColdIron

I doubt writing to them will achieve anything, the onus is on you to comply with their T&Cs and not the other way around

YorkshireBoy

nearleyretired wrote: »

Of course this is a 'solution' but I would have thought that the bank could use a bit of fuzzy logic here and work out that you were doing what was intended.

By "fuzzy logic" you must mean some sort of manual intervention? Because they're not going to re-write their software to accommodate situations such as yours.

Maybe if you stamp your feet they'll make an ex-gratia payment this time, but by your own admission this is going to happen 3-4 times a year and they'll not wear that.

I cannot be hassled to do this for the sake of a few pounds

I'm happy to put in a bit of work "for a few pounds". Those that aren't are helping to ensure my 3% AER rate continues for longer. So for that I thank you.

Hominu

I had a similar problem when I transferred funds on the 29th of last month but it didn't register on the account until the 1st of this month, hence no interest. A quick phone call to BoS resulted in them manually applying interest on all 3 of my Vantage accounts.

Now since I have 5K in every Vantage, I just setup a SO on each account to point to the next: V1 -> V2 -> V3 -> V1. Problem solved. It doesn't matter in which order this happens as they are all always > 1K.

Maybe your solution could be similar - open another account and setup 2 SOs ?

100saving

Hominu wrote: »

I had a similar problem when I transferred funds on the 29th of last month but it didn't register on the account until the 1st of this month, hence no interest. A quick phone call to BoS resulted in them manually applying interest on all 3 of my Vantage accounts.

Now since I have 5K in every Vantage, I just setup a SO on each account to point to the next: V1 -> V2 -> V3 -> V1. Problem solved. It doesn't matter in which order this happens as they are all always > 1K.

Maybe your solution could be similar - open another account and setup 2 SOs ?

This is what i would do! or you could just setup a account and do it yourself on the 10th say? and a few pounds every month can add up to a nice free hoilday over a year or two.

plunt

i set up 3 nationwide flex direct account @ 5% each and 3 lloyds vantage accounts at 4% each and each have a standing order to one another. Problem solved!

then again you cant get more than one 5% NW flexdirect account any more and think 4% vantage offer is long gone!

100saving

plunt wrote: »

i set up 3 nationwide flex direct account @ 5% each and 3 lloyds vantage accounts at 4% each and each have a standing order to one another. Problem solved!

then again you cant get more than one 5% NW flexdirect account any more and think 4% vantage offer is long gone!

in order to get the 5% on the 3 FlexDirect accounts the money has to go to each FlexDirect from an outside bank account NOT internal transfer. or that’s what I have seen in the T&Cs when i opened the account last month?

plunt

yep and i have standing orders from each vantage account going into each flexdirect account. so all standing orders are accross

Eg.

£1k Vantage Account 1 --> Flexdirect Account 1
£1k Flexdirect Account 1 --> Vantage account 1

£1k Vantage Account 2 --> Flexdirect Account 2
£1k Flexdirect Account 2 --> Vantage account 2

£1k Vantage Account 3 --> Flexdirect Account 3
£1k Flexdirect Account 3 --> Vantage account 3