5% Savings Loophole

katontheweb

Has anyone else had a difficulty with being declined by Bank of Scotland when trying to open multiple accounts in quick succession?

colsten

There have been several reports on this forum recently from people who have been unable to open multiple BoS accounts.

anon_ymous

katontheweb wrote: »

Has anyone else had a difficulty with being declined by Bank of Scotland when trying to open multiple accounts in quick succession?

I opened one BoS account initially. Two months or so later, I opened another two (at the same time)

w1ntermut3

I just opened three in the same day, so I dunno what that says?

mel48rose

I too just opened my 3rd online with no probs.

Radaday

Hi Steve here
Can anyone who has recently had a go at starting the 5% savings loophole let me know how the did it and which accounts they picked, would like to have ago at doing it.
have got £28,000 to play with.
Any help welcome.
Steve

LXdaddy

Radaday wrote: »

Hi Steve here
Can anyone who has recently had a go at starting the 5% savings loophole let me know how the did it and which accounts they picked, would like to have ago at doing it.
have got £28,000 to play with.
Any help welcome.
Steve

Hi Steve,


We have had a Halifax Rewards account since they first came out.
We had a Santander 123 account in my OH's name originally (she's basic rate tax payer and I'm higher rate)
We added a joint account 123 and a 123 account in my name.
And we had First Direct accounts for the monthly saver at 6% (approaching the end of the second year on those).
During last year we added TSB and Lloyds accounts for 4% and 5%
Then added the monthly savers onto these.
And we have Tesco account for 3%
Added a nationwide regular saver at 5% late last year
I'm now going through the process of switching a donor account to M&S to be able to access their 6% Regular Saver (but that's a very slow process.)


We previously had Nationwide Flex Direct but closed them a while back - may be time to find out if the 12 month period has passed because that would get us 5% on another £2,500.


We have a fair amount of "savings" added each month but some of the feed into regular savers is reducing the balance on my Santander 123 which we might close once money is working harder elsewhere.




That's how I got into this game - gradually over a fairly long period of time. If I was starting from scratch today I'd probably use all the same tools, not necessarily in the same order.


Put your numbers into http://www.bankaccountsavings.co.uk/ but remember this doesn't have the latest offer from nationwide and does not include the Regular savings accounts.


And see this thread https://forums.moneysavingexpert.com/discussion/5374614 for details of the latest situation.

KTF

The M&S account requiring 2x DD are for new accounts opened from April onwards only.

You could also add the Nationwide FlexDirect to your list (5% for 12 months).

Radaday

Have been looking on bank of Scotland site and cant find the 3% rate that http://www.bankaccountsavings.co.uk/ are showng in there calculaions also you can only have 2 TSB Classic plus accounts 1 in own name and 1 joint

YorkshireBoy

Radaday wrote: »

Have been looking on bank of Scotland site and cant find the 3% rate that http://www.bankaccountsavings.co.uk/ are showng in there calculaions

Go to their home page and click 'bank accounts'. Scroll down to "earn interest on your balance".