5% Savings Loophole

Radaday

how many Bank of Scotland current accounts with vantage are you allowed to open

ceredigion

Radaday wrote: »

how many Bank of Scotland current accounts with vantage are you allowed to open

The Vantage T&Cs . page 1 column 2, 2nd paragraph


http://www.bankofscotland.co.uk/bankaccounts/pdf/classic-vantage-conditions.pdf

dickdasdedly

i opened 3 bank of scotland accounts over 2 days:j

garfield33

I opened one BoS Vantage but they would not let me open a second - they offered a link to the reasons for the declination but it didn't actually give any. Possibly due to all the activity on my credit report (opened a few current accounts to replace my rubbish ISA - although that's a guess) - so I'm closing down a credit card I no longer use, then I will give it a few months and maybe try again.

Rosie1980

When I helped my Mum open the BoS she could only open one a day, she ended up being on the phone ages waiting to speak to someone but then they sorted it for her so maybe give them a call.

Radaday

Iv just opened 3 BoS Vantage accounts today no problem.:j:j:

Can i now set up a standing order to put the £1000 in the BoS Vantage 1 then take it out on the same day to pay BoS Vantage 2 then BoS Vantage 3

Do i need to do it this month or start the £1000 next month as iv just opened the accounts with £5000.

Another thing is i didn't realize its part of the Lloyd's banking so my Halifax accounts show up when i log onto BoS and also when i log on to Halifax account the Bos show up so make it easy to transfer money between Accounts.:T

Just need to open some more accounts to max out.

Any suggestions which ones to open next

Rosie1980

As you've paid in £5000 this month you've met the pay in requirement. I have all standing orders set up to go on the same day, however just ensure you have enough money in the account should one go out before another goes in to cover that, which if you are filling it up to £5000 then you should have.

Lloyds and TSB are both good accounts plus they both have 4% and 5% respectively regular savings accounts. Until December 2016 TSB give you 5% cashback on contactless payments of up to £100, so that's a bonus £5 for doing nothing.

Radaday

I have managed to open 4 accounts today 3 BoS and 1 TSB classic

Can anyone tell me the best way to set the accounts up to receive the money from each account so i receive max interest.

Can you Transfer the money in then then transfer it straight backout again to get the max intrest

Cheers people

YorkshireBoy

Radaday wrote: »

Can anyone tell me the best way to set the accounts up to receive the money from each account so i receive max interest.

There is no best way. The best way for me will not necessarily be the best way for you. But I'm sure if you post up your initial thoughts (you must have some?) on how you're proposing to carry them out I'm sure people will highlight potential issues.

Can you Transfer the money in then then transfer it straight backout again

This is one of the most frequently asked questions on here. As has been posted before in reply, let's just look at the situation with a bit of common sense...

It's a current account. If the credit was your salary, and your gas bill was due to be paid the same day the £1K or whatever arrived in the account, just how annoyed would you be on a scale of 1 to 10 if the bank said "I'm sorry but you can't spend YOUR OWN MONEY yet as we need it to stay in the account for 1/2/7/10 days beforehand, and we don't care if you can't pay your bills"?

Yes, it really is as simple as that!

But, if you're still concerned, why not draw out some of last month's money and pay that straight back in?...That way you can be sure that your monthly funding has been in there at least 31 days. That should do it.

dickdasdedly

As Radaday says BOS is Part of Lloyds group. Can i use BOS to pay the £1500 in to club Lloyds to meet their pay in criteria then return it to meet BOS`s if they part of the same group ?.