Halifax BofScot Vantage interest

vixen1500

Hi,
I have 3 vantage accounts keep all over £4000, but have just noticed that one of them is getting around £2 less a month in interest.
The only reason I can think of is that for ONE day in the month it drops below the £3k whilst I move monies around to cover minimum monthly payments.
So am I right in thinking that you have to keep above the £3k in the account through out the whole month to get the higher interest rate?

Archi_Bald

Interest gets calculated daily, on the balance you have in the account at the end of the day.

eskbanker

No, the rules governing interest don't make any such stipulation....

vixen1500

Cheers guys,
Cant see why there is such a difference then
.............puzzled????????????????????

System

Maybe because Halifax don't have Vantage accounts?

vixen1500

Heng_Leng wrote: »

Maybe because Halifax don't have Vantage accounts?

True


But
Bank of Scotland - shows up on the Halifax online banking

eskbanker

vixen1500 wrote: »

Cheers guys,
Cant see why there is such a difference then
.............puzzled????????????????????

Do the accounts all have the same balances?
Does this happen every month?
Could you copy and paste non-sensitive statement details on here?

GingerFurball_2

eskbanker wrote: »

No, the rules governing interest don't make any such stipulation....

Yes it does.

eskbanker

GingerFurball wrote: »

Yes it does.

Sorry, you've lost me! In response to OP's question, I was saying that the Ts & Cs don't say that "you have to keep above the £3k in the account through out the whole month to get the higher interest rate", are you saying that they do specify this? If so, can you quote or link the relevant wording?

SurfKing

vixen1500 wrote: »

Hi,
I have 3 vantage accounts keep all over £4000, but have just noticed that one of them is getting around £2 less a month in interest.
The only reason I can think of is that for ONE day in the month it drops below the £3k whilst I move monies around to cover minimum monthly payments.
So am I right in thinking that you have to keep above the £3k in the account through out the whole month to get the higher interest rate?

Is it possible that you have registered for the interest to be paid gross of tax on two of the accounts?

I have a TSB Plus account and I've only ever gotten round to registering one for gross tax, so one of them pays me a little less each month as around £1.50 is taken off in tax.

GingerFurball_2

eskbanker wrote: »

Sorry, you've lost me! In response to OP's question, I was saying that the Ts & Cs don't say that "you have to keep above the £3k in the account through out the whole month to get the higher interest rate", are you saying that they do specify this? If so, can you quote or link the relevant wording?

Ah right, I thought you were responding to the daily balance point.

If the balance at the end of the day is below £3k then that day you'll only earn 2%, which would explain a small discrepancy.