Setting up bank accounts in anticipation of more funds!

eastofeden

A bit of advice would be appreciated. I have several accounts (Santander123, 2 TSB Classics, Club Lloyds, Nationwide Flexdirect). I am retiring in August and will be getting a reasonable lump sum. Having read lots of threads about useless ISA rates etc, my question is this. Would it be a good idea to get 3 BOS Vantage accounts / 2 Tesco accounts ready to fund with the maximum allowed? My reasoning is that they could be withdrawn before then? What do you think would be my best option in these circumstances?

eastofeden

Thanks, Colsten, that was my gut feeling too.

colsten

I would make hay whilst the sun shines, i.e. open the accounts whilst they are on offer. But that's just me....as they keep saying, past performance has no bearing on future performance (or words to that effect). Your decision.

There appears to be some sort of a trend in the number of accounts allowed.

• Santander 123 - from no limit in 2012 to max 2 in sole name in 2013 to max 1 sole and max 1 joint in 2014
• TSB - from max 2 soles and max 2 joints in 2013 to max 1 sole and max one joint in 2014
• Halifax Reward - from literally no limit in 2009 to 2 sole plus 1 joint in 2011 to 1 sole plus 1 joint in 2013
• BOS Reward - used to be the same as Halifax Reward but now you can't get one at all
• Lloyds Vantage - now largely defunct but you could have 6 or 7 sole ones before they limited it to 3 sole ones around 2011/12. Their replacement account, Club Lloyds, is 1 sole, one joint.
• Nationwide FlexDirect - appeared to be limitless sole accounts for a while but is now max 4 (total of all Nationwide current accounts) and only 1 FlexDirect will now receive the 5%

I am not aware of any account that went the other way - is anyone else?

If you do open new accounts, make sure you aren't falling foul of monthly fees. Most of which can be easily avoided by making minimum deposits.

eastofeden

Just opened my first BOS Vantage. Can I open the others straight away, or should I wait a while? Not planning to utilise them properly as I said until August/September 15.

colsten

It's a long time since I opened mine but at the time they were only able to process 1 application in any 24 hour period, due to some system restrictions.

anoncol

I didn't realise we could have a joint Halifax reward as well. Does that collect the fiver as well?

Herbalus

anoncol wrote: »

I didn't realise we could have a joint Halifax reward as well. Does that collect the fiver as well?

Yes. I believe YorkshireBoy had (or still has?) about 4 at one point.

anoncol

Herbalus wrote: »

Yes. I believe YorkshireBoy had (or still has?) about 4 at one point.

He opened them when loads were allowed.

YorkshireBoy

anoncol wrote: »

He opened them when loads were allowed.

Correct, and all mine are sole accounts. I opened 3 when 3 were allowed, then redesignated an old HICA for the 4th when they stopped paying 6%+ on it way back in October 2009.


The answer to your question above is yes, as Herbalus has said, so long as you meet the T&Cs. You can verify this by checking special condition (b) in your Reward account T&Cs.

Fruit_and_Nut_Case

eastofeden wrote: »

Thanks, Colsten, that was my gut feeling too.

How did you manage to post that two minutes before colsten replied? Time machine?

eastofeden

I know, it does look rather spooky! I think Colsten may have amended his post slightly whilst I was replying? The posts then looked out of synch, or as if I am some kind of mind reader!!!:D