Vantage 3% account

mel48rose

Hi, I'm in the process of opening a BOS Vantage Account paying 3% interest. My question is to gain the max interest do I have to keep 5K in the account all the time or can I just pay it in and out again?Thanks
Also how many of these accounts can you open?

bsms1147

You will only earn interest on money that is in the account. If you pay in £5,000 and then take it out again, you will still earn your 3% interest, but it will be calculated on the balance of the account, which would be £0.

And I've heard you can open 3, though I haven't read the terms and conditions for the accounts. If you're thinking of opening them I would suggest starting there rather than taking my word for it.

Ed-1

mel48rose wrote: »

Hi, I'm in the process of opening a BOS Vantage Account paying 3% interest. My question is to gain the max interest do I have to keep 5K in the account all the time or can I just pay it in and out again?Thanks
Also how many of these accounts can you open?

You can open a maximum of 3 Classic Vantages; you need to pay in a minimum of £1000 per month to earn interest and have a minimum balance of £3000 for 3% interest. Interest is calculated at midnight daily on the balance of the account and paid monthly overnight at the end of the first working day of a month.

YorkshireBoy

mel48rose wrote: »

Hi, I'm in the process of opening a BOS Vantage Account paying 3% interest.

How soon will you have £6K...or £9K saved? Maybe consider opening all the accounts now, even though you can't fully benefit from them immediately.


You never know when the rules will change...TSB being one recent example.

mel48rose

YorkshireBoy wrote: »

How soon will you have £6K...or £9K saved? Maybe consider opening all the accounts now, even though you can't fully benefit from them immediately.


You never know when the rules will change...TSB being one recent example.

Thanks Yorkshire Boy. Will this look suspicious if I open 3 at once?

YorkshireBoy

mel48rose wrote: »

Thanks Yorkshire Boy. Will this look suspicious if I open 3 at once?

Mine have been open a couple of years, but I opened them all 48 hours apart (recommended by others on here at the time). No issues* at all with mine...and they were all done by phone too.

* Other than the very long phone calls!

Ed-1

mel48rose wrote: »

Thanks Yorkshire Boy. Will this look suspicious if I open 3 at once?

If you do them all online they might query it for security - I know someone who received a letter saying 'we need you to call us to discuss your recent applications before we can proceed to final checks'.

If you do them by phone or branch you should be fine but you can only do one by phone every 24 hours.

a&akay

mel48rose wrote: »

Hi, I'm in the process of opening a BOS Vantage Account paying 3% interest. My question is to gain the max interest do I have to keep 5K in the account all the time or can I just pay it in and out again?Thanks
Also how many of these accounts can you open?

I've had 1 for a long time but was declined for others for not being creditworthy (£43k in the stooze pot but they can't see those savings:D). I opened another 2 instantly online just now. The only annoying part was trying to find a branch to link them to. Google BOS Glasgow and you can see postcodes you can use. R85s off to a branch's letterbox tomorrow. Shame they don't have the 123 online registration.

Ed-1

a&akay wrote: »

I've had 1 for a long time but was declined for others for not being creditworthy (£43k in the stooze pot but they can't see those savings:D). I opened another 2 instantly online just now. The only annoying part was trying to find a branch to link them to. Google BOS Glasgow and you can see postcodes you can use. R85s off to a branch's letterbox tomorrow. Shame they don't have the 123 online registration.

They can still be declined and closed after stage 2 credit checking.

a&akay

Ed-1 wrote: »

They can still be declined and closed after stage 2 credit checking.

They're already showing, instantly, and funded to £5k within minutes. I'll complain if they're withdrawn.

Ed-1

a&akay wrote: »

They're already showing, instantly. I'll complain if they're withdrawn

So were my Lloyds accounts until they declined and closed them after stage 2 credit checking a couple of days later. I got a letter saying if I had any money in the accounts to go to a branch to collect the funds.

The system sets them up instantly by doing preliminary checks but then more detailed manual checks are done in the subsequent days when the accounts can still be declined and closed.