How to open multiple bank of Scotland accounts?

stevepat

I'm surprised that you can open so many accounts. Don't you need 2 direct debits per account. Plus is there not a monthly charge for each account ?

KTF

stevepat wrote: »

I'm surprised that you can open so many accounts. Don't you need 2 direct debits per account. Plus is there not a monthly charge for each account ?

The BoS Vantage has to have £1k cycled through it a month (this can be done from other accounts). There is no monthly charge.

If you have Tesco Savings accounts then when you add an account to 'pull' money from, this appears as a DD on the current account so:

Tesco Saver 1 < monthly DD 1 of £1 from BoS Vantage 1
Tesco Saver 2 < monthly DD 2 of £1 from BoS Vantage 1

If you add more BoS Vantage accounts then you just add another pull from them to the Tesco accounts to meet the 2x active DD per account requirement.

stevepat

ktf thanks. I guess you realise I am new to this.
I see the vantage only pays interest of 3% between 3k & 5k. And you have to pay in 1k per month. So what do you do with money over 5k in that account ?

KTF

The 1k doesn't have to stay in the account just has to be paid in, so if there is already 5k in there, transfer 1k in and out again from another account and the criteria has been met.

MallyGirl

you put it in a different account - that is why people have lots of accounts. You have to pay £1k in but it doesn't have to stay there. It could be fed on next day to satisfy the minimum on a second account

KTF

For my 2x TSB accounts needing £500 to be paid in every month, I have set up a standing order so account 1 pays account 2 £500 and vice versa. Then I just log in to the banking each month and skim off the interest.

For all HBOS group (Halifax, BoS, TSB, Lloyds), internal transfers count so you can just shuffle money from one account to the next every month to meet the pay in criteria without actually needing to add any new money.

stevepat

am Missing something on the Halifax reward scheme.
£3 per month ?

KTF

Yes, Halifax reward is £3 a month (was £5) if you pay in/cycle a min of £750 month and pay out 2x different DD.

stevepat

ktf. thanks again. I'll give it a go. What can possibly go wrong !?

KTF

Keep tabs on all of the accounts in a spreadsheet or similar and add reminders to shuffle the money around early in the month ten you cant go wrong really.