Bank of Scotland Vantage 'Rules'

sausagetime

Hi. I've recently opened two Bank of Scotland Classic accounts with Vantage to take advantage of their generous interest rates. I know that it is necessary to pay £1000 into each, per month, to earn interest.
Can I simply set up standing orders to move £1000 between the two accounts or does the money have to go to a non Lloyds group bank before returning ?
I read a thread from last year, saying that some people had had their accounts closed and wondered if this was likely to happen to me.

xylophone

Can I simply set up standing orders to move £1000 between the two accounts

Do the T&Cs specify that funding must be from an external account?

If not, you can fund by internal standing order.

wondered if this was likely to happen to me.

As do others - who knows?

sausagetime

The T&Cs don't mention external or internal accounts but my concern is that moving money between the accounts would fall outside the 'spirit' of what the accounts are for.
I can't find any details about how many people have been affected by having their accounts closed down.

badger09

We don't know why a small number of posters have had their accounts with LBG (and other providers) closed down.

We do know that many more of us have been cross funding LBG accounts for several years, without any repercussions.

My advice - don't just fill the accounts to the max and then cross fund. Use each of the accounts occasionally to pay bills, or buy something with the debit card.

Doctor_Duke

Very good advice from Badger.

Futuristic

sausagetime wrote: »

Can I simply set up standing orders to move £1000 between the two accounts or does the money have to go to a non Lloyds group bank before returning ?

Works fine, been doing it for past year without any issues between 3 accounts.

verybigchris

I use internal £1k transfers for my accounts, and when I set them up I said I was using them for "saving" (another thing that some on here have advised against) and have never had any problems.

sausagetime

Thanks for the tips everyone. It sounds like I should be ok as long as I don't make it too obvious - maybe I'll vary the payments a bit too, and use the debit cards to buy something.

knack92

sausagetime wrote: »

Thanks for the tips everyone. It sounds like I should be ok as long as I don't make it too obvious - maybe I'll vary the payments a bit too, and use the debit cards to buy something.

I add the monthly interest received on to my £1000 transfer so each transfer is a different value and it also varies from month to month. I also have a couple of debits and credits on some of the accounts.