Bank of Scotland Vantage needs 2 dds

Robbieh

As above, I have 1 for £5 and 1 for £10. Looks less like taking the p**s to me!

Richchad

That sounds complicated, the interest varies from these accounts depending on number of days in the month or if direct debit date falls on a weekend so can't know the exact amount to transfer out each month..

You have to check the accounts to see if interest paid and can easily see if 2 x £1 have been taken for that month when you transfer interest out.

I don't think these banks really care what the amount is or if it looks legitimate, as long as it complies to their rules.

Harveys_2

Richchad wrote: »

That sounds complicated, the interest varies from these accounts depending on number of days in the month or if direct debit date falls on a weekend so can't know the exact amount to transfer out each month..

You have to check the accounts to see if interest paid and can easily see if 2 x £1 have been taken for that month when you transfer interest out.

I don't think these banks really care what the amount is or if it looks legitimate, as long as it complies to their rules.

I should have said the two amounts taken out are slightly less than the interest given.

I have set it up so it takes me no more than 30 mins a month to cycle £1000 through current accounts and make sure £215 approx in interest and reward payments are sitting in the two accounts I have set to receive them.

Again this is just my way. As you said it might be complicated for some.

Richchad

Harveys wrote: »

I should have said the two amounts taken out are slightly less than the interest given.

I have set it up so it takes me no more than 30 mins a month to cycle £1000 through current accounts and make sure £215 approx in interest and reward payments are sitting in the two accounts I have set to receive them.

Again this is just my way. As you said it might be complicated for some.

Yes some cycle the required monthly deposits manually, I have set up S/O on all dozen or so of ours, so just need to cream off interest each month.

As you say we all have our own way of doing what suits us best.

derrick

Richchad wrote: »

That sounds complicated, the interest varies from these accounts depending on number of days in the month or if direct debit date falls on a weekend so can't know the exact amount to transfer out each month..

You have to check the accounts to see if interest paid and can easily see if 2 x £1 have been taken for that month when you transfer interest out.

I don't think these banks really care what the amount is or if it looks legitimate, as long as it complies to their rules.

Surely you do not need to be exact to the penny?
Just choose the lowest month re days, then use that figure to take out each month, the amount that may be left extra is miniscule,(pennies), and should not matter, even if you go over the amount taken out, again it is pennies, so let the S/O's do the work, after all you do not need the exact amount in the account.

.

YorkshireBoy

Richchad wrote: »

That sounds complicated, the interest varies from these accounts depending on number of days in the month or if direct debit date falls on a weekend so can't know the exact amount to transfer out each month.

Do you need to know?

A full Club Lloyds generates around 54p/day interest.
There can be anywhere between 28 and 34 days in a monthly billing period.
So the 'swing' is +/- £1.62
In practice, it's usually +/- £0.54 (since 30/31 days is far more common than 28/29 (once a year) or 33/34 (months with long BH weekends).
My balance can therefore be anywhere from £4,998.38 to £5,001.62, but usually between £4,999.46 and £5000.54
Do I really care I don't leave it bang on £5,000 each month? No, because the loss* is miniscule.


* The shortfall is usually making 3% elsewhere anyway.

Richchad

derrick wrote: »

Surely you do not need to be exact to the penny?
Just choose the lowest month re days, then use that figure to take out each month, the amount that may be left extra is miniscule,(pennies), and should not matter, even if you go over the amount taken out, again it is pennies, so let the S/O's do the work, after all you do not need the exact amount in the account..

No of course I do not need the exact amount, I was just quoting from Harveys post about trying to set up D/D to pay the interest out.

I like to check mine each month to be sure all is well, so I can then easily transfer out all the interest at the same time.

YorkshireBoy

Richchad wrote: »

I like to check mine each month to be sure all is well, so I can then easily transfer out all the interest at the same time.

In my book that's extra work...

Press make a payment
Select beneficiary
Enter amount
Press a button
Enter password
Press another confirm button

And for somewhere like BoS you can multiply the above by 3, and that's a lot of extra work!

All my activity happens on the 3rd of the month. Using Lloyds as an example...that's SO in, SO out, SO to reg saver, 2 x DD out.

If I know the 3rd falls on a non-working day (and I always will), I log in the next working day and check. But my time there is limited to simply checking my balance - nothing else.

Like you say, we're all different. So it's good to put all the methods on the table (with their pros and cons) so we can decide which works best for us.

Richchad

YorkshireBoy wrote: »

In my book that's extra work...

Press make a payment
Select beneficiary
Enter amount
Press a button
Enter password
Press another confirm button

And for somewhere like BoS you can multiply the above by 3, and that's a lot of extra work!

All my activity happens on the 3rd of the month. Using Lloyds as an example...that's SO in, SO out, SO to reg saver, 2 x DD out.

If I know the 3rd falls on a non-working day (and I always will), I log in the next working day and check. But my time there is limited to simply checking my balance - nothing else.

Like you say, we're all different. So it's good to put all the methods on the table (with their pros and cons) so we can decide which works best for us.

I only have to do 3 external transfers out to my chosen bank as I just do internal transfers to 1 account before transferring out if you know what I mean.

As I am retired and have plenty of time I quite like doing it

I did think about making it more automatic as I worry how my other half will cope with it when I am not around anymore, but then I am sure my family will be only too eager to sort out our finances then...:D

WineDarkSea

I've just opened a Tesco current account after seeing this post - we have two BoS accounts, both single as they wouldn't allow me a second account even if joint. I might just empty my husbands into the Tesco account, he only has £3k as I'm juggling his accounts to keep interest under the £500 PSA amount, whereas I currently don't earn at all. I'm trying to set up the Tesco savers accounts mentioned above but am getting an error message - does the current account have to be set up to apply for the savers?