Bank of Scotland Current Accounts

supasaverbob

I've noticed a few changes to BoS terms and conditions taking effect in September. I wonder if we are in for a range refresh soon? Their current account offering doesn't seem as good as it once was (with the new DD requirement). I'd hoped for a Club Lloyds type offering but that's never materialised. Anyone with info?

bigadaj

supasaverbob wrote: »

I've noticed a few changes to BoS terms and conditions taking effect in September. I wonder if we are in for a range refresh soon? Their current account offering doesn't seem as good as it once was (with the new DD requirement). I'd hoped for a Club Lloyds type offering but that's never materialised. Anyone with info?

I'm happy enough with them, and preferable to lloyds.

£15k @ 3% has some attraction over £5k @ 4%, if you have larger sums saved, particularly as the former doesn't preclude using the latter in addition to rather than instead of.

kingrulzuk

supasaverbob wrote: »

I've noticed a few changes to BoS terms and conditions taking effect in September. I wonder if we are in for a range refresh soon? Their current account offering doesn't seem as good as it once was (with the new DD requirement). I'd hoped for a Club Lloyds type offering but that's never materialised. Anyone with info?

I hold 3x V- Accounts and yes I will have to have 6 DDs to get the interest, but with the help of MSE I have opened TSB, Nationwide and have applied for Tesco current account.


As Tesco says every little helps

alternate

If they were going to refresh I would have expected it before they bothered to update the terms.

No point competing on the same terms as another bank in the same group as you anyway.

System

BOS don't compete with Lloyds.

One has Scotland as it's operating area and the other England/Wales.
I doubt loss making Vantage accounts are a key part of their customer base.

alternate wrote: »

If they were going to refresh I would have expected it before they bothered to update the terms.

No point competing on the same terms as another bank in the same group as you anyway.

eskbanker

Heng_Leng wrote: »

BOS don't compete with Lloyds.

One has Scotland as it's operating area and the other England/Wales.

....but given the increasing prevalence of online-managed accounts this geographic distinction becomes less significant, hence the threads from posters asking about which BoS branch to nominate when opening accounts in England.

I can't speak for others but certainly have multiple Lloyds and multiple BoS accounts myself and believe that I'm far from alone among posters on here, although accept that this is unlikely to be representative of the overall UK banking population.

bigadaj

eskbanker wrote: »

....but given the increasing prevalence of online-managed accounts this geographic distinction becomes less significant, hence the threads from posters asking about which BoS branch to nominate when opening accounts in England.

I can't speak for others but certainly have multiple Lloyds and multiple BoS accounts myself and believe that I'm far from alone among posters on here, although accept that this is unlikely to be representative of the overall UK banking population.

Why have you got multiple lloyds accounts, assuming you don't just mean a club and a regular saver?

Steve_xx

bigadaj wrote: »

Why have you got multiple lloyds accounts, assuming you don't just mean a club and a regular saver?

Probably related to the old Lloyds Vantage accounts that used to pay interest. In any case, no harm in hanging onto these as they present a ready made solution for switching incentives with other banks.

eskbanker

Steve_xx wrote: »

bigadaj wrote: »

Why have you got multiple lloyds accounts, assuming you don't just mean a club and a regular saver?

Probably related to the old Lloyds Vantage accounts that used to pay interest. In any case, no harm in hanging onto these as they present a ready made solution for switching incentives with other banks.

Yes, all of the above, a Club plus its associated regular saver, and one residual Vantage that I haven't switched yet. I actually still have a couple of matured regular savers with pennies in them that I've never got round to closing and strictly speaking my first ever bank account from the 1970s, also with pennies but long since dormant, I really ought to tidy things up one of these days!

System

I have no doubt that accounts BOS accounts can be opened online from England and Wales (and vice versa with Lloyds).

Whilst there will be some overlap, they don't actively market to and seek to get customers to switch from the other. It's generally called geographic market segmentation.

eskbanker wrote: »

....but given the increasing prevalence of online-managed accounts this geographic distinction becomes less significant, hence the threads from posters asking about which BoS branch to nominate when opening accounts in England.

I can't speak for others but certainly have multiple Lloyds and multiple BoS accounts myself and believe that I'm far from alone among posters on here, although accept that this is unlikely to be representative of the overall UK banking population.

laura84gr

Hi, sorry to jump in, I was just wondering if you could help me with a question.

I have just opened my 2nd bos vantage current account as im approaching my 1st 5k savings! (Never thought id ever be able to say that!) I was planning on having my salary paid into the 1st then transfer it to the 2nd.......does this count towards the minimum pay in or does it need to be an external source? I will have 2 direct debits for each account.

I'm new to all the savings stuff and just want to make sure I'll be doing the right thing.

Many thanks