Don't close Bank of Scotland Vantage accounts yet!

Ologhai

If you're planning on closing your BOS Vantage account(s) because you're unable/unwilling to sort out two DDs for each one, don't do it yet!

(I appreciate I could've just replied to the Bank of Scotland Vantage needs 2 dds thread, but I thought this was potentially important enough not to risk getting lost in there.)

I went into Halifax this morning to close my three BOS Vantage accounts. On closing the first one, I noticed that there was an amount of interest on the closing balance that was roughly equivalent to 3% for the first few days of Sept, so I queried this. Being Halifax (not BOS), they didn't know but allowed me to use their phone to contact BOS.

The BOS person I spoke to was very vague and uncertain about whether/when the fact that I am no longer abiding by the current Vantage T&Cs will be noticed... or even IF it will. The BOS person even suggested that the new T&Cs may only apply to newly-opened Vantage accounts.

At this point, I have no idea whether I'll continue to get 3% on my remaining two accounts, and if I do, for how long, but (perhaps needless to say) I didn't close my remaining two accounts so that I can see what happens.

So, if you're in the position where you think you're going to close your Vantage accounts, it might be worthwhile hanging on for a while to see what happens with respect to interest payments in forthcoming months.

Fingers crossed!

bob792

There wasn't any doubt in the revised T&Cs, which they sent out, that they meant it to apply to existing accounts. They might have special arrangements for the closure month as you haven't had a whole month to get ddrs sorted.

ALWAYS read the T&Cs
NEVER trust anybody in the Branch - they won't have read the T&Cs as closely as us.

Ologhai

bob792 wrote: »

There wasn't any doubt in the revised T&Cs, which they sent out, that they meant it to apply to existing accounts. They might have special arrangements for the closure month as you haven't had a whole month to get ddrs sorted.

ALWAYS read the T&Cs
NEVER trust anybody in the Branch - they won't have read the T&Cs as closely as us.

I am not trusting anyone. I'm a sceptic. But I don't think there's much harm in holding off on closing the accounts to see what happens. However, it seems fairly clear to me that the account I (unfortunately) closed was earning 3% after the 1st of Sept despite there being no DDs associated with the account.

bob792

Ologhai wrote: »

But I don't think there's much harm in holding off on closing the accounts to see what happens.

There's no 'harm' but it's long odds. I wouldn't keep £5,000 per account for a month risking getting no interest. The 2 ddrs is a stunt they've pulled before (at Lloyds) and their computer systems coped last time.

Ologhai

bob792 wrote: »

There's no 'harm' but it's long odds.

I would tend to agree. The chances of the accounts remaining at 3% is remote (although perhaps non-zero). It does appear, though, that there may be an extra month of 3% up for grabs (if the account I closed in anything to go by.)

Having said all that, if I'd seen a thread like this before I popped into town to close my accounts, I'd've held off, so the thread would've been useful to me... hence me creating it.

Ballard

From memory the new requirements came into force for September so I think that their systems will accrue the interest but only pay should the conditions be met. You might find that no credit interest (for September) is passed next month. I wouldn't be surprised if accounts closed prior to month end receive the interest, though.

Ologhai

Ballard wrote: »

From memory the new requirements came into force for September so I think that their systems will accrue the interest but only pay should the conditions be met. You might find that no credit interest (for September) is passed next month. I wouldn't be surprised if accounts closed prior to month end receive the interest, though.

If you're correct, then the best thing to do would be to close the accounts as close to the end of September as possible, thereby receiving the accrued interest as part of a closing balance before BOS realise that I won't be adhering to their new T&Cs! :rotfl:

Westie983

I think it is for all vantage accounts as I was sent a letter telling me of the change of T&C's although I was aware of them due to this site, so if it was just for new applications they wouldnt have written to those that already have the accounts.

I relation to your closure, you got 3% interest, as you still have the rest of September to set up DD and the interest will be applied to accounts in October if the new T&C's have been abided by in the month of September.

I would think that the remaining two account wills not get any interest if 2 DD have not been paid out this month, but if you want to wait to till the end of September to find out, go for it, but I wouldn't risk 5k getting no interest when I could either set up DD or close and move the money somewhere where I could get interest.

GingerFurball_2

You would have received an interest credit on the 1st September I'm guessing?

FOREVER21

Ologhai wrote: »

If you're planning on closing your BOS Vantage account(s) because you're unable/unwilling to sort out two DDs for each one, don't do it yet!

(I appreciate I could've just replied to the Bank of Scotland Vantage needs 2 dds thread, but I thought this was potentially important enough not to risk getting lost in there.)

I went into Halifax this morning to close my three BOS Vantage accounts. On closing the first one, I noticed that there was an amount of interest on the closing balance that was roughly equivalent to 3% for the first few days of Sept, so I queried this. Being Halifax (not BOS), they didn't know but allowed me to use their phone to contact BOS.

The BOS person I spoke to was very vague and uncertain about whether/when the fact that I am no longer abiding by the current Vantage T&Cs will be noticed... or even IF it will. The BOS person even suggested that the new T&Cs may only apply to newly-opened Vantage accounts.

At this point, I have no idea whether I'll continue to get 3% on my remaining two accounts, and if I do, for how long, but (perhaps needless to say) I didn't close my remaining two accounts so that I can see what happens.

So, if you're in the position where you think you're going to close your Vantage accounts, it might be worthwhile hanging on for a while to see what happens with respect to interest payments in forthcoming months.

Fingers crossed!

The interest paid on 1 Sept. would be the interest due for the preceding month, when no DDs were required. If DDs not put in place then no interest will be paid 1 Oct .

eskbanker

GingerFurball wrote: »

You would have received an interest credit on the 1st September I'm guessing?

FOREVER21 wrote: »

The interest paid on 1 Sept. would be the interest due for the preceding month, when no DDs were required. If DDs not put in place then no interest will be paid 1 Oct .

OP's point was specifically that they received interest "for the first few days of Sept" when closing an account on the 5th, i.e. it wasn't anything to do with the routine monthly payment on the 1st.