Will the bank of Scotland cut rates on the vantage account?

Wonderingaboutbills

Or is the reduction of the reward they give on some accounts all they'll do now? I am thinking about opening three after closing my Santander 123 account but don't want to sign up to find they've cut the interest.

talexuser

Halifax have, Lloyds have, TSB have, I doubt it can last that long.

Wonderingaboutbills

I thought they might as they're part of the same group but then why not release all the information together, and would they still cut rates after already cutting the rewards for some accounts?

Dan83

No one really knows what BoS will do, we can only guess.

I share the same opinion as you, if they was going to cut the rate, surely they would of announced it with the Halifax and Lloyds cuts.

Their vantage account will (in a few months) be 1 of the market leaders. how long it lasts is anyone's guess.

RuleTheWorld

halifax and bank of scotland are the same surely.

Rich2808

Tesco and Nationwide have not cut their current account rates yet which range from 3 to 5 per cent. Maybe they won't as they see them as loss leaders to sell other products.

The Tesco one is particularly good as there is no minimum monthly pay in so it is effectively a savings account.

eskbanker

RuleTheWorld wrote: »

halifax and bank of scotland are the same surely.

In legal entity terms, yes, but as commercial brands they have different product offerings with different interest and reward rates.







And don't call me Shirley!

verybigchris

BoS only introduced the Direct Debit requirements last month, so I wouldn't be surprised if they hold off for a short while before making more changes to the account.

TheShape

Whether any of the banks reduce their rates will depend on their desire to attract more current account customers and what they're willing to pay to do so. The rates are a marketing tool to get you to switch to their account and get the opportunity to sell you products.

Nationwide, for example, finds itself in the position of being the top paying current account for no additional cost. If that brings enough new custom/profit the rate will stay. I expect BOS will decide it's position in the same way.

knack92

verybigchris wrote: »

BoS only introduced the Direct Debit requirements last month, so I wouldn't be surprised if they hold off for a short while before making more changes to the account.

I imagine plenty of customers will have failed to set up direct debits which will have resulted in an immediate cost saving. They can then use this data to determine how long they can carry on at the existing rate.

talexuser

knack92 wrote: »

I imagine plenty of customers will have failed to set up direct debits which will have resulted in an immediate cost saving. They can then use this data to determine how long they can carry on at the existing rate.

A good point. It may give us another few months before they decide anything. But if Tesco and Nationwide cut soon I can't see them staying high on their own for long.