Halifax Reward to BoS Vantage

2010

Now that Halifax has decided to cut the reward from £5 to £3 in Feb 17 would there be any problem going through the switch process to Vantage.

Also is the max 5% on £5k limited to a year.

Are there any incentives at the moment to switch to Vantage?

xylophone

Also is the max 5% on £5k limited to a year.

BOS Vantage pays 3% on up to £5000. The rate is not limited to a year.

An individual can hold up to three vantage accounts.

xylophone

Are there any incentives at the moment to switch to Vantage?

It would appear not.

http://www.bankofscotland.co.uk/bankaccounts/

2010

Thanks Xylophone,

The £1k a month can come from any source not just a salary and moved out the same day?

G_M

Yes. - set up 2 standing orders: in and out

guitarman001

Nooooooooooooooooooooo....


Just noticed I'm no longer getting the monthly interest on the 3 classic vantage accounts because you need 2 direct debits FROM EACH ACCOUNT?

I simply don't have that many direct debits.

So now I've £15k getting no interest.
Also interest on the TSB accounts is getting cut big-time.
Santander rate was cut a while back.

It's almost pointless now to put your money in normal bank accounts. I literally don't know what to do with it now other than buy a house!

guitarman001

This is absolute rubbish, honestly!

chockydavid1983

Open a Tesco Internet Saver and Instant access saver and set up direct debits of £1 to each of them, job done.

guitarman001

Oh? But can I set up two of those for the same account?

chockydavid1983

Not sure what you mean but:
BOS 1 -> Tesco IS
BOS 1 -> Tesco IAS
Same for the other 2 BOS's

eskbanker

guitarman001 wrote: »

Nooooooooooooooooooooo....


Just noticed I'm no longer getting the monthly interest on the 3 classic vantage accounts because you need 2 direct debits FROM EACH ACCOUNT?

I simply don't have that many direct debits.

So now I've £15k getting no interest.
Also interest on the TSB accounts is getting cut big-time.
Santander rate was cut a while back.

It's almost pointless now to put your money in normal bank accounts. I literally don't know what to do with it now other than buy a house!

Using current accounts for saving has always involved a need to keep up to date with what's going on, in terms of new accounts, obsoleted ones and changes to Ts & Cs. In this case, the change was announced by BoS in mid May, communicated by letters and widely discussed on here at https://forums.moneysavingexpert.com/discussion/5463084 thereafter, so it shouldn't have come as a surprise!