BOS Vantage current a/c: pay in straight away?

Jabba_flabba

I've just opened a Vantage account and am wondering whether I should transfer a lump sum straight away or wait until the two direct debits that I've set up take their first amounts? They're due to collect 23 Nov.

As my direct debits are both pulling from Tesco accounts (Internet Saver & Instant Access Savings) I'm crossing my fingers that this isn't against the rules. I noticed someone else posted that BOS had contacted them about this.

I was pleasantly surprised to see my new Vantage account show up in Halifax's online banking site - I have a Halifax Reward account - and I've already confirmed I'm able to transfer to it by sending a small amount through from another account.

jennifernil

I have 3 Vantage accounts, they all have 2 Tesco DDs set up on them (instant access saver and internet saver) and BOS seem fine with this, interest is being paid.

My OH has a similar set up on his accounts, again no problems.

He recently opened a 3rd Vantage, I only paid in enough to cover the DDs to start with, just to check everything was working correctly, then topped it up the following month.

Have your new DDs shown up on your internet banking?

YorkshireBoy

Jabba_flabba wrote: »

I've just opened a Vantage account and am wondering whether I should transfer a lump sum straight away or wait until the two direct debits that I've set up take their first amounts? They're due to collect 23 Nov.

The prerequisite for earning interest is to pay out 2 DDs, not have them set up. You could even pay them out on Wed 30th November and still get your interest (for the whole time the cash is in there) 2 days later on Friday 2nd December.

In short, make your transfer now.

TheShape

YorkshireBoy wrote: »

The prerequisite for earning interest is to pay out 2 DDs, not have them set up. You could even pay them out on Wed 30th November and still get your interest (for the whole time the cash is in there) 2 days later on Friday 2nd December.

In short, make your transfer now.

I opened my BOS account towards the end off October. The earliest I could set up any DDs on the account was 3rd Nov so I assume my decision to wait until 1st Nov to fund the account was a sensible one.

Jabba_flabba

jennifernil wrote: »

I have 3 Vantage accounts, they all have 2 Tesco DDs set up on them (instant access saver and internet saver) and BOS seem fine with this, interest is being paid.

My OH has a similar set up on his accounts, again no problems.

He recently opened a 3rd Vantage, I only paid in enough to cover the DDs to start with, just to check everything was working correctly, then topped it up the following month.

Have your new DDs shown up on your internet banking?

Not yet, but I only set them up last night. I'm not sure if a delay's normal. Did yours show up near instantly?

YorkshireBoy wrote: »

The prerequisite for earning interest is to pay out 2 DDs, not have them set up. You could even pay them out on Wed 30th November and still get your interest (for the whole time the cash is in there) 2 days later on Friday 2nd December.

In short, make your transfer now.

Thanks for clearing that up, YorkshireBoy!

TheShape wrote: »

I opened my BOS account towards the end off October. The earliest I could set up any DDs on the account was 3rd Nov so I assume my decision to wait until 1st Nov to fund the account was a sensible one.

Yes, that would be my guess - the full interest would only be paid on the amount you had in the a/c during the calendar month if you had also paid out two DDs during that month.

Consumerist

Jabba_flabba wrote: »

I've just opened a Vantage account and am wondering whether I should transfer a lump sum straight away or wait until the two direct debits that I've set up take their first amounts? They're due to collect 23 Nov. . .

Don't forget that you also need to have a credit balance for the entire calendar month in order to get interest. I would suggest that perhaps you should wait until [STRIKE]after 1 Nov[/STRIKE] to make your initial deposit - this will also give more time for the DDs to be set up.

Edit
Sorry that should have read "just before 1 Dec." so the money is in at the beginning of their "billing period" You will need to cover the direct debits before they are due, however.

Katiehound

Consumerist wrote: »

Don't forget that you also need to have a credit balance for the entire calendar month in order to get interest. I would suggest that perhaps you should wait until after 1 Nov to make your initial deposit - this will also give more time for the DDs to be set up. Just put in enough credit to cover any DDs which might be called.

and where does it say that? You need to pay the £1K in and have 2 x DDs going out . I'm almost certain I had interest from the moment I opened the account which wasn't the 1st of the month......

YorkshireBoy

Jabba_flabba wrote: »

Not yet, but I only set them up last night. I'm not sure if a delay's normal.

Yes it is. It's generally 2-3 working days, so Monday/Tuesday next week at the latest. Never had a hiccup with your chosen method, so my advice given above still stands...deposit the money now (if you haven't already?).

Consumerist

Katiehound wrote: »

and where does it say that? You need to pay the £1K in and have 2 x DDs going out . I'm almost certain I had interest from the moment I opened the account which wasn't the 1st of the month......

It's in the <Vantage conditions>.

Edit
The conditions actually require you to stay in credit for the "billing period" which runs from the second working day of the month to the first working day of the next month.

Jabba_flabba

YorkshireBoy wrote: »

Yes it is. It's generally 2-3 working days, so Monday/Tuesday next week at the latest. Never had a hiccup with your chosen method, so my advice given above still stands...deposit the money now (if you haven't already?).

Yep, full £5K deposited last night :beer:

Jabba_flabba

Consumerist wrote: »

It's in the <Vantage conditions>.

Edit
The conditions actually require you to stay in credit for the "billing period" which runs from the second working day of the month to the first working day of the next month.

I could understand that for the second month and beyond, but for the first month after opening the a/c surely they'd prorata the interest?