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

Kernel_Sanders

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.

I'm pretty sure Club Lloyds paid out for the initial part-month without DDs, so would be surprised if BoS didn't also offer this period of grace.

TheShape

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......

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.

Reading this thread I'm thinking that surely to be in credit it just means not in an overdraft but the terms are very specific:

Qualifying for Vantage
It is straightforward, simply:
pay at least £1000 into your account each calendar month, and
stay in credit (above £0) during the monthly billing period, and
pay at least two different Direct Debits from your account each calendar month.

will-he-payitoff

Does anyone know if the terms for paying in have changed since the 2 DD were needed? I have 2 Vantage accounts and only one is paying interest, the one paying interest is funded from an externel account but the one not paying interest is funded by internal transfer. Could anyone please tell me if this is the reason.

Consumerist

Jabba_flabba wrote: »

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?

Perhaps you would post again at the end of the month to us let know.

There are probably quite a few MSE'ers who might be interested to know.

Edit
Since you have £5k sitting in the account, it might be worth your while to ask BoS about that - if you could earn some interest elsewhere till the end of the month. We're probably only talking about a few [STRIKE]coppers[/STRIKE] quid difference, anyway.

Consumerist

will-he-payitoff wrote: »

Does anyone know if the terms for paying in have changed since the 2 DD were needed? I have 2 Vantage accounts and only one is paying interest, the one paying interest is funded from an externel account but the one not paying interest is funded by internal transfer. Could anyone please tell me if this is the reason.

The terms are not specific about where the funding comes from so you should get interest if you have complied with the other requirements.

Why not raise the issue with BoS?

YorkshireBoy

Jabba_flabba wrote: »

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?

It's really very simple. You accrue interest each day, based on that day's closing balance, at the rate of 2.96%/365. They then check at the end of the billing period if you paid 2 DDs during the previous calendar month. If you did, they pay you the interest accrued.

Consumerist

YorkshireBoy wrote: »

It's really very simple. You accrue interest each day, based on that day's closing balance, at the rate of 2.96%/365. They then check at the end of the billing period if you paid 2 DDs during the previous calendar month. If you did, they pay you the interest accrued.

. . . providing you have complied with the other Vantage requirements.

xylophone

Does anyone know if the terms for paying in have changed since the 2 DD were needed? I have 2 Vantage accounts and only one is paying interest, the one paying interest is funded from an externel account but the one not paying interest is funded by internal transfer. Could anyone please tell me if this is the reason.

http://www.bankofscotland.co.uk/bankaccounts/pdf/classic-vantage-conditions.pdf dated 9/16.


If you have Vantage added to your Classic Account it
gives you the benefit of credit interest on your current
account if you comply with the Vantage conditions.
You can have a maximum of three accounts
with Vantage.

The Vantage conditions are that each month you must:

pay into your account at least £1,000 during the
calendar month;

keep your account in credit (that is above £0) during
the monthly billing period; and

pay at least two different direct debits from your
Vantage account each calendar month.

If you meet the Vantage conditions, you will qualify for
credit interest for that monthly billing period, which
runs from the second working day of a month to the
first working day of the next month. This means we
will work out interest on a daily basis at the relevant
Vantage interest rate from the second working day of
the month and pay it to your account at the end of the
first working day of the next month.
If you do not meet all the Vantage conditions we will
not pay interest on the amount in your account. We also
do not pay interest on any amount over the Vantage
upper limit.


There is nothing in the above to say that the £1000 must come from an external account.

molerat

My 3 have all paid interest, 2 of them receive internal transfers.

redux

I get the impression some people are over-thinking this.

The interest is proportional to the amount and time. It isn't restricted to only complete calendar months.