What interest are you getting here?

GingerBob_3

https://www.bankofscotland.co.uk/bankaccounts/vantage/default.asp


Can anyone explain the ambiguity here? If you invest between 3K and 5K do you get 3% on all of it or just on the amount over 3K?


Thanks.

GingerBob_3

Em... might have answered my own question - they make this statement:


Don't worry if your balance isn’t always that high, we still pay interest at a lower rate on smaller balances

Seems to suggest you get the 3% on the full 5K.

veryintrigued

All of it........

YorkshireBoy

You only have one "balance"...that's the amount in the account.

polymaff

GingerBob wrote: »

https://www.bankofscotland.co.uk/bankaccounts/vantage/default.asp


Can anyone explain the ambiguity here? If you invest between 3K and 5K do you get 3% on all of it or just on the amount over 3K?

"Vantage is our free add-on for current accounts that pays you 3% AER (2.96% Gross) variable on balances of £3,000 - £5,000, interest is paid monthly."

Balances in the specified range get interest. A balance of £2,999 - no interest on the balance, A balance of £3,000 - interest on the balance. A balance of £5,000 - interest on the balance. A balance of £8,000 - interest on £5,000 of the balance.

Norscbu

polymaff wrote: »

A balance of £2,999 - no interest on the balance

Sorry that is incorrect, for balances between £1000 and £2999.99 they pay 2% interest. (And 1% if your balance is below £1000)

polymaff

Norscbu wrote: »

Sorry that is incorrect, for balances between £1000 and £2999.99 they pay 2% interest. (And 1% if your balance is below £1000)

You'll note that the question and my reply were with respect to 3% interest

GingerBob_3

Just to bump up this thread: I'm looking at the Vantage account purely to invest £5K. I don't see any welcome bonus mentioned. Presumably if there was one you'd need to use the switching service anyway - which I'm not going to do.


Any recommendations? Is there a comparable account where a welcome bonus is paid, but where you don't need to use the switching service?


I should also ask, if anyone's opened this account can it be done with the minimum of fuss - no need to provide passports and the like in a branch?


Thanks.

Zanderman

GingerBob wrote: »

Any recommendations? Is there a comparable account where a welcome bonus is paid, but where you don't need to use the switching service?

I should also ask, if anyone's opened this account can it be done with the minimum of fuss - no need to provide passports and the like in a branch?

Don't think there are any comparable 5% current accounts with a switching bonus these days, assuming you've done what you can with Nwide FlexDirect of course (and used RAF for the bonus).

As for ease of opening it was dead easy when I opened one a few weeks ago - but that may be partly because I have accounts with halifax (effectively the same bank). If you have a Halifax account already BoS is easy to open.

bigadaj

GingerBob wrote: »

Just to bump up this thread: I'm looking at the Vantage account purely to invest £5K. I don't see any welcome bonus mentioned. Presumably if there was one you'd need to use the switching service anyway - which I'm not going to do.


Any recommendations? Is there a comparable account where a welcome bonus is paid, but where you don't need to use the switching service?


I should also ask, if anyone's opened this account can it be done with the minimum of fuss - no need to provide passports and the like in a branch?


Thanks.

Don't do it, you can't trust the banks

GingerBob_3

bigadaj wrote: »

Don't do it, you can't trust the banks

I just did. Easy. No ID requirements. You're right - you can't trust them, but I'll take their money anyway.