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What interest are you getting here?

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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.
«1

Comments

  • GingerBob_3
    GingerBob_3 Posts: 3,659 Forumite
    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.
  • All of it........
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You only have one "balance"...that's the amount in the account.
  • polymaff
    polymaff Posts: 3,947 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Norscbu Posts: 176 Forumite
    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
    polymaff Posts: 3,947 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    GingerBob_3 Posts: 3,659 Forumite
    edited 9 December 2016 at 7:44PM
    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
    Zanderman Posts: 4,864 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    bigadaj Posts: 11,531 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper
    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
    GingerBob_3 Posts: 3,659 Forumite
    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.
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