High Interest Current Accounts

Mogz44

Following on from this weeks MSE e-mail I was wondering how easy it is to exploit the high interest RBS current account. It stipulates that you must pay in £1000 per month and have 2 active direct debits from all 3 current accounts through the vantage option allowing you to hold 3 current accounts.


My question being what is stopping you establishing 2 separate direct debits totalling £500 each paying the bank accounts in a recurring manner to meet the criteria?


Also how would holding these 3 current accounts affect your credit score alongside an existing current account with a different bank? (First Direct)


Thanks in advance for any responses.

dggar

Mogz44 wrote: »

Following on from this weeks MSE e-mail I was wondering how easy it is to exploit the high interest RBS current account. It stipulates that you must pay in £1000 per month and have 2 active direct debits from all 3 current accounts through the vantage option allowing you to hold 3 current accounts.


My question being what is stopping you establishing 2 separate direct debits totalling £500 each paying the bank accounts in a recurring manner to meet the criteria?


Also how would holding these 3 current accounts affect your credit score alongside an existing current account with a different bank? (First Direct)


Thanks in advance for any responses.

Are you getting mixed up between Bank of Scotland (BoS) and Royal Bank of Scotland(RBS). I think you are also mixing up the idea of Standing Orders and Direct Debits.

Zanderman

Mogz44 wrote: »

Following onfrom this weeks MSE e-mail I was wondering how easy it is to exploit the high interest RBS current account. It stipulates that you must pay in £1000 per month and have 2 active direct debits from all 3 current accounts through the vantage option allowing you to hold 3 current accounts.

RBS don't have such an account. As dggar says above, you're getting BoS and RBS mixed up. You mean BoS. Different banks!

Mogz44 wrote: »

My question being what is stopping you establishing 2 separate direct debits totalling £500 each paying the bank accounts in a recurring manner to meet the criteria?

You can pay in 2 x £500 to fulfill the criteria - no problem with that (though they may have to fed from outside BoS, depending on the T&C, so you may not be able to feed three accounts directly from each other).

But you can't do that with DDs, only SOs or manually. DDs are a specific type of payment and you can't set those up to a current account.

Mogz44 wrote: »

Also how would holding these 3 current accounts affect your credit score alongside an existing current account with a different bank? (First Direct)

Shouldn't be a problem, depending on your credit score generally.

TheShape

BOS can be funded internally to meet the £1000 p/m funding requirement.