Advice needed re Bank of Scotland accounts

liamb_2

I would obviously like to max my interest rate by opening 3 accounts. However, I do not have £3000 to pay into them every month - but I do have £4000 that I could move around from account to account to create the illusion that I was doing so. Is it even allowed to move £1000 from one BOS account to another every month? Any advice would be most welcome, I am sure that there is a way of achieving my goal, just don't have the experience to work it out for myself.

schiff

I don't think there's any point really WADR!

Interest is 3% on balances between £3000 and £5000.

So you are better with your £4000 in one account while you top it up, eventually, to £5000. Then open a second account for the excess over £5000. Which will be initially at 1.5% - if rates stay the same. You would have to withdraw £1000 per month to put it back in again (you have to pay in £1000 per month, one of the conditions), unless you have other funds to do that with. I hope I've not made it sound too complicated!

That's without going into adding Vantage and the requirement for two DDs.

TheShape

Two accounts would make funding the account with £1000 p/m straightforward.

Deposit £4000 in one account and once a month transfer £1000 to the other (empty/spare) account and then move it straight back.

I do this each month via the android app, probably takes about a minute to do.

aparky85

Assuming you have the £15K required to max out the balance on each of the accounts you don't need any extra cash to cycle through them. You can do the following:

Move £1K from Account 1 to account 2, then move £1K from Account 2 to Account 3, and finally move £1K from account 3 into account 1, and you've ticked the pay in box for all three accounts.

Don't forget that each account must be signed up to the Vantage rewards scheme when you open them, and you'll need to pay out two direct debits from each of the three accounts.

knack92

The terms and conditions will answer this question.

But yes, transfers between accounts will be sufficient.

liamb_2

That's great, many thanks as always to all those who took the time to help me out.

badger09

liamb wrote: »

I would obviously like to max my interest rate by opening 3 accounts. However, I do not have £3000 to pay into them every month - but I do have £4000 that I could move around from account to account to create the illusion that I was doing so. Is it even allowed to move £1000 from one BOS account to another every month? Any advice would be most welcome, I am sure that there is a way of achieving my goal, just don't have the experience to work it out for myself.

If £4000 is your total 'pot' then it would be simpler to open 2 Tesco current accounts. 3% on up to £3000 in each, no monthly funding and no Direct debits.

If you want to maximise your interest, a Nationwide Flex direct & linked regular saver would be good.

schiff

Best suggestion yet!