Bank of Scotland Vantage Help/Advice

carrick1636

Hi all,
I am very new to all of this and even feel embarrassed to ask as most people will think I'm rather stupid. But we all have to start from somewhere and if I don't ask, then I will never learn! So any advice or answers to my questions will be greatly appreciated.

I am interested in starting the Bank of Scotland Vantage scheme and having three accounts so that I can benefit from the interest rate up to £15,000.
I've just applied for my first account and I assume I can just ask for another with no issues? I didn't think you'd be allowed duplicate accounts? That's the first question - so it is possible to re-apply for the same account and then have three of them in your name?

Secondly, my other question is with the direct debits. Once I have the first account opened I am going to create a savings account that allows me to process a direct debit. As two DD's are needed I was wondering if it's possible to have two separate direct debits going into the same savings account or do I actually need to have two separate savings accounts?

And finally - on on the MSE page it states 'You can earn 3% AER on the entire balance if you have between £3,000 and £5,000 in the account, but no interest on anything over that amount. Put and keep the full £5,000 in, and you'll get £148'
So this is probably the stupidest question (but it just seems too good to be true) - if i have three accounts with £5,000 in each
I transfer 1,000 between the accounts every month
Each account has two direct debits set up (£1 each)
I will make £148 interest on each account in a year?

Thanks for you patience.
Kind Regards,
Money Saving Novice

xylophone

See https://forums.moneysavingexpert.com/discussion/5589551

Katiehound

Well I would have 2 different savings accounts just to be absolutely sure..

Your minimum pay in of £1k can circulate between the 3 accounts but it can also fulfil conditions with other accounts too! ie it could come from a.n.other a/c and then cycle off to An.Other account.

I'd get them set up fairly promptly (I opened my 3 accounts over a period of 2 months) because there is no knowing when the interest rate will drop. The other banks in the group have cut rewards/ interest recently.