Banks - Calender Month

Sinead6230

Hope I've posted in the right area. Apologises if not.


I'm looking to open two Bank of Scotland accounts and wonder if I apply today and its opened before the end of this month, does this month count as one calendar month?


What I'm trying to figure out is whether or not ill be required to shift £1k between the two accounts before the 28th February to satisfy the minimum pay in and not get charged?


I'm due a large bonus either this week or next week (might fall into the start of March) and this is the money I will be shifting.


Thanks.

GingerBob_3

I've got a couple of new BOS accounts. I'm not sure if you can pay £1000 from one to the other to qualify for the paying in requirement. Your stumbling block may well be the direct debits. You need two to be set up and each to be used in a calendar month to qualify for the interest. With two BOS accounts, get salary paid into one of them, then £1000 out to some other account, then from that other account back into the second BOS account. Their so-called calendar month runs from the 2nd of the month.

PeacefulWaters

What charge are you trying to avoid?

noh

There is no charge if you do not meet the minimum funding but you will not get any interest on the balance. The other requirement for interest to be paid is to have two direct debits paid from the account. You will not have enough time to set them up this month.

grumbler

Charged for what?
If you mean the Classic account, then, IIRC, it's free and the monthly credit is required for getting interest only.

Re the 'calendar month' it's what it says on the tin, i.e. calendar.

If it's just 'month', then it's worth checking the T&C. Usually it means a calendar months, but some banks (e.g. Santander?) count it from the day account is opened.

noh

GingerBob wrote: »

I've got a couple of new BOS accounts. I'm not sure if you can pay £1000 from one to the other to qualify for the paying in requirement. Your stumbling block may well be the direct debits. You need two to be set up and each to be used in a calendar month to qualify for the interest. With two BOS accounts, get salary paid into one of them, then £1000 out to some other account, then from that other account back into the second BOS account. Their so-called calendar month runs from the 2nd of the month.

Internal funding is ok with the BoS accounts.

GingerBob_3

noh wrote: »

Internal funding is ok with the BoS accounts.

Thanks for that. I may review how the money is moved around and make it simpler.

Sinead6230

Hi GingerBob,


I can move £1k around by doing the 5% loophole. I'll be setting up direct debits via charity's to go out each month so that will satisfy that requirement. I don't want my salary paid into them as they are purely for saving and maxing the 3% interest on the 5k balance.


Ah so there calendar month would be from the 2nd of March to the 2nd of April you're saying?

GingerBob wrote: »

I've got a couple of new BOS accounts. I'm not sure if you can pay £1000 from one to the other to qualify for the paying in requirement. Your stumbling block may well be the direct debits. You need two to be set up and each to be used in a calendar month to qualify for the interest. With two BOS accounts, get salary paid into one of them, then £1000 out to some other account, then from that other account back into the second BOS account. Their so-called calendar month runs from the 2nd of the month.

soulsaver

A calendar month is 1st to 31st (or 30 or 28... occasionally 29)

Westie983

Sinead6230 wrote: »

Ah so there calendar month would be from the 2nd of March to the 2nd of April you're saying?

No 1st - 31st of the month, but wouldn't use dates after the 25th as some DD are not paid out on weekends, and faster payments do go through on weekends but dated the next working day, (which could be the next month)

There is no charge for BOS accounts, the funding and DD requirements are to get interest on the balance in the account.

GingerBob_3

Sinead6230 wrote: »

Hi GingerBob,


I can move £1k around by doing the 5% loophole. I'll be setting up direct debits via charity's to go out each month so that will satisfy that requirement. I don't want my salary paid into them as they are purely for saving and maxing the 3% interest on the 5k balance.


Ah so there calendar month would be from the 2nd of March to the 2nd of April you're saying?

Actually, the other posters are right about the calendar month, but the BOS T&Cs say this about the billing period:


If you meet the Vantage conditions, you will qualify for
credit interest for that monthly billing period, which
runs from the second working day of a month to the
first working day of the next month. This means we
will work out interest on a daily basis at the relevant
Vantage interest rate from the second working day of
the month and pay it to your account at the end of the
first working day of the next month.


So, you need two DDs going out within the calendar month, 1st - 31st. I set mine up to go out in the second week, thereby avoiding the month end.