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Bank of Scotland to cut rate on top-paying current account

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  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    You're right, there wont be a stampede to leave.

    Its a loss making product for BoS.

    They'll be chuffed to bits that (some) of those whose only dealings with them are multiple full CAs are moving on.
  • [Deleted User]
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    Its a loss making product for BoS.

    They'll be chuffed to bits that (some) of those whose only dealings with them are multiple full CAs are moving on.

    You'd think so wouldn't you? However I opened a further account with them on 26th February this year, they seemed quite happy for me to do so despite my "usage" of my other accounts. Perhaps they knew the cut was coming and were having a laugh at my expence?
  • eskbanker
    eskbanker Posts: 31,846 Forumite
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    To say 60,000 can't be motivated to move their money from one financial institution to another in a four day period when it has already happened is "ridiculous". Where did you think those 60,000 people were keeping their money, under the mattress?
    You're still missing the point by some distance! If 60,000 people applied to open a Tesco account, some of those may have been doing so with a view to saving there. Of that proportion, some may be moving savings from elsewhere. Of that small slice, an even smaller slice would be transferring funds out of BoS specifically.

    According to https://assets.publishing.service.gov.uk/media/53c834c640f0b610aa000009/140717_-_PCA_Review_Full_Report.pdf there were about 65 million active current accounts in the UK in 2013 and I doubt that number will have decreased since then, quite the opposite as savings rates have plummeted. Even if there were still only 65m current accounts, an offer attracting 60,000 is therefore less than 0.1% of the market, i.e. a rounding error rather than the significant army you seem to believe....
  • MyOnlyPost
    MyOnlyPost Posts: 1,562 Forumite
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    eskbanker wrote: »
    there were about 65 million active current accounts in the UK in 2013 and I doubt that number will have decreased since then, quite the opposite as savings rates have plummeted. Even if there were still only 65m current accounts....

    Well that just about covers my house, what about the rest of the country though :D
    It may sometimes seem like I can't spell, I can, I just can't type
  • [Deleted User]
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    60,000 people moving £5,000 equates to £300,000,000. I'd hardly call that insignificant and if it was, Tesco wouldn't have had to withdraw their offer.

    I'm on this site looking for advice on the best way of using my money in order to get the best return with the minimum of risk. It would seem quite a few on here have other agendas. Perhaps we have a few "secret agents" from the banks posting? It wouldn't surprise me.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    You'd think so wouldn't you? However I opened a further account with them on 26th February this year, they seemed quite happy for me to do so despite my "usage" of my other accounts. Perhaps they knew the cut was coming and were having a laugh at my expence?

    Marvo that's paranoia.

    Go have a lie down and accept it was a decent product and still isn't half bad.
  • MyOnlyPost
    MyOnlyPost Posts: 1,562 Forumite
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    60,000 people moving £5,000 equates to £300,000,000. I'd hardly call that insignificant and if it was, Tesco wouldn't have had to withdraw their offer.

    I'm on this site looking for advice on the best way of using my money in order to get the best return with the minimum of risk. It would seem quite a few on here have other agendas. Perhaps we have a few "secret agents" from the banks posting? It wouldn't surprise me.

    Who says 60,000 people are moving £5,000?

    Firstly it's 60,000 account applications, that could be 30,000 people
    Secondly the max for the interest is £3,000 so if people are only moving for the interest as you suggest then the max would be 60,000 x £3,000

    In reality some people will be moving smaller amounts and some larger amounts, some may not be moving anything at all and just opening the account to pay their salary into
    It may sometimes seem like I can't spell, I can, I just can't type
  • [Deleted User]
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    Marvo that's paranoia.

    Go have a lie down and accept it was a decent product and still isn't half bad.

    Actually it was a joke. Was a decent one but still isn't half bad.

    Note: Other jokes from other providers are available.
    Who says 60,000 people are moving £5,000?

    Firstly it's 60,000 account applications, that could be 30,000 people
    Secondly the max for the interest is £3,000 so if people are only moving for the interest as you suggest then the max would be 60,000 x £3,000

    In reality some people will be moving smaller amounts and some larger amounts, some may not be moving anything at all and just opening the account to pay their salary into

    Pedantic?

    We were talking about HBOS which is £5,000.

    Tesco claimed they had 60,000 applicants but nevertheless what does that matter, it was 60,000 accounts.

    Yes and you're right, all those applicants came within 4 days because of the notification of how good this deal was from several sources. I guess there may have been an honest one or two in there but not many.
  • eskbanker
    eskbanker Posts: 31,846 Forumite
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    60,000 people moving £5,000 equates to £300,000,000. I'd hardly call that insignificant and if it was, Tesco wouldn't have had to withdraw their offer.

    I'm on this site looking for advice on the best way of using my money in order to get the best return with the minimum of risk. It would seem quite a few on here have other agendas. Perhaps we have a few "secret agents" from the banks posting? It wouldn't surprise me.
    Yes, that'll be it no doubt - anyone who points out the glaring holes in your random collection of half-baked non-sequiturs is obviously a bank employee with an agenda! Anyway, since you're more than capable of demonstrating your lack of capacity for logical and rational argument all by yourself, it looks like the rest of us won't need to bother to do so anymore....
  • [Deleted User]
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    Wow. I'd try the other side of the bed tomorrow.
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