Tesco Savings DDs

NoodleDoodleMan

It surprised me that multiple BoS Vantage accounts can be funded by linked internal standing order transfers from one Vantage account to another, so there is no need for an external bank source to credit the monthly £1000.

Amazingly this incestuous procedure is still permitted.

Eco_Miser

NoodleDoodleMan wrote: »

It surprised me that multiple BoS Vantage accounts can be funded by linked internal standing order transfers

AFAIK, all LBG accounts can be internally funded.
This way, there is no need for the saver to open an account with a different bank (and possibly find they prefer that bank).
Also, someone using the accounts 'properly' could be expected to receive their salary into one account and then move portions of it into the other two accounts to save.

veryintrigued

NoodleDoodleMan wrote: »

It surprised me that multiple BoS Vantage accounts can be funded by linked internal standing order transfers from one Vantage account to another, so there is no need for an external bank source to credit the monthly £1000.

Amazingly this incestuous procedure is still permitted.

For a whole load of seriously determined MSErs the need for external funding would take only seconds longer (each month) than the internal funding (if done manually!).

Therefore am not sure what your point is.

This thread seems to be evolving further into 'how can we close down half decent accounts'.

Strange.

NoodleDoodleMan

Therefore am not sure what your point is.

The point being that up to 3 x BoS Advantage accounts can be opened and internally funded without the need for any external bank account involvement.

Once set up they run on a mutual self service cycle.

All other banks's current account deals appear to demand a minimum monthly funding from an external source.

I may be wrong on that of course.

AFAIK, all LBG accounts can be internally funded.

Thanks for that, I was unaware.

DennisTenus

Penitent wrote: »

like I did with Santander (since I don't earn cashback, I was only earning the equivalent of 1.19%, so it wasn't worth keeping anymore).

Ah is it actually 1.19% factoring in the £5 charge per month?

I don't earn cashback there either.

deutsch

Penitent wrote: »

Current rate is 1.49% on £20k with a £5pm fee.

20000*0.0149=£298pa interest, so £238pa after the fee.

238/20000*100 = 1.19%

you can get the 5% regular esaver which negates the £5 fee per month (£64.33 interest in total for a year) when you have the 123 account. £200/month to save though.

https://www.santander.co.uk/uk/savings

DennisTenus

Ah yeah I've got that

das1969

deutsch wrote: »

you can get the 5% regular esaver which negates the £5 fee per month (£64.33 interest in total for a year) when you have the 123 account. £200/month to save though.

You could switch to a 123 lite, with a £1 fee per month, keep the regular saver and move the balance into an account with a higher interest rate.

veryintrigued

das1969 wrote: »

You could switch to a 123 lite, with a £1 fee per month, keep the regular saver and move the balance into an account with a higher interest rate.

Or (assuming you can find a better home for the balance in the 123 current account) save even more by downgrading to an Everyday account (once you've opened the Regular Saver at 5% which will stay at this rate) then apply to upgrade back to a variant of the 123 account close to the RS maturing.

NoodleDoodleMan

I see Thomas Cook are offering interest free DD payments for some types of bookings.

Might suit punters who have holiday plans and coincidentally need DDs to service an account in the short term.

Obviously the small print will need to be checked out.