What to do with Current Account earning no interest

tomthered

Quick question - I currently have two BOS current accounts with DD's feeding into a Tesco Bank Account. I just have money in each account but interest on them has ended now and am wondering what to do next.


My question is would I be able to switch to say First Direct with one of them to gain the £125 bonus and set up a regular savings amount? Would I be penalised by First Direct, as all as they were was a glorified savings account?


What would people recommend to do

soulsaver

tomthered wrote: »

Quick question - I currently have two BOS current accounts with DD's feeding into a Tesco Bank Account. I just have money in each account but interest on them has ended now and am wondering what to do next.

I'm not aware of any ceasing to pay interest recently. Which were they?

tomthered wrote: »

My question is would I be able to switch to say First Direct with one of them to gain the £125 bonus and set up a regular savings amount?

Yes if you match terms you get the incentive.

tomthered wrote: »

Would I be penalised by First Direct, as all as they were was a glorified savings account?

No - if you match terms you get the incentive.

tomthered wrote: »

What would people recommend to do

That would depend on how much you are talking about, what else you've got, attitude to risk, age, pension etc

xylophone

interest on them has ended now and am wondering what to do next.

I have three BOS accounts and have not noticed interest ending.

tomthered

soulsaver wrote: »

I'm not aware of any ceasing to pay interest recently. Which were they?



The interest was only for a 12 months provided I paid in £1000 per month and its a BOS current account

YorkshireBoy

tomthered wrote: »

The interest was only for a 12 months provided I paid in £1000 per month and its a BOS current account

You posted quite a bit 16 months ago about your BoS Vantage accounts. These accounts did not run for 12 months, but they did need a minimum £1K per month credit.


Is it possible you've misunderstood how your accounts worked? If not, please do tell us which other BoS interest paying current account we've all missed out on!

tomthered

I think that might be the case YorkshireBoy, been a bit of a pratt I think . Anyway if I continue paying in the money each month should I still get interest on it?

YorkshireBoy

tomthered wrote: »

...if I continue paying in the money each month should I still get interest on it?

Only until May, with your current configuration.

tomthered

so based on my original question I should consider switching after that?

YorkshireBoy

tomthered wrote: »

so based on my original question I should consider switching after that?

Why don't you find some other DDs from somewhere and switch another account to FD? In fact, why have you waited so long to get a free £125?

tomthered

Cos I dont have many accounts and am not as savvy as the rest of you. I hadnt realised the accounts were still active for interest. Will need to spend more time on here but thanks anyway

Kim_13

tomthered wrote: »

Cos I dont have many accounts and am not as savvy as the rest of you. I hadnt realised the accounts were still active for interest. Will need to spend more time on here but thanks anyway

A BOS Vantage account now requires 2 Direct Debits in addition to the £1,000 to get the interest, so this may be why yours has stopped. Interest will be paid in any month the criteria are met, so you can get this going forward.

Though they now pay 2% rather than the previous 3%.