Bank Of Scotland Classic question

curious_squirrel

Opening an interest paying current account to use as a savings account is all new to me! I now have a Bank Of Scotland Classic account with Vantage, and I have set up the two Direct Debits and deposited my money. I need to pay in the £1000 this month. How do I do it? Withdraw the £1000 to my main current account and then pay it straight back in on the same day? Or do I need to leave it a day or more? Do you do this manually each month, or by Standing Order? Thanks for any advice!

PeacefulWaters

A few seconds in the account is fine.

eDicky

Manually or by standing order, as you please.

curious_squirrel

PeacefulWaters wrote: »

A few seconds in the account is fine.

Brilliant, thank you. Easier than I thought!

curious_squirrel

eDicky wrote: »

Manually or by standing order, as you please.

Can both Standing Orders be on the same day?

PeacefulWaters

curious_squirrel wrote: »

Can both Standing Orders be on the same day?

Dangerous game when bank holidays and weekends come into play.

AndyPK

curious_squirrel wrote: »

Can both Standing Orders be on the same day?

To get the interest yes.


But hopefully you will have more than £1000 in the account you are pulling it from to ensure you aren't left short on bank hols

eskbanker

An alternative approach is to schedule weekly £250 SOs in each direction on midweek days (e.g. Wednesdays), which allows automation while fulfilling the monthly £1000 requirement, minimising risk from bank holidays and requiring much less of a 'float'....

eschaton

As already said, a few seconds, quicker if you can manage it

I do mine for all accounts manually at the same time once a month, as close to 2nd as possible as most of my accounts pay interest on that date.

I also have my accounts on Microsoft Money so doing it manually is easier for me.

I move the same £1000 between both my Bank of Scotland and Halifax accounts.