The Top Easy Access Savings Discussion Area

Archi_Bald

Yes, why not?

AlexMac

Oh no! I'm supposed to be an MS'stalwart', have been with Nationwide and their predecessors for aeons, but never noticed the 'Loyalty Saver ' til now- and can only get 1.7% as punishment for being so slack... Doh!

badger09

AlexMac wrote: »

Oh no! I'm supposed to be an MS'stalwart', have been with Nationwide and their predecessors for aeons, but never noticed the 'Loyalty Saver ' til now- and can only get 1.7% as punishment for being so slack... Doh!

Assume you do have at least one FlexDirect account

sparkyspark

Derbyshire Building Society cutting rates on the Platinum Notice Account on the 4th October 2013 from 2.5% gross to 1.25% gross.

Also First Direct Cash Isa rates for balances of £40,000 and over dropping from 3% to 2% on November 1st 2013, full list of changes http://www1.firstdirect.com/1/2/savings/cash-isa?WT.ac=FDST_LHM_SAV_CISA1001

Glad I kept my Santander Cash Isa Issue One open paying 2.5%, will be moving back in late October.

Just a quick question about the BOS accounts x3, have applied for one online tonight, have other members waited for the first application to be accepted before applying for their second account, or have you applied for all 3 straight after each other at the same time, therefore having all 3 accounts approved at the same time.
Also on the application it asks what the account will be used for e.g. saving/bills/expenses in different categories etc. Which is the best option for successful account openings as when I asked about an account on the phone they said I could not apply for one if I was to use it for savings only! Any comments welcome, thanks.

badger09

sparkyspark wrote: »

Just a quick question about the BOS accounts x3, have applied for one online tonight, have other members waited for the first application to be accepted before applying for their second account, or have you applied for all 3 straight after each other at the same time, therefore having all 3 accounts approved at the same time.
Also on the application it asks what the account will be used for e.g. saving/bills/expenses in different categories etc. Which is the best option for successful account openings as when I asked about an account on the phone they said I could not apply for one if I was to use it for savings only! Any comments welcome, thanks.

I left about 6 weeks before opening my 2nd BoS account in January this year, but only a couple of days between that and my 3rd. Can't remember my rationale at the time but I did make several payments into and out of the 1st account so it looked like current account usage

There are pros and cons to applying for multiple accounts at the same time. It could look like a desperate attempt to obtain credit, so I personally wouldn't do it. On the other hand, if you're applying for accounts with different banks, there is the possibility that the credit searches from bank A and B, won't hit your credit report before the applications to banks C & D go through :cool:

Don't be put off by what call centre staff say about multiple accounts. A good reason given by one of our seasoned posters was 'to better manage my finances' which says it all really

sparkyspark

Thanks Badger09, I'll hang on then and get the account up and running first. I'm maxed out every where else and need another 3 accounts each for me and the wife. I'll use different rationale on all the other applications but keep clear of the savings option.
Strangely, asked the Lloyds adviser when I was in branch today (he opened all six of our Vantage accounts all at the same time) and their policy is it seems they don't care, it's all new business and they are happy with that. We'll see what happens with this first application and act on that.
Again thanks for taking the time to help, much appreciated

Ologhai

sparkyspark wrote: »

Thanks Badger09, I'll hang on then and get the account up and running first. I'm maxed out every where else and need another 3 accounts each for me and the wife. I'll use different rationale on all the other applications but keep clear of the savings option.
Strangely, asked the Lloyds adviser when I was in branch today (he opened all six of our Vantage accounts all at the same time) and their policy is it seems they don't care, it's all new business and they are happy with that. We'll see what happens with this first application and act on that.
Again thanks for taking the time to help, much appreciated

When opening both Lloyds-TSB and BOS Classic Vantage accounts (that's what we're talking about, yes?), I always made it clear from the outset what my approach was--that I intended to essentially use them as savings vehicles and that I intended to simply move money between them in order to fulfil the accounts' requirements. I explicitly asked them up-front whether this broke any of their T&Cs so that, if they did, we could stop wasting each other's time and stop the call right away (record THAT for training purposes! )

On no occasion did any of the six people I spoke to have any qualms about proceeding to open a new account.

elektra

^^
Blimey - well done Ologhai. I did try saying 'savings' to BOS for 2nd account but they said no, so next time I said something about managing payments (that I make for family) separate.

Archi_Bald

I think it very much depends when you opened these accounts. In the early days, before the MSE massive descended on these accounts as savings accounts, I can believe that BoS and Lloyds were quite happy with people declaring their intentions. I don't think they are any longer - particularly now that they have access to dirt-cheap money through funding for lending.

There have been reports on here from people saying BoS specifically told them that the account(s) must be used as proper current accounts, not as savings accounts. Mind you, how any bank would monitor and enforce that, I don't know.

Ologhai

Archi_Bald wrote: »

I think it very much depends when you opened these accounts. In the early days, before the MSE massive descended on these accounts as savings accounts, I can believe that BoS and Lloyds were quite happy with people declaring their intentions. I don't think they are any longer - particularly now that they have access to dirt-cheap money through funding for lending.

There have been reports on here from people saying BoS specifically told them that the account(s) must be used as proper current accounts, not as savings accounts. Mind you, how any bank would monitor and enforce that, I don't know.

My experiences may not have been typical, but I only opened these accounts a month or so ago, so it was certainly possible recently to set up these accounts without hiding one's intentions. Perhaps they were so taken aback by my 'no messing about' approach, they'd opened the accounts before they knew what they were doing.

As I say, though, this was pretty much my stance with six different people (one in-branch, and five over the phone), and none of them seemed to consider it a problem.