BOS Vantage

[Deleted User]

Quick question: anyone know if a £1000 movement from one of my BOS Advantage accounts to another one of mine will qualify for the £1000 per month necessary to get interest. I think I read somewhere that it does, but I'm not certain. Thanks.

YorkshireBoy

Short answer: yes it will.

Long answer: if it wouldn't then the T&C's would very clearly say so, as they do for Nationwide, HSBC, et al.

colsten

For the avoidance of doubt: this is about BoS Vantage accounts. I don't think they do Advantage ones.

[Deleted User]

colsten wrote: »

For the avoidance of doubt: this is about BoS Vantage accounts. I don't think they do Advantage ones.

Yes. Thanks for the clarification. I was befuddled by a nearby thread that commenced with the word 'Advantage'.


Just out of interest, the reason I ask is that with the current month-end coinciding with a weekend, my source of funds for one of the accounts won't appear until 1st July, and the last deposit took place at the end of May, so on that basis June is missing the £1000 payment. Unless I take remedial action - and the easiest thing is just to shuffle money from another Vantage account - I'll lose about £7 in interest. I was also caught out a few months ago when Tesco Clubcard decided to put back the DD collection date by a few days, meaning the month in question missed one of the mandatory DDs. To mitigate this potential problem I now have a separate DD going out in the middle of the month.


Me and the missus have five of these accounts between us. It was great when they were paying 3% interest, but now at 1.5%, well, not so good. You've got to keep on top of things, to deal with irregular situations like month end at a weekend. Why bother? I'm seriously looking at getting shot of all but one of these accounts and putting the money in Marcus. I would recommend this route for anyone in a similar position. I'll keep the single joint account open just as a normal current account.

YorkshireBoy

johnsmith1890 wrote: »

Me and the missus have five of these accounts between us. It was great when they were paying 3% interest, but now at 1.5%, well, not so good. You've got to keep on top of things, to deal with irregular situations like month end at a weekend. Why bother? I'm seriously looking at getting shot of all but one of these accounts and putting the money in Marcus. I would recommend this route for anyone in a similar position.

We also had 5 between us. 4 of them were switched to Santander recently, contributing £400 of a £1000 payday. Do you have any switch options available to you?

Willing2Learn

The interest rate for the Vantage accounts will be dropping soon:

Please note: From the 1st October 2019, we will be changing the interest you can earn on accounts with Vantage. The current interest rate of 1.5% AER/1.49% annual gross variable, payable on balances from £1 up to £5,000, will reduce to:

1% AER / 0.99% annual gross variable on balances from £1 up to and including £3,999.99 and will increase to

2% AER / 1.98% annual gross variable on the part of any balance from £4,000 to £5,000

[Deleted User]

YorkshireBoy wrote: »

We also had 5 between us. 4 of them were switched to Santander recently, contributing £400 of a £1000 payday. Do you have any switch options available to you?

Yes, I could also go to Santander - not had an account with them before, but I have with most other banks. I'll look at that, if only for any transfer bonus. Thanks.

[Deleted User]

Willing2Learn wrote: »

The interest rate for the Vantage accounts will be dropping soon:

So, according to my calculation, We'll lose £15 a year on each account, given that we keep £5K in each of them; an annual loss of £75. Yet more reason to ditch them. I haven't been notified of this yet. I guess an email or something will be arriving in due course.

YorkshireBoy

johnsmith1890 wrote: »

Yes, I could also go to Santander - not had an account with them before, but I have with most other banks. I'll look at that, if only for any transfer bonus. Thanks.

You're too late for the latest offer.

[Deleted User]

YorkshireBoy wrote: »

You're too late for the latest offer.

I just looked at all the accounts. They mostly come with the mandatory DDs and minimum monthly payment pratting about. Did you change just for the switching bonus?

YorkshireBoy

johnsmith1890 wrote: »

I just looked at all the accounts. They mostly come with the mandatory DDs and minimum monthly payment pratting about. Did you change just for the switching bonus?

Re DDs, you don't need them for FD or HSBC. You didn't need them for the last Natwest offer I took, or for the Santander offer. And yes, we each switched 5 accounts to Santander purely for the incentives.