BoS Vantage Account

rrl28

I have a Bos Vantage account paying 0.60% on the first £3999 and 1.49% on the remaining £1001.00 and a Marcus savings account paying 1.8% which I'm hoping to switch to something better.

Is there now any point now in keeping a max balance of £5000 in the vantage account or should I just transfer it into my Marcus account, leaving enough for my DDs every month or is the interest rate of my vantage account liable to be increased?

B0bbyEwing

rrl28 said:

Is there now any point now in keeping a max balance of £5000 in the vantage account or should I just transfer it into my Marcus account,

So is there any point in getting 0.6% on £4k and 1.49% on £1k
versus
getting 1.8% (so more than both 0.6% and 1.49%) on £whatever?

rrl28 said:

is the interest rate of my vantage account liable to be increased?

Who knows. I'm trying to get my crystal ball to tell me if it's worth paying my ERC on my mortgage & it's not working for that either unfortunately.

financialbliss

rrl28 said:

Is there now any point now in keeping a max balance of £5000 in the vantage account... 

No. The combined interest rate on a full £5k is just 0.78% and has been able to be bettered for a considerable amount of time. I'd say no for Marcus too - quite a few instant access accounts at or north of 2.00% :

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

SJMALBA

financialbliss said:

rrl28 said:

Is there now any point now in keeping a max balance of £5000 in the vantage account... 

No. The combined interest rate on a full £5k is just 0.78% and has been able to be bettered for a considerable amount of time. I'd say no for Marcus too - quite a few instant access accounts at or north of 2.00% :

https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

Agreed; I reduced my BoS Vantage to the working minimum that I require for week to week transactions as soon as the effective rate on 5k was bettered elsewhere, which happened quite a long time ago...