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DDs set up for 3 Jan should qualify for January's BoS interest
Kernel_Sanders
Posts: 3,617 Forumite
(Original title was 'may not qualify')
Anyone foolish enough to take this advice without waiting to see if anyone backs it up looks likely to lose their Bank of Scotland Vantage interest this month (and maybe Lloyds too), if they set up DDs to go out as late as 3 January:
Now, whilst this is good news for my mother (over whom I have PoA) it may not be for others, because I've never read on these boards of a concession offered by BoS that will let a single DD qualify for both months due to their odd end month arrangements.
I can only presume that this can't apply to funding too, because many are paid on the 1st of the month but the credit won't show until the 3rd.
My thanks go Karlie88, whose advice given on 17 December was sound:
Anyone foolish enough to take this advice without waiting to see if anyone backs it up looks likely to lose their Bank of Scotland Vantage interest this month (and maybe Lloyds too), if they set up DDs to go out as late as 3 January:
Well, he's been proved wrong because the Tesco DD set up to go out on 3 Jan has yielded interestof £13.30, despite a solitary DD going out in the whole of December (to Paypal).Yorkshire_Pud wrote: »if your DD wasn't due to go out on 31st December and didnt go out prior but was actually set up for January 2017 then of course it won't count as a December DD.
Now, whilst this is good news for my mother (over whom I have PoA) it may not be for others, because I've never read on these boards of a concession offered by BoS that will let a single DD qualify for both months due to their odd end month arrangements.
I can only presume that this can't apply to funding too, because many are paid on the 1st of the month but the credit won't show until the 3rd.
My thanks go Karlie88, whose advice given on 17 December was sound:
No it'll be fine. Set it up for 3rd Jan.
3rd Jan will be classed as the first working day of the month. Providing the Tesco DD is taken on 3rd Jan and you've met the other requirements, then you'll get December's interest.
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Mine will. Why on earth wouldn't it:(:)0
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I quoted Karlie88 to explain BoS's procedure. What do you not comprehend about it? Or are you now saying that the DD I set up with Tesco for 3 Jan is going to qualify for this month's interest as well as December's?Yorkshire_Pud wrote: »Mine will. Why on earth wouldn't it:(:)0 -
Kernel_Sanders wrote: »What do you not comprehend about Karlie88's quote? Or are you now saying that the DD I set up with Tesco for 3 Jan is also going to qualify for this month's interest?
I'm not saying ANYTHING. You have an ability to mince facts that passeth all understanding.0 -
If BoS decline to accept 2 DDs leaving each of my 3 Classic Vantage accounts on 3 January as "direct debits paid out in the calendar month of January" in order to qualify me for January interest on the accounts, I will be lodging (three) formal complaints. DDs paid on the first of the month in previous months HAVE qualified for that month, so why on earth would DDs paid on the 3rd of the month NOT qualify?0
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This is what I don't understand. Karlie88 is viewing this th read right now though, so hopefully she may be able to provide an answer.Deleted_User wrote: »DDs paid on the first of the month in previous months HAVE qualified for that month, so why on earth would DDs paid on the 3rd of the month NOT qualify?0 -
Kernel_Sanders wrote: »Or are you now saying that the DD I set up with Tesco for 3 Jan is going to qualify for this month's interest as well as December's?
It should.
:grouphug:
Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
If the DDs and the minimum monthly pay-in happen on the 1st working day of the month with a BoS, Halifax or Lloyds account - then you'll (strangely enough) get the interest for the current month and month before. It's the way their system currently works.
Odd I know...
Best to stick to anything between 5th - 24th, just to be on the safe side. :grouphug: Official MSE canny forumite and HUKD VIP badge member :grouphug:0 -
Best not to rely on one's interpretation of LBG's cracked methodology. Just follow the published T&Cs which, for both BoS Vantage and Club Lloyds require that two DDs are paid in each calendar month.
I've never heard of a DD paying out ahead of the pull date, so just avoid pull dates that might result in payment being made beyond the end of a calendar month - or whatever the end of the particular account's DD accounting month is.0 -
OK - so reading this, basically Yorkshire Pud offered what is sound and safe advice based on the terms of the account, but it seems BoS were more lenient than their terms indicate - possibly due to bank holidays/weekends at the end of the year.
Yet you decide to post a thread calling him out for some odd reason even though he made a correct reading of the terms?
Perhaps rather than posting dressed-up hypotheticals that BoS won't honour their terms, wait to post until when (if) BoS actually fail to pay interest?0 -
Aggressive criticism of my shortcomings I can take, but posting a lie about me is completely unacceptable. I think he should either apologise or subject himself to ridicule by quoting what he considers as abusing others.OK - so reading this, basically Yorkshire Pud offered what is sound and safe advice based on the terms of the account, but it seems BoS were more lenient than their terms indicate - possibly due to bank holidays/weekends at the end of the year.
Yet you decide to post a thread calling him out for some odd reason even though he made a correct reading of the terms?
Much as I have faith in Karlie's advice, I won't be risking it by not adding a DD this month. It's not my money for a startPerhaps rather than posting dressed-up hypotheticals that BoS won't honour their terms, wait to post until when (if) BoS actually fail to pay interest?
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