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  • FIRST POST
    • tomthered
    • By tomthered 8th Jan 18, 3:19 PM
    • 213Posts
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    tomthered
    What to do with Current Account earning no interest
    • #1
    • 8th Jan 18, 3:19 PM
    What to do with Current Account earning no interest 8th Jan 18 at 3:19 PM
    Quick question - I currently have two BOS current accounts with DD's feeding into a Tesco Bank Account. I just have money in each account but interest on them has ended now and am wondering what to do next.


    My question is would I be able to switch to say First Direct with one of them to gain the £125 bonus and set up a regular savings amount? Would I be penalised by First Direct, as all as they were was a glorified savings account?


    What would people recommend to do
Page 1
    • soulsaver
    • By soulsaver 8th Jan 18, 3:28 PM
    • 1,706 Posts
    • 684 Thanks
    soulsaver
    • #2
    • 8th Jan 18, 3:28 PM
    • #2
    • 8th Jan 18, 3:28 PM
    Quick question - I currently have two BOS current accounts with DD's feeding into a Tesco Bank Account. I just have money in each account but interest on them has ended now and am wondering what to do next.
    Originally posted by tomthered
    I'm not aware of any ceasing to pay interest recently. Which were they?


    My question is would I be able to switch to say First Direct with one of them to gain the £125 bonus and set up a regular savings amount?
    Originally posted by tomthered
    Yes if you match terms you get the incentive.


    Would I be penalised by First Direct, as all as they were was a glorified savings account?
    Originally posted by tomthered
    No - if you match terms you get the incentive.


    What would people recommend to do
    Originally posted by tomthered
    That would depend on how much you are talking about, what else you've got, attitude to risk, age, pension etc
    • xylophone
    • By xylophone 8th Jan 18, 5:50 PM
    • 25,565 Posts
    • 15,099 Thanks
    xylophone
    • #3
    • 8th Jan 18, 5:50 PM
    • #3
    • 8th Jan 18, 5:50 PM
    interest on them has ended now and am wondering what to do next.

    I have three BOS accounts and have not noticed interest ending.
    • tomthered
    • By tomthered 8th Jan 18, 5:59 PM
    • 213 Posts
    • 55 Thanks
    tomthered
    • #4
    • 8th Jan 18, 5:59 PM
    • #4
    • 8th Jan 18, 5:59 PM
    [QUOTE=soulsaver;73683768]I'm not aware of any ceasing to pay interest recently. Which were they?



    The interest was only for a 12 months provided I paid in £1000 per month and its a BOS current account
    • YorkshireBoy
    • By YorkshireBoy 8th Jan 18, 7:08 PM
    • 30,157 Posts
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    YorkshireBoy
    • #5
    • 8th Jan 18, 7:08 PM
    • #5
    • 8th Jan 18, 7:08 PM
    The interest was only for a 12 months provided I paid in £1000 per month and its a BOS current account
    Originally posted by tomthered
    You posted quite a bit 16 months ago about your BoS Vantage accounts. These accounts did not run for 12 months, but they did need a minimum £1K per month credit.


    Is it possible you've misunderstood how your accounts worked? If not, please do tell us which other BoS interest paying current account we've all missed out on!
    • tomthered
    • By tomthered 8th Jan 18, 7:40 PM
    • 213 Posts
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    tomthered
    • #6
    • 8th Jan 18, 7:40 PM
    • #6
    • 8th Jan 18, 7:40 PM
    I think that might be the case YorkshireBoy, been a bit of a pratt I think . Anyway if I continue paying in the money each month should I still get interest on it?
    • YorkshireBoy
    • By YorkshireBoy 8th Jan 18, 7:47 PM
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    YorkshireBoy
    • #7
    • 8th Jan 18, 7:47 PM
    • #7
    • 8th Jan 18, 7:47 PM
    ...if I continue paying in the money each month should I still get interest on it?
    Originally posted by tomthered
    Only until May, with your current configuration.
    • tomthered
    • By tomthered 8th Jan 18, 7:54 PM
    • 213 Posts
    • 55 Thanks
    tomthered
    • #8
    • 8th Jan 18, 7:54 PM
    • #8
    • 8th Jan 18, 7:54 PM
    so based on my original question I should consider switching after that?
    • YorkshireBoy
    • By YorkshireBoy 8th Jan 18, 8:08 PM
    • 30,157 Posts
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    YorkshireBoy
    • #9
    • 8th Jan 18, 8:08 PM
    • #9
    • 8th Jan 18, 8:08 PM
    so based on my original question I should consider switching after that?
    Originally posted by tomthered
    Why don't you find some other DDs from somewhere and switch another account to FD? In fact, why have you waited so long to get a free £125?
    • tomthered
    • By tomthered 8th Jan 18, 8:33 PM
    • 213 Posts
    • 55 Thanks
    tomthered
    Cos I dont have many accounts and am not as savvy as the rest of you. I hadnt realised the accounts were still active for interest. Will need to spend more time on here but thanks anyway
    • Kim_13
    • By Kim_13 8th Jan 18, 9:11 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    Cos I dont have many accounts and am not as savvy as the rest of you. I hadnt realised the accounts were still active for interest. Will need to spend more time on here but thanks anyway
    Originally posted by tomthered
    A BOS Vantage account now requires 2 Direct Debits in addition to the £1,000 to get the interest, so this may be why yours has stopped. Interest will be paid in any month the criteria are met, so you can get this going forward.

    Though they now pay 2% rather than the previous 3%.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00
    • tomthered
    • By tomthered 9th Jan 18, 12:01 AM
    • 213 Posts
    • 55 Thanks
    tomthered
    Kim_13 you are a star. I have just realised I think I put a time limit on one of the DD's, which stopped in Oct 2017 and the other has now stopped so reactivating those should solve it
    Last edited by tomthered; 09-01-2018 at 12:06 AM.
    • badger09
    • By badger09 9th Jan 18, 9:59 AM
    • 6,000 Posts
    • 5,350 Thanks
    badger09
    Kim_13 you are a star. I have just realised I think I put a time limit on one of the DD's, which stopped in Oct 2017 and the other has now stopped so reactivating those should solve it
    Originally posted by tomthered
    But if those DDs are all related to Tesco savings accounts as implied in your OP, that solution will only work until April.

    Cos I dont have many accounts and am not as savvy as the rest of you. I hadnt realised the accounts were still active for interest. Will need to spend more time on here but thanks anyway
    Originally posted by tomthered
    I don't think spending more time on here is the answer.

    What you need to do is read and understand the T&Cs of accounts when you open them, and read the changes/updates to those T&Cs when you get them.
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