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    Do Bank of Scotland pay interest on amounts more than £5,000?

    Stupid question but it says 'No interest is paid on amounts over £5,000'. I assume they only paid interest on £3,000-£5,000 and the rest is ignored as otherwise would be silly?

    Also, do you think they will lower their interest rate any time soon?

    TIA.

    18 Comments

    bank of Scotland pay interest on the first 5 thousand in your account. You can have 3 accounts and thus get interest on 15 thousand, 5 in each account, assuming you meet the criteria for earning interest.
    They could well cut the rates soon. They are one of the only banks not to have done recently.

    Original Poster

    RedLozzer

    bank of Scotland pay interest on the first 5 thousand in your account. … bank of Scotland pay interest on the first 5 thousand in your account. You can have 3 accounts and thus get interest on 15 thousand, 5 in each account, assuming you meet the criteria for earning interest.They could well cut the rates soon. They are one of the only banks not to have done recently.



    Thanks. So if I have more than £5000 in an account they still pay the interest (on the £5000) and ignore the remainder?

    whoMODStheMODS

    Thanks. So if I have more than £5000 in an account they still pay the … Thanks. So if I have more than £5000 in an account they still pay the interest (on the £5000) and ignore the remainder?


    yes.

    Original Poster

    Speculator

    yes.



    Thank you!

    whoMODStheMODS

    Thank you!


    We have 6 of these a/cs in total and a little surprised they have not followed Lloyds/TSB and Santander in lowering their rates bearing in mind BOS are owned by Lloyds.

    Original Poster

    Speculator

    We have 6 of these a/cs in total and a little surprised they have not … We have 6 of these a/cs in total and a little surprised they have not followed Lloyds/TSB and Santander in lowering their rates bearing in mind BOS are owned by Lloyds.




    Thanks. Was thinking of opening three accounts and moving money from my current Santander account to these and hoping they don't follow suit.

    hotukdeals.com/dea…103 this might be a better look it is lower amount and % but is guaranteed till 2019 I can't see the BOS holding their interest rates with everyone else dropping them but you never know. But you could always move from BOS to tesco if they do drop rates.

    Original Poster

    afc4eva

    http://www.hotukdeals.com/deals/tesco-current-account-pays-3-aer-savings-balances-up-3-000-guaranteed-from-april-2613103 this might be a better look it is lower amount and % but is guaranteed till 2019 I can't see the BOS holding their interest rates with everyone else dropping them but you never know. But you could always move from BOS to tesco if they do drop rates.



    thanks. I was hoping to do both

    whoMODStheMODS

    thanks. I was hoping to do both


    Even better, you're probably aware but worth a mention just in case. nationwide also have a 5% account on £2500 but that's only for a year plus a 5% regular saver.

    Original Poster

    afc4eva

    Even better, you're probably aware but worth a mention just in case. … Even better, you're probably aware but worth a mention just in case. nationwide also have a 5% account on £2500 but that's only for a year plus a 5% regular saver.



    Thanks Ill look into it.

    whoMODStheMODS

    Thanks Ill look into it.



    You can have three of those 5% current a/cs per couple btw. (two sole and 1 Joint) plus two x Flexclusive regular @ 5% variable.

    Original Poster

    Speculator

    You can have three of those 5% current a/cs per couple btw. (two sole … You can have three of those 5% current a/cs per couple btw. (two sole and 1 Joint) plus two x Flexclusive regular @ 5% variable.



    Thanks.

    Original Poster

    Speculator

    Tesco bank Tesco bank have just announced they have suspended new … Tesco bank Tesco bank have just announced they have suspended new applications.To ensure we can serve our existing customers we are pausing applications for new accountsProbably because their a/c was on Hotukdeals recently.



    Yep. Saw that recently unfortunately.

    Original Poster

    afc4eva

    http://www.hotukdeals.com/deals/tesco-current-account-pays-3-aer-savings-balances-up-3-000-guaranteed-from-april-2613103 this might be a better look it is lower amount and % but is guaranteed till 2019 I can't see the BOS holding their interest rates with everyone else dropping them but you never know. But you could always move from BOS to tesco if they do drop rates.



    Yep. Dropping to 2% on 11th June.

    whoMODStheMODS

    Yep. Dropping to 2% on 11th June.


    where did you see that mate?

    whoMODStheMODS

    Here … Here bud;http://forums.moneysavingexpert.com/showthread.php?t=5610925&page=2


    Cheers mate
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