What is Vantage?
Is your current account often in credit? Then you could be missing out on earning interest.
Vantage is our free add-on for current accounts that pays you 3% AER (2.96% Gross) variable on balances of £3,000 - £5,000, interest is paid monthly.
Don't worry if your balance isn’t always that high, we still pay interest at a lower rate on smaller balances. Bear in mind that you won’t earn interest on any amounts over £5,000.
If you have a Classic, Silver, Platinum, Gold or Premier Account, you can add Vantage to it.
Qualifying for Vantage
It is straightforward, simply:
- pay at least £1000 into your account each month, and
- stay in credit (above £0).
We are making some important changes to our Vantage qualifying criteria. From 1st September 2016, in addition to the current qualifying criteria, you’ll also need to pay at least two different Direct Debits from your Bank of Scotland Vantage account each calendar month to receive credit interest.
Vantage Interest Rates
|Balance||Interest Paid Monthly|
|AER %||Gross p.a. %|
|£3,000 up to £5,000||3.00||2.96|
AER is Annual Equivalent Rate - this illustrates what the interest rate would be if interest was paid and compounded once each year. This allows individuals to compare more easily what return they can expect over time.
Please note interest paid before 6th April 2016 will have been paid net (unless you registered the account with us to receive gross interest). Net is the rate of interest payable after allowing for the deduction of income tax at the rate specified by law (currently 20%).
From 6th April 2016 interest is paid Gross, meaning we will not deduct tax on your behalf. Dependent on your personal circumstances, tax may be due on your interest and it is your responsibility to disclose and pay any tax due directly to HMRC.