|
|
|
Bank of Scotland Banking
As you would expect, the Bank of Scotland banking services covers the full gamut of investments, loans, mortgages, savings (and ISA's) cards and sharedealing as well as basic bank accounts.
The standard account pays 2.5% interest (gross) per annum but far less if you pay in below £1000 per month. Therefore, to benefit, you need to pay your salary into your bank account- ideally directly. Worse still, the same is true for overdrafts. A reasonable 8.9% becomes a huge 18.9% APR if you don't contribute enough.
Equally, there's no overdraft fee for approved credit. Switcher's offers are a bit bogus (rewards for switching companies may mean you lose the benefits of the bank you were with) but switchers are offered a three-month overdraft of £2,500 entirely charge free, which might be a pleasant incentive.
Bank of Scotland banking service charges are £10 for drafts, a nasty £5 for extra statements, but a low £7.50 for stopped cheques. Unauthorised overdrafts attract a £20 flat fee for every discrete occurrence.
There's also the "Extras" account, which unlike some competitors is free of charge provided you put in 1000 per month; but equally, attracts a 0.5% lower rate of interest- it's up to you to balance up the offer. Extras gives you free roadside assistance and travel insurance, plus discounts on motor and home buildings and contents insurances. Obviously, you'd want to know whether you need those products in the first place.
|
|
|
|
