Wednesday 23rd July 2008
Bank of Scotland today announces details of its new market leading Student Current Account offering. Applications for the new account can be made from Monday 4th August 2008. The account is available to both new and existing customers.
The Bank of Scotland Student Account features:
Figure 1: Comparison of student account overdrafts:
| 1st Year up to: | 2nd Year up to: | 3rd Year up to: | 4th Year up to: | 5th Year up to: | |
| Bank of Scotland | £3,000 | £3,000 | £3,000 | £3,000 | £3,000 |
| Barclays | £1,000 | £1,250 | £1,500 | £1,750 | £2,000 |
| HSBC | £1,000 | £1,250 | £1,500 | £1,750 | £2,000 |
| Lloyds TSB | £1,500* | £1,500 | £1,500 | £2,000 | £2,000 |
| RBS | £2,750 | £2,750 | £2,750 | £2,750 | £2,750 |
Source: Banks' Websites
*The Lloyds TSB overdraft is tiered in the first year; £500 for the first six months, £1,000 in months seven to nine and £1,500 after that.
Mike Regnier, head of banking at Bank of Scotland, comments:
"Our account offers real long-term value. By choosing a Bank of Scotland Student Account, students with an overdraft could make a real saving.
"Unlike some other banks we also reward students who use their account in credit – paying them 2% gross interest."
Editors' notes:
Students already with a Bank of Scotland Student Account or applying before the 4th August will be able to apply for the new larger overdraft limit after this date.
Arranged overdrafts above the interest free limit are charged at 7.2% EAR
Ends.
