Bank of Scotland launches its 2014 Student Account
06 August 2014
Bank of Scotland has announced the launch of its 2014 Student Current Account, which is available to new and existing customers. The account features a number of money saving benefits including a free NUS extra card for three years, which could save savvy students an average of £525[i] a year at over 170 high street and online brands.
The account offers:
- A tiered interest and fee-free Planned Overdraft of up to £2,000 (up to £1,500 in years one to three and up to £2,000 in years four to six).
- A free NUS extra card for three years[ii], giving students access to exclusive discounts, offers and competitions from over 170 brands and retailers on the high street and online, including Amazon, Apple, ASOS, The Co-operative Food and Odeon.
- Use of ‘Everyday Offers’ rewarding student account holders with cashback on their everyday spend at selected retailers, helping their money go further
- A range of ways to manage their money with our Mobile Banking app and Pay a Contact services.
- Access to a student credit card to help build credit, with up to 56 days interest-free credit on purchases when paying the balance back in full and on time each month. There is also a limit of at least £500 & extra protection when you shop online.
Phillip Robinson, Director of current accounts for Bank of Scotland said:
“Because we understand the challenge students face with their finances, we have designed an account to help students make their money go further and to make sure they are in a position to feel in control of their finances when it matters most, both now and in the future.”
Students will also be able to benefit from the Bank of Scotland Mobile Banking app, making banking on the go easier, providing a variety of features, including the ability to view accounts balances, pay bills and transfer money between accounts. They can also use it to pay their friends using just their friend’s mobile number.
The app will also features “Everyday Offers,” which was launched last year to reward the bank’s current account holders registered for internet banking. Customers are able to simply select participating retailers to earn cashback on their everyday spending. Offers are tailored to individual customers and when an offer is activated, customers receive cash back at the end of the next month. A number of high street names are involved, including Domino’s Pizza, Morrison’s and O2.
As part of Everyday Offers, “It’s on Us,” a scheme running since January this year, randomly selects customer transactions which are then repaid back into their current account. Whether it's a night out on the town or a night in with a takeaway – 500 purchases a month are repaid up to the value of £500.
In addition, students can sign up to Save the Change. This ensures that every time a student uses their Bank of Scotland debit card, the amount will be rounded up to the nearest pound and the difference transferred to an eligible Bank of Scotland savings account. Spending little and often can therefore make a big change to students’ finances.