Bank of Scotland has today announced the launch of its 2016 Student Current Account, available to new and existing customers. Key features include:
- Interest-free and fee-free tiered planned overdraft of up to £1,500
- Free NUS extra card for three years offering over 200 UK discounts on the high street and online
- Mobile Banking App providing a range of on the go banking services
The account features a number of student tailored money saving benefits including a free NUS extra card, Everyday Offers cashback at selected retailers, and the opportunity to join ‘It’s On Us’, giving customers the chance to win back the price of one of their monthly purchases, up to the value of £500.
The account offers:
- An interest-free and fee-free tiered planned overdraft of up to £1,500 in years one to three, which can be extended up to £2,000 in years four to six if studying for longer.
- A free NUS extra card for three years, giving students access to exclusive discounts, offers and competitions from over 200 brands and retailers on the high street and online, including Amazon, Odeon, The Co-op, Apple, Jack Wills and ASOS.
- Contactless Debit Cards allowing a fast way to make a payment of up to £30 without the need to enter a PIN.
- Mobile Payments providing another convenient way to pay with a Bank of Scotland debit card.
- Everyday Offers rewarding student account holders with cashback on their everyday spend at selected retailers, helping their money go further.
- It’s On Us, a free prize draw where customers can receive an unexpected surprise when Bank of Scotland pays them back for something they’ve bought on their debit or credit card, up to the value of £500.
Joanne Overton, Head of Current Accounts for Bank of Scotland, said: “At Bank of Scotland we understand the challenges students can face with managing their finances. We’ve created an account which helps students’ money go further and ensures they feel confident with their account as they adjust to university life.”
Notes to editors:
- To open a Bank of Scotland Student Account customers need to be aged 17 or over and studying on a full-time course that is two years or more in duration or a one year Access course leading to a degree. They will also need to have a UCAS confirmation letter confirming their place or a letter from their university or college. New customers will also need to come into a Bank of Scotland branch to open their account and provide proof of ID and proof of address.
- Students can apply for a Student Account in any Bank of Scotland branch.
- An interest-free and fee-free tiered Planned Overdraft (subject to application and approval) of up to £1,500 is available in year 1 (£500 for the first 6 months, £1,000 in months 7-9 and £1,500 after this). Students can apply for an interest and fee-free planned Overdraft of up to £1,500 in years two and three and up to £2,000 in years four, five and six.
- ‘It’s On Us’ offer runs every month, and gives customers the chance to be rewarded with cashback for their previous purchases up to the value of £500. This feature requires online activation. To be eligible for the ‘Everyday Offers’ scheme, customers must be over the age of 18 and be registered for internet banking.
- The full range of discounts offered by an NUS extra card can be viewed at www.nus.org.uk. The list of participating stores includes Amazon, Odeon, Apple, 16-25 Railcard, New Look, Domino’s, Spotify, Jack Wills, ASOS, Cross Country Trains, Missguided, The Co-op and many more.
- Bank of Scotland also offer online banking advice services such as our ‘Budget Calculator’ as part of the Decisions Well Made hub, which can help students learn to successfully manage their finances and bank responsibly. The hub can be found via the Bank of Scotland website at https://secure.budget-tool.bankofscotland.co.uk/bc/budgetcalc.aspx