2014 Lender Lists:

Bank of Scotland Overdraft Charges @ www.bankofscotland.co.uk

Bank of Scotland is the most historic banking arm of the Lloyds Group that can be traced back to 1695. There is quite a complicated structure in place, with Halifax being a division within BOS even though they are much larger. BOS has around 3 million customers and 300 branches and they are essentially the Scottish representation of Lloyds who focus on England and Wales. Halifax has interestingly recently setup three new Scottish branches. Their website carries a similar design to www.bankofscotland.co.uk. It is stated that 700,000 of the 3 million customers use their internet banking and so they still have a large portion to convert.

Cash Account is a starting product that includes no facility for overdrafts. There are a few other offerings with Student being notable for its interest and fee-free deal. We are really interested here in the Bank of Scotland overdraft charges for their Classic Account. This is interest-free up to £25 and then there is a £6 monthly usage fee alongside 19.94% EAR. There is a £10 unplanned buffer and then past this into unplanned you pay £5 a day below £25. Then above this the cost goes up to £10 daily. The cap is 8 daily fees per month. There is also an unplanned £6 usage fee and 19.94% interest. For a returned item you pay £10 each time.

You can add on their Control option that has a £10 monthly fee and this carries protection over the fees usually charged in the red. You can make adjustments once logged into your account at www.bankofscotland.co.uk. The Bank of Scotland overdraft charges are set to essentially match Lloyds. If you only use overdrafts on the odd occasion for small amounts and want more protection then the Halifax Reward product has a £50 buffer. If you surpass this then the Reward works out more expensive. The choice of BOS would be preferential to Scottish residents based on branch proximity, but otherwise there isn’t any distinguishable feature over their sister-brands.