New student account from Bank of Scotland

Bank of Scotland is announcing a new current account for students that will offer a £3,000 interest-free overdraft facility.

According to the bank, the student accounts of providers such as Barclays and HSBC offer a £1,000 overdraft in the first year, rising to £1,500 by the third and £2,000 for those on a five-year course.

Unlike these, however, the Bank of Scotland product will have a consistently high limit, from the account’s opening until one year after graduating.

Head of banking Mike Regnier says: “Our account offers real long-term value. By choosing a Bank of Scotland student account, students with an overdraft could make a real saving.”

Other features of the account include a two per cent gross interest rate and a 25 per cent discount on AA membership.

The daily withdrawal limit will be £300 and the product will be available to both new and existing customers in August.

Natwest’s student package includes a free 16-25 (formerly Young Persons) Railcard.

© Adfero Ltd

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