Bank of Scotland

In May 2001, Halifax merged with the Bank of Scotland and formed the HBOS plc (Halifax Bank of Scotland): a bank conglomerate of remarkable scale. Since then, mergers have become a noticeable trend in the banking industry. The merger in question benefited both companies due to the excellent combination of skills and knowledge, coming from the fields of mortgage and banking. The body, situated primarily in North England and Scotland, operates 1100 branches with combined personnel of 60 000 people.
The Bank of Scotland offers a wide range of services which cover loans, investments, savings, mortgages, share dealing, cards, and basic accounts, among many others.

If one’s credit is below the threshold of £1000 per month, the bank will offer a 2.5 per cent interest on his or her standard account balance. In this relation, it is advisable to have your salary transferred directly to your bank account. In contrast, overdrafts are offered at a reasonable interest of 8.9 percent and can grow to as much as 18.9 percent. No overdraft fee is due for approved credits.

A tax of £10 is in effect for all overdrafts. If an extra bank statement is required, £5 should be paid as well. The tax for stopped cheques amounts to £750.

Apart from the apparent balance revision of all accounts, the Internet Banking service of the Bank of Scotland allows access to statements as far as the last 60 account transactions. The money transfers, the payments of bills, and all standing orders can be managed conveniently through the Internet Banking. The rest of the accounts (such as your mortgage or your credit card account) are available for preview.

Some useful innovations are in effect as well. As a real bonus, the bank allows you to order your holiday online. It is known that few of the banks offer this opportunity. A tool referred to as the Web Saver gives clients the chance to choose between products with variable or fixed rates.