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  • FIRST POST
    • purplepixi
    • By purplepixi 22nd Nov 08, 10:23 AM
    • 120Posts
    • 167Thanks
    purplepixi
    Bank of Scotland Preference Account?
    • #1
    • 22nd Nov 08, 10:23 AM
    Bank of Scotland Preference Account? 22nd Nov 08 at 10:23 AM
    Sorry if this is in the wrong place, but I wasn't too sure.

    My OH has just applied for a small load 1500 to top up our funds to buy a new car with the Royal Bank Of Scotland.

    However, when he was on the phone the girl told him he automatically qualified for a Preference Account, with 1500 credit already on it.

    Now for me that was alarm bells. But I really don't understand what this account is.

    It's not a credit card, and on the back of the form it states it's an agreed overdraft limit of 1500, but you pay it back like a credit card.

    I've looked on the rbs website and can't find any information on it. If it is a proper account then we'd use it as such - paying in money to spend rather than drawing on over draft funds. But if it's just a fancy way of arranging more credit and I can't pay in normal funds, then we won't be signing the form.

    If any one has one of these accounts please can you enlighten me - is it a credit account or is it a normal bank account with a high rate overdraft facility?

    Thanks

    Laura
Page 1
    • Heng Leng
    • By Heng Leng 22nd Nov 08, 1:56 PM
    • 3,090 Posts
    • 940 Thanks
    Heng Leng
    • #2
    • 22nd Nov 08, 1:56 PM
    • #2
    • 22nd Nov 08, 1:56 PM
    Is it Bank of Scotland or Royal Bank of Scotland?


    Sorry if this is in the wrong place, but I wasn't too sure.

    My OH has just applied for a small load 1500 to top up our funds to buy a new car with the Royal Bank Of Scotland.

    However, when he was on the phone the girl told him he automatically qualified for a Preference Account, with 1500 credit already on it.

    Now for me that was alarm bells. But I really don't understand what this account is.

    It's not a credit card, and on the back of the form it states it's an agreed overdraft limit of 1500, but you pay it back like a credit card.

    I've looked on the rbs website and can't find any information on it. If it is a proper account then we'd use it as such - paying in money to spend rather than drawing on over draft funds. But if it's just a fancy way of arranging more credit and I can't pay in normal funds, then we won't be signing the form.

    If any one has one of these accounts please can you enlighten me - is it a credit account or is it a normal bank account with a high rate overdraft facility?

    Thanks

    Laura
    Originally posted by purplepixi
    • purplepixi
    • By purplepixi 22nd Nov 08, 2:40 PM
    • 120 Posts
    • 167 Thanks
    purplepixi
    • #3
    • 22nd Nov 08, 2:40 PM
    • #3
    • 22nd Nov 08, 2:40 PM
    A-ah - looking at the paperwork it's The Bank of Scotland. Not The Royal Bank of Scotland. I didn't know there was a difference!
  • ShelfStacker
    • #4
    • 22nd Nov 08, 2:43 PM
    • #4
    • 22nd Nov 08, 2:43 PM
    Just did a quick Google, as BOS don't mention it on their site, and it turned up this:

    http://www.ciao.co.uk/Bank_of_Scotland_Accounts__Review_5716106

    Summary: run. Run very very fast, in a completely different direction.
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