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Bank of Scotland Preference Account?
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# 1
purplepixi
Old 22-11-2008, 10:23 AM
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Join Date: Nov 2005
Posts: 104
Default Bank of Scotland Preference Account?

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
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# 2
Heng Leng
Old 22-11-2008, 1:56 PM
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Join Date: Mar 2005
Location: Snake River
Posts: 1,878
Default

Is it Bank of Scotland or Royal Bank of Scotland?


Quote:
Originally Posted by purplepixi View Post
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
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# 3
purplepixi
Old 22-11-2008, 2:40 PM
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Join Date: Nov 2005
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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!
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# 4
ShelfStacker
Old 22-11-2008, 2:43 PM
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Join Date: Feb 2008
Posts: 2,130
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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_Scotla...Review_5716106

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