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Bank of Scotland Preference Account?
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purplepixi
Posts: 154 Forumite
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
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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Comments
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Is it Bank of Scotland or Royal Bank of Scotland?purplepixi wrote: »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
LauraThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
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!0
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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_Scotland_Accounts__Review_5716106
Summary: run. Run very very fast, in a completely different direction.0
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