Bank of Scot­land sim­pli­fies its ap­proach

The Pak Banker - - COMPANIES/BOSS -

LON­DON: Bank of Scot­land sim­pli­fied its ap­proach to over­drafts for small busi­ness cus­tomers. Sim­pli­fied pric­ing tiers will also be in­tro­duced for those bor­row­ing be­tween £5,000 and £25,000, and for those bor­row­ing more than £25,000 as fol­lows.

The new busi­ness over­draft will be avail­able to Bank of Scot­land and Lloyds Bank's small busi­ness cus­tomers in branch, over the phone and on­line from 11 De­cem­ber 2017. Ex­ist­ing cus­tomers will be moved across to the new prod­uct in 2018. It is de­signed to give busi­ness cus­tomers greater con­trol of their busi­ness fi­nances. For cus­tomers bor­row­ing £5,000 or less, the new busi­ness over­draft will fol­low a ' pay as you go' model, with a £10 monthly us­age fee payable only if the over­draft is used within the cal­en­dar month. Bank of Scot­land is the first ma­jor provider to of­fer this ap­proach, which is de­signed to sup­port busi­ness with a range of needs and will be par­tic­u­larly help­ful for busi­ness cus­tomers who need an over­draft for oc­ca­sional use or short term use to cover un­ex­pected costs.

Bank of Scot­land's lat­est qual­ity of life sur­vey re­vealed Orkney has again been named the sec­ond best place to live in the UK. Orkney re­tained its ti­tle as best place to live in Scot­land, fol­lowed by the Shet­land Is­lands in sec­ond and the Western Isles in third. Crime rates are one of the low­est in the UK, with a bur­glary rate of just 3.7 per 10,000 peo­ple, com­pared to a Scot­tish av­er­age of 24.2 and 29.7 for the rest of the UK. School chil­dren ben­e­fit from the UK's largest spend­ing per pupil for pri­mary and sec­ondary chil­dren- £9,662 per pupil com­pared to the Scot­tish av­er­age of £5,928 and £4,645 for the UK.

Peo­ple liv­ing in Orkney are the most sat­is­fied with life (8.3 out of ten). The over­whelm­ing ma­jor­ity of adults (96.6%) re­port be­ing in good or fairly good health com­pared to a na­tional av­er­age of 94.6%. It's no sur­prise then that Orkney also ranks highly when it comes to hap­pi­ness. Low pop­u­la­tion den­sity with 22 res­i­dents per square kilo­me­tre com­pared to the Scot­tish av­er­age of 487 and UK av­er­age of 271.

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