Bank of Scotland simplifies its approach
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.