BOS TO STOP PAY­ING IN­TER­EST

The Herald Business - - The month in headlines -

Aug 5 Bank

of Scot­land is writ­ing to tens of thou­sands of small busi­ness cus­tomers telling them that it will no longer pay in­ter­est on their cur­rent ac­count bal­ances, as owner Lloyds Bank­ing Group un­veils bumper firsthalf prof­its of £1.6bn. While UKbase rates of 0.5% mean busi­ness cus­tomers of Bank of Scot­land do not cur­rently re­ceive in­ter­est on their cur­rent ac­counts, the move by the bank could cost them many mil­lions of pounds in to­tal when the bench­mark cost of bor­row­ing even­tu­ally re­turns to more nor­mal lev­els.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.