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Bank of Scotland announces new measures to support retail customers

26 March 2020

We understand how important it is for our customers to receive our support with their finances during these unprecedented and challenging times. That’s why we are introducing even more measures to support our customers.

Overdrafts

  • From 6th April, Bank of Scotland customers will be able to access a £300 interest-free overdraft. Customers with an agreed overdraft do not need to take any action as this will automatically be available for three months until 6 July.
  • Customers can apply for new overdraft borrowing using the mobile app, online banking or by calling us.
  • Any amount borrowed over this will be charged at the existing daily rate. From 6 April, we will introduce a new overdraft charging structure which will mean our customers will pay less interest than they do today.

    Being there for our customers when they need us is our priority. The introduction of the £300 interest-free overdraft will give our customers some important breathing space at this difficult time. We will be implementing changes to our overdraft interest rates in April meaning all customers will pay less for their overdraft than they do today.

    - Vim Maru, Retail Director

Mortgages

  • Mortgage customers can apply online for a payment holiday and will receive a decision within days.
  • All customers with existing mortgage offers have been granted an additional three months to complete their home purchase at the agreed mortgage rate.
  • Base rate reductions totalling 0.65% will be passed on in full to mortgage customers.

Loans

  • Online application for personal loan payment holidays available.

Credit Cards

  • Additional support for credit card customers will be available in the coming days.

 Payments

  • No missed payment fees on mortgages, credit card and loans for three months.
  • Contactless payment limits for all customers will increase to £45 from 1 April.
  • Cheques up to £500 can be paid in using the mobile app.

To keep our customers informed of these changes, we are sending text messages with news about products and branches. We also continue to share updated information through our websites and social media.

We are proud of our colleagues and acknowledge their commitment to continue to serve our customers in branches and from contact centres through these uncertain times.

Vim Maru added:

We know that this is a difficult time and we want to be there by the side of our customers. The measures we are introducing are all designed to help people through these unprecedented times.We have already helped 70,000 customers with mortgage payment holidays and over 30,000 with loan payment holidays, we will continue to offer our support when our customers need us the most.

- Vim Maru, Retail Director

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