Bank of Scotland Classic current account review
- Account fee
- Interest (AER)
- 0% AER
- Overseas card transactions
- Europe: 2.99% plus flat fee of £0.50.
Elsewhere: 2.99% plus flat fee of £0.50
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
This account from Bank of Scotland could appeal to anyone looking for a straightforward bank account that charges no monthly fee but also allows them to earn interest on their balance. The fact that you'll also be able to benefit from cashback at selected retailers and round up your card payments with the Save the Change feature makes it even more attractive.
No monthly fee
Interest paid on balances
Option to earn cashback at selected retailers
Easy to open
Save the Change feature
Interest charged on overdrafts
Highest interest rate is only paid on balances between £4,000 and £5,000
|Provider||Bank of Scotland|
|ATM withdrawal limit||£500|
|Card type||Cash / Debit|
|Minimum eligibility age||18 Years|
|Minimum operating balance||£1|
|Minimum opening balance||£1|
|Current account switch guarantee|
|Foreign cash currency fee in Europe||2.99%|
|Foreign cash currency fee in rest of world||2.99%|
|Foreign cash transaction fee in Europe||£1.50.|
|Foreign cash transaction fee in rest of world||£1.50|
|Arranged overdraft available|
|Arranged overdraft rate||39.9%|
|Overdraft Grace Period||14:30 same day|
|Representative example||If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.|
Founded in 1695, Bank of Scotland is Scotland’s oldest bank and is based in Edinburgh. It offers a wide range of financial products, including a number of current accounts.
This review takes a detailed look at the Bank of Scotland Classic account.
What is the Bank of Scotland Classic account?
The Bank of Scotland Classic account is an everyday bank account that also pays interest on your balance. The account comes with a contactless Visa debit card and can be opened as either a sole account or a joint one.
There’s also the option to apply for an overdraft and you can manage your account online, via the mobile app, over the phone or in branch.
How does it work?
The key features of the Bank of Scotland Classic account are outlined below:
- No monthly fee. There is no monthly maintenance fee for this account.
- Earn interest. You could earn 3% AER on the part of your balance between £4,000 and £5,000 with the free Vantage add on (add it when you apply). Lower balances will earn a lower rate.
- Up to 15% cashback. Earn cashback with Everyday Offers when you pay by debit card or direct debit at selected retailers.
- Save the Change. Round up your card payments to the nearest pound to save as you spend.
- Overdraft available. Interest is charged at 39.9% EAR.
Who is it for?
To be eligible for the Bank of Scotland Classic account you must be aged 18 or over and a UK resident. The account could suit anyone looking for an everyday bank account that also offers a little extra.
What are the benefits?
The main benefits of this account are that there is no monthly fee and you will be able to earn interest on your balance, plus cashback at selected retailers.
How to apply
You can apply for the Bank of Scotland Classic account online and you should get a decision within 10 minutes. You will need to provide some details about yourself as well as proof of identity.
If you’re opening a joint account, you will need to book an appointment in a branch (even if you start the application online) and both bring along the correct forms of identification.
If you’re an existing Bank of Scotland customer you can open a new account or change your existing one via internet banking.
Is it safe?
Yes, Bank of Scotland is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. Funds held with Bank of Scotland are protected up to £85,000 per person under the Financial Services Compensation Scheme (or £170,000 for joint accounts).
However, keep in mind that this limit is applied to the total deposits you have with any of the following: Halifax, Intelligent Finance, Birmingham Midshires, Bank of Scotland, Bank of Scotland Private Banking, Bank of Wales and St James’s Place Bank. Some savings accounts under the AA Savings and Saga brand names are also deposits with Bank of Scotland plc.