In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Bank of Scotland Classic current account review

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Classic
4.3
★★★★★
Finder score
Account fee
£0
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.

Our verdict

Looking to switch your bank account? Find out what the Bank of Scotland Classic current account has to offer.

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.

Pros

  • No monthly fee
  • Interest paid on balances
  • Option to earn cashback at selected retailers
  • FSCS protection
  • Easy to open
  • Save the Change feature

Cons

  • Interest charged on overdrafts
  • Highest interest rate is only paid on balances between £4,000 and £5,000

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Details

Product overview

Account name Classic
Incentive
tag iconEveryday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.
Provider Bank of Scotland
Account fee £0
ATM withdrawal limit £500
Debit network Visa
Card type Cash / Debit
Minimum eligibility age 18 Years
Minimum operating balance £1
Minimum opening balance £1
Direct debits
Current account switch guarantee
Cheque Book

Fees

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

Overdraft information

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.

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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