Bank of Scotland current accounts for January 2022

The Scottish side of Lloyds Banking Group, Bank of Scotland is a big, traditional bank that offers solid benefits and a variety of financial products that can serve different purposes and needs.

Compare Bank of Scotland current accounts

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Name	Product	Ratings	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example	Link
Basic Account		Not yet rated	£0	No minimum funding requirement	0%	N/A	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.		View details		loading Fetching your data...
Classic - with Vantage		Not yet rated	£0	Min. £1000 Per Month (Minimum two direct debit mandates on account per month)	0.6%	39.9% EAR variable	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
Classic		Not yet rated	£0	No minimum funding requirement	0%	39.9% EAR variable	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
Platinum - with Vantage		Not yet rated	£21 per month	Min. £1000 Per Month (Minimum two direct debit mandates on account per month)	0.6%	N/A	Free travel accident insurance – covers account holder, partner and dependent children up to 18 years old.		View details		loading Fetching your data...
Platinum		Not yet rated	£21 per month	No minimum funding requirement	0%	N/A	Free travel accident insurance – covers account holder, partner and dependent children up to 18 years old.		View details		loading Fetching your data...
Smart Start Spending Account - Age 11-15		Not yet rated	£0	No minimum funding requirement	0%	N/A	The linked savings account will earn 1% AER/gross variable interest on balances of £1 to £1,000.		View details		loading Fetching your data...
Under 19s Account - Age 11-15		Not yet rated	£0	No minimum funding requirement	0.5%	N/A			View details		loading Fetching your data...
Under 19s Account - Age 16-17		Not yet rated	£0	No minimum funding requirement	0.5%	N/A			View details		loading Fetching your data...
Graduate Account		Not yet rated	£0	No minimum funding requirement	0%	39.9% EAR variable	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...
Student Account		Not yet rated	£0	No minimum funding requirement	0%	39.9% EAR variable	Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Bank of Scotland credit or debit card.	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.	View details		loading Fetching your data...

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Types of current accounts from Bank of Scotland

From a very basic bank account with no overdraft options to a premium option packed with insurance benefits, Bank of Scotland has a full range of current accounts that can suit different people and needs:

• Reward and incentive accounts

  Although it doesn’t have a dedicated reward account, Bank of Scotland allows you to add a “Vantage” option to every Classic account. If you pay at least £1,000 a month into the account, are in credit and have set up 2 direct debits, you can earn 1.50% interest on balances up to £5,000.
  Learn more about reward and incentive accounts

• Premium accounts

  Bank of Scotland’s Platinum account comes for a pretty expensive monthly fee (£19), but it’s the place to go to if you’re looking for a really comprehensive insurance to go with it. It includes travel insurance, mobile phone insurance, breakdown cover and card loss assistance.
  Learn more about premium current accounts

• Student accounts

  It can be difficult to stay in credit if you’re living the student life, so Bank of Scotland gives you a fee-free overdraft up to £1,500. Student accounts are notoriously packed with benefits of all kinds, so don’t forget to compare them and see what’s available out there.
  Learn more about student accounts

• Children’s accounts

  With a Bank of Scotland children’s account, your kids can open an account when they are as young as 11. It comes with a nice interest rate paid on the balance (0.5% up to £2,499.99, the icing on the cake of pocket money) and even a dedicated version of online banking.
  Learn more about children’s accounts

• Business accounts

  Bank of Scotland offers a business account for small businesses and start-ups, as well as an account for larger businesses that have an estimated turnover of more than £3 million in the next 12 months. On top of this, it has accounts for schools and community groups, including charities, plus business accounts for professional practices including solicitors, accountants, insurance brokers and estate and managing agents.
  Learn more about business accounts

The benefits of banking with Bank of Scotland

• Interest rate and rewards. Not many banks pay interest on current account balances, so it’s a perk to take into due consideration. Bank of Scotland also runs Everyday Offers, a programme that gives you cashback when you spend at selected retailers.
• Multiple ways to bank. The main strength of traditional banks is definitely their network of branches – you can always pop in and sort out your stuff in person. However, they’re also getting better at providing a nice online banking website and a decent mobile app. Finally, you can also bank on the phone.
• Mobile banking app. Unlike challenger banks’ apps, it doesn’t have any cool budgeting features, but it looks tidy and clean and allows you to keep track of all your transactions just fine.
• Global acceptance. Bank of Scotland’s debit cards are on the Visa network, so you don’t have to worry about acceptance, even if you go abroad.
• A full range of financial products. Like most big banks, Bank of Scotland offers the full package, from credit cards to mortgages to insurance. It’s ideal if you’d rather have all your financial stuff with the same institution.

Pros and cons of banking with Bank of Scotland

Opening an account with Bank of Scotland

To open an account with Bank of Scotland, you’ll have to provide the following information:

• How much you expect to pay in each month.
• Your employment status.
• Your salary details and any assets you have.
• Your nationality/citizenship.
• Your residency status/tax residence status.
• Proof of identity (passport, driver’s licence).

You can open a Bank of Scotland account online or by visiting a branch.

Why should I compare current accounts anyway?

You may think that as long as a current account allows you to have your salary paid in and pay for your daily expenses, and it doesn’t cost much money, it’s got all you need. However, these days current accounts are more sophisticated than that: there are many options that are tailored to different needs, and depending on what your lifestyle looks like, there will be different accounts that can suit you.

Even if you’re just looking for a pretty basic banking tool, there are juicy switching bonuses to grab out there, so it’s always worth taking a look around, especially if your current bank isn’t treating you especially well.

Our verdict

The Vantage option is a standout feature with Bank of Scotland’s current accounts. A good choice if you are regularly in credit. If Bank of Scotland’s current accounts are not for you, you can also compare other current accounts here.

Frequently asked questions

• Can I have two Bank of Scotland current accounts?

  Yes! There is no limit to the number of accounts you can open. Remember, though, to check out the competition and be wary of opening multiple accounts just to use features like overdrafts.

• Does Bank of Scotland pay interest on current accounts?

  Yes, it does. If you qualify, you can add the Vantage option to your account to earn interest on your balance. The Bank of Scotland’s children’s account also pays interest on account holders’ balances.

• What are the Bank of Scotland current account terms and conditions?

  Head to the current account section of Bank of Scotland’s website, pick the account your interested in and you’ll find them towards the bottom of the page.