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.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
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 a surprisingly competitive interest on cash held in the account. The Classic account also offers customers up to 15% cashback with selected retailers when they make purchases with their account’s debit card. Learn more about reward and incentive accounts
Premium accounts
Bank of Scotland’s Platinum account comes with a pretty expensive monthly fee (£21), but it’s the place to go to if you’re looking for a really comprehensive insurance package to go with it. It includes travel insurance, mobile phone insurance, breakdown cover and card loss assistance. As with the Classic account, Platinum account holders can also use the Vantage add-on to earn interest on their balance. Platinum account holders and current account customers with a Vantage add-on can also take advantage of preferential exchange rates when buying travel money with Bank of Scotland. 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 competitive interest rate paid on the balance (0.5% up to £999, 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
Does Bank of Scotland offer any promotions, discounts or refer-a-friend offers?
Bank of Scotland sometimes offers cash switching deals. As of October 2024 it only offers up to 15% cashback at selected retailers and a 3-month 0% arranged overdraft if you switch your account there using the Current Account Switch Service. After that, you’ll be charged interest daily. If you’re looking for a chunk of cash to switch bank accounts, you can look at switching deals from other banks.
Does Bank of Scotland offer joint accounts?
Yes. You can open a joint account with 2 people online, as long as you’re both Bank of Scotland customers. If not, you’ll need to apply in branch.
Does Bank of Scotland offer premium accounts?
Yes, Bank of Scotland offers packaged accounts. It has a Silver Account (£11.50 a month) and a Platinum Account (£22.50 a month). They come with a range of benefits including travel insurance, AA breakdown cover and mobile phone insurance.
Bank of Scotland customer reviews
In our independent 2024 customer satisfaction survey, 98% of Bank of Scotland’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s reliable customer service. However, some cited that the bank was not entirely user-friendly. Here’s what some of those Bank of Scotland customers had to say:
“Just downloaded the app and it is brilliant – very easy to use”
“I have been with this bank for a long time. I trust them with my money. Great overdraft facilities and its online banking app is excellent.”
On Trustpilot, it scores 1.6 out of 5, from 750 reviews. On the Apple App Store, Bank of Scotland’s mobile banking app scored 4.8 out of 5 stars, based on almost 292,000 user reviews. On the Google Play Store, it scores 4.6 out of 5 stars, from a grand total of 47,000 reviews (last updated November 2024).
Pros and cons 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.
Only has branches in Scotland. Bank of Scotland’s only physical branches in the UK are in 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.
Customer service information for Bank of Scotland
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is Bank of Scotland a good bank?
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
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.
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.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
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