Bank of Scotland current accounts for July 2020

Need a new home for your everyday cash? Explore Bank of Scotland's wide range of bank accounts.


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Bank of Scotland

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.

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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

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.

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.

What about digital banking?

If you’re more the techy type, you may want to take a look at our digital banking section. It features a series of challenger banks that offer slick mobile apps, hassle-free application processes and fee-free spending abroad, for a different kind of banking experience.

Data indicated here is updated regularly
Name Product Ratings Interest (AER) Arranged overdraft Key benefits Link Representative example
We say
You say
39.94% EAR variable
Interest and fee free overdraft
for first four months
Current account switch service guarantee badge
Up to 15% cashback at a range of major retailers
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.
Starling Bank
We say
You say
15% EAR variable
Seamless easy switching within 7 days
Current account switch service guarantee badge
No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.
We say
Guaranteed acceptance plus a credit building feature
Account fee of £5.95 per month.
We say
Guaranteed acceptance
Current account switch service guarantee badge
Earn cashback on your purchases when you shop through the ThinkMoney rewards portal
Account fee of £10 per month or £15 per month.

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