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
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 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
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
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
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
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
Bank of Scotland customer reviews
Bank of Scotland was ranked ninth out of 18 current account providers in our independent 2023 customer satisfaction survey. Its users gave the brand 4.5 out of 5 stars and 81% said they’d recommend the current account service. Users highlighted the bank’s feature-laden mobile app and in-branch customer service. Here’s what some of those Bank of Scotland customers had to say in our survey:
“Great in branch customer service and easy to use banking app.”
“Good app and have launched some useful features.”
“They’re good but their interest rates should be higher.”
On the Apple App Store, Bank of Scotland’s mobile banking app scored 4.8 out of 5 stars, based on over 249,000 user reviews. On the Google Play Store, it scores 4.5 out of 5 stars, from a total of around 41,100 reviews (last updated, June 2023).
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:
You can open a Bank of Scotland account online or by visiting a branch.
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
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