In this guide

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

Bank of Scotland Platinum current account review

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Our verdict

A premium account with extra benefits such as insurance, interest and cashback - but it comes with a fee.

Providing you’re happy to pay a monthly fee of £21, the Bank of Scotland Platinum current account has a lot to offer. However, before applying, it’s important to check whether you already have travel insurance, breakdown cover or mobile phone insurance elsewhere. Or whether you could get cheaper standalone cover with a different provider (compare this to the monthly cost of £21).

If you are unlikely to use the perks on offer or you already have cover elsewhere, but you like some of the other features available, you could consider another current account from Bank of Scotland. These still offer interest on balances, cashback and the Save the Change feature, but come without the additional perks and have no monthly fee.


  • You get worldwide travel insurance, breakdown cover and mobile phone insurance.
  • Earn interest on in-credit balances
  • Cashback with Everyday Offers
  • Card loss assistance


  • Monthly fee
  • Fees for using your card abroad
  • Travel insurance stops on account holder’s 80th birthday

In this guide

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


Product overview

Account name Platinum
tag iconFree travel accident insurance – covers account holder, partner and dependent children up to 18 years old.
Provider Bank of Scotland
Account fee £21 per month
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


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
Overdraft Grace Period 14:30 same day

Based in Edinburgh, Bank of Scotland is Scotland’s oldest bank and was founded back in 1695. It offers a range of different accounts, including its Platinum current account which we review here.

What is the Bank of Scotland Platinum current account?

The Bank of Scotland Platinum current account is a packaged account. This means that as well as operating as a normal bank account with an overdraft, it also offers a range of perks or benefits. In return, you’ll need to pay a monthly fee of £21.

The Platinum account comes with a contactless Visa debit card and can be managed online, in branch, by phone and via the Bank of Scotland’s mobile banking app.

How does it work?

As well as enabling you to set up direct debits and standing orders and apply for an arranged overdraft, the Platinum current account also offers the following perks:

  • Worldwide travel insurance. For you and your family, including some winter sports cover. Cover stops on your 80th birthday.
  • AA breakdown insurance. Including roadside assistance, relay, home start and accident management.
  • Mobile phone insurance. Insuring 1 phone on a sole account and 2 on joint accounts. Covers loss, theft, damage or breakdown. Excess of £100 and no more than 2 successful claims per account holder in any 12-month period.
  • Card loss assistance. Enabling you to cancel all financial cards and request replacements day or night. You can also register the cards for your family if they live with you, and register your passport and driving licence numbers for easy access if you lose them.

On top of this, the account also offers the following features:

  • Earn interest. Earn 3.00% AER on the part of your balance between £4,000 and £5,000 with the free Vantage add on. You’ll earn 1.50% AER on balances between £1 and £3,999.99. To qualify, you must pay in at least £1,000 a month, stay in credit and pay at least 2 different direct debits from your account each month.
  • Up to 15% cashback. Earn cashback with Everyday Offers when you pay by credit or 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.

Who is the account for?

The Bank of Scotland Platinum current account is suitable for those who are happy to pay a monthly account fee and who will make full use of the benefits on offer.

To be eligible you will need to be at least 18 years old, a UK resident and either an EU national or have permission to stay in the UK for at least 12 months.

What are the benefits?

The Platinum account offers a variety of perks which, providing you don’t already have them elsewhere, could come in handy. The account also offers an overdraft for those who dip into the red, and pays interest for those who keep their account in credit.

How to apply

If you’re a new customer, you can apply by filling in a form online. If you’re an existing customer you can open a new current account or upgrade through Internet banking.

Alternatively, you can open an account by phone or by visiting your local Bank of Scotland branch.

Pros and cons of the account


  • Offers a wide range of perks, including travel insurance and breakdown cover.
  • Opportunity to earn interest on your balance.
  • Option to apply for an arranged overdraft.
  • Earn cashback at certain retailers.
  • Easy to open and manage account online, by phone or in branch.
  • Can open single or joint account.


  • Monthly account fee of £21.
  • Interest is payable only if you meet certain conditions.
  • Overdrafts come at a price – you’ll pay interest at a rate of 39.9% EAR.
  • You may not make full use of the perks on offer, in which case paying the fee will be wasted.
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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