Vantage is a free add-on for Bank of Scotland current accounts. Here’s how it works.
Our verdict: Is Bank of Scotland Vantage worth it?
If you love the idea of earning interest on your current account balance, Bank of Scotland’s free Vantage add-on is worth a look.
The interest rates paid are reasonably competitive, especially for higher account balances, and it’s certainly better than leaving your funds sitting in your account earning nothing. However, when it comes to the savings accounts on offer with Vantage, better rates can be found elsewhere.
Overall, you have nothing to lose by adding Vantage to your account if you’re an existing account holder or you’re already planning to switch to Bank of Scotland. But if you have yet to make the move, it’s worth comparing what else is out there first as it’s unlikely to be worth moving banks for this offer alone.
Pros and cons of Bank of Scotland Vantage
Pros
Free to add on
Applies to both new and existing customers
Enables you to earn interest on your account balance, plus gives you access to preferential rates elsewhere
FSCS protected
Range of eligible current accounts to choose from
Cons
You may find more competitive savings rates elsewhere
Must meet eligibility criteria to earn interest on account balance
Not worth switching for the Vantage add-on alone
Bank of Scotland only has branches in Scotland
What is Bank of Scotland Vantage?
If you open a current account with Bank of Scotland, you’ll have the option of including the Vantage add-on. This is a free upgrade that allows you to earn interest on your account balance, but to be eligible you must:
Pay at least £1,000 into your account each month
Stay in credit during the monthly billing period
Pay at least 2 different direct debits from your account each month.
If you already hold an account with Bank of Scotland, you can select Vantage in online banking.
Compare Bank of Scotland current accounts that are eligible with Vantage
We currently don't have that product, but here are others to consider:
Looking for other options? Check out these similar products.
How we picked these
Finder Score for bank accounts
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.
The key benefit of Vantage is that you’ll earn interest on your account balance up to £5,000. Interest rates are tiered so you’ll earn more for balances between £4,000 and £5,000 than for those between £1 to £3,999.99.
Further benefits include access to Bank of Scotland’s Advantage Saver and Advantage ISA Saver, and preferential travel money rates.
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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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