Best banks in Scotland: How to open a bank account

Looking for a bank account in Scotland? Here’s how to pick the best bank.

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Rachel Wait

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Jason Loewenthal

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If you’re planning to open a bank account in Scotland, you’ll need to think about the type of bank account you want as well as the bank itself. Our comparison table features banks that have high street branches, however you can also open and manage a digital bank account via an app no matter where you are based.

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Finder Score Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example
8.2Great
£0
No minimum funding requirement
0% AER
39.9% EAR variable
Earn up to £30 cashback - £5 per month for 6 months, making 20 debit card payments per calendar month (excludes cash withdrawals).
18+ and UK residents only. Other T&Cs apply.
Representative example: Assumed arranged overdraft of £1,200. Annual interest rate 39.9% APR representative (variable). How does this overdraft compare? Representative Annual Percentage Rates (APRs) help you compare the cost of using your overdraft.
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8.4Great
£0
No minimum funding requirement
0% AER
39.49% EAR variable (subject to status)
£200 offer when you switch to Royal Bank of Scotland. T&Cs apply. More info
You must be 18+ and a UK resident.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? A good way to compare the cost of borrowing products is by using APR, which show the cost of borrowing over the year.
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Royal Bank of Scotland logo
8.7Great
Royal Bank of Scotland Reward
Cashback
8.7Great
£2 per month
£1250 per month
0% AER
39.49% EAR variable (subject to status)
£200 offer when you switch to Royal Bank of Scotland plus earn £5/month in Rewards: £4 for 2 direct debits of £2+and £1 for monthly app log in & earn 1% back in Rewards when you spend with selected partners. T&Cs apply. More info
You must be 18+ and a UK resident. You must pay in £1250 each month.
Representative Example: Effective Annual Rate 39.49% EAR (variable), Representative APR: 39.49% APR (variable) Assumed credit limit: £1200, Subject to status. How does this overdraft compare? A good way to compare the cost of borrowing products is using APR, which shows the cost of borrowing over the year.
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Royal Bank of Scotland logo
7.8Great
Royal Bank of Scotland Premier Select Account
7.8Great
£0
No minimum funding requirement
0% AER
0% EAR variable on the first £500 and then 34.49% EAR variable (subject to status)
You can apply for a Premier Select account if you are a UK resident, aged 18+ and have ONE of the following: at least £100k sole income or £120k joint income paid into a RBS account, or a minimum £100k savings or investments held with us, or a £500k+ mortgage borrowing with us.
Representative Example: Effective Annual Rate 0% EAR on arranged overdrafts up to £500, 34.49% EAR (variable) above £500. Representative 20.1% APR (variable). Assumed credit limit: £1200. How does this overdraft compare? Representative APRs help you compare the cost of different credit products. The monthly cap for unarranged overdraft charges for a Premier Select account is £18.80. For more information, please visit the Royal Bank of Scotland site.
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TSB logo
9.8Excellent
TSB Spend & Save Plus
9.8Excellent
£3 per month
No minimum funding requirement
0% AER
0% EAR variable on the first £100 and then 39.9% EAR variable
Earn up to £60 cashback annually - ongoing £5 cashback every month with 20 debit card payments per calendar month (excludes cash withdrawals).
18+ and UK residents only. Other T&Cs apply.
Representative example: Assumed arranged overdraft of £1,200. 0% EAR variable on the first £100. Annual interest rate 39.9% EAR variable, 40.1% APR representative (variable). How does this overdraft compare? Representative Annual Percentage Rates (APRs) help you compare the cost of using your overdraft.
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Royal Bank of Scotland logo
8.9Great
Royal Bank of Scotland Premier Reward
Cashback
8.9Great
£2 per month
£1250 per month
0% AER
39.49% EAR variable (subject to status)
To apply for a Premier Reward account, you need to be aged 18+ UK resident and deposit £1250 every month to any RBS current account. Also, you must meet one of the following requirements have a minimum of £100k individual income or £120k joint income into a RBS account, or a minimum £100k savings or investments held with us, or a £500k+ mortgage borrowing with us.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200. How does this overdraft compare? Representative APRs help you compare the cost of different credit products. The monthly cap for unarranged overdraft charges for a Premier Reward account is £18.80. For more information, please visit the Royal Bank of Scotland site.
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Royal Bank of Scotland logo
Not yet rated
Royal Bank of Scotland Student Account
Not yet rated
£0
No minimum funding requirement
0% AER
N/A
Representative example: If you use an arranged overdraft of £1,200, you'll be charged.
More info
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Barclays logo
Not yet rated
Barclays Bank Account (Breakdown) + Blue Rewards
Cashback
Not yet rated
£9 per month
£800 per month
0% AER
35% EAR variable
£200 switch offer. T&Cs apply.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 35% EAR variable. Account fee of £9 per month.
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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.

Read the full methodology

There are several different banks to consider if you live in Scotland, so here’s how to find the best one.

Well-known Scottish banks

We’ve outlined some of the main Scottish banks below. Other banks such as Barclays and HSBC also have branches in Scotland, but we focus on those with Scottish roots.

Bank of Scotland

Bank of Scotland is Scotland’s first and oldest bank, having been founded by an Act of the Scottish Parliament on 17 July 1695. In 2001, the Bank of Scotland merged with Halifax to form HBOS. Then in 2009, HBOS was acquired by Lloyds Banking Group, making it the largest retail bank in the UK.

Lloyds Banking Group’s registered office and Scottish headquarters are in the historic Bank of Scotland building on The Mound in Edinburgh.

Royal Bank of Scotland

Royal Bank of Scotland is a major retail and commercial bank and was established in Edinburgh in 1727. In 2000, its holding company the Royal Bank of Scotland Group acquired NatWest and in 2020 its name was changed to NatWest Group.

Most of the bank’s branches are in Scotland, but it also has branches in England and Wales.

Clydesdale Bank

Clydesdale Bank is a retail and commercial bank that was established in Glasgow in 1838. Having expanded rapidly over the decades, in 2018 Clydesdale’s Bank holding company CYBG announced it was acquiring Virgin Money and in 2019 started to use the Virgin Money Brand.

Nationwide acquired Virgin Money in 2024 and both the Clydesdale Bank brand and Virgin Money are in the process of being phased out.

TSB

The first Trustee Savings Bank (TSB) was established in Dumfriesshire in 1810, with the purpose of serving the local community. TSB quickly became popular and by 1986, a number of the banks had been integrated into the TSB Group which then floated on the London Stock Exchange.

In 1995, TSB merged with Lloyds Bank to form Lloyds TSB, but in 2013 they once again became 2 different banks.

What type of bank account should you choose?

When comparing banks you will need to consider what type of account works best for you.

If you’re after an account to carry out everyday banking tasks such as paying bills and subscriptions, you’ll need a current account. You can have your salary paid into your account and use your debit card to make payments and withdraw cash. Some accounts will also offer an overdraft so consider whether you are likely to need one. Be on the lookout for switching incentives too.

Alternatively, if you want somewhere to stash some extra cash, you’ll need a savings account – ideally one that pays a decent rate of interest. There are several types of savings accounts so consider what would work best for you.

Everyone should have some savings in an account that can be accessed easily in an emergency. For example, in case your car needs urgent repairs.

If you have a lump sum of cash that you can leave untouched for a year or more, locking it away in a fixed rate bond will often give you a better rate of interest. Some savings accounts also let you pay in a set amount each month for 12 months to help you get into the savings habit.

How to choose a bank account

To help you choose the right bank account, we’ve outlined some of the factors to consider:

  • Access. Do you need to be able to pop into a local branch to carry out your banking tasks or are you happy banking online or via an app? If you prefer to bank face-to-face, check which banks have branches near you. If you’re looking for a savings account, consider whether you want to access your money as needed or if you’re prepared to lock it away.
  • Interest rates. Savings accounts and some current accounts pay interest on your balance. Check which accounts pay the most competitive rates, whether there is a maximum balance interest it’s paid on and if you need to meet certain criteria to earn it.
  • Rewards and benefits. Some current accounts will also pay you cashback or offer perks such as travel insurance and mobile phone insurance so consider whether this is important to you. If it is, bear in mind that some accounts will charge a monthly fee.
  • Customer service. If the most important factor to you is good customer service, check which banks have the best customer reviews before you apply.
  • Overdrafts. If you need an overdraft, hunt out one that charges a low rate of interest. If you’re a student, most student bank accounts offer an interest-free overdraft while you’re studying, but the size of the overdraft varies depending on the bank.
  • Kids’ offers. You might also want to choose a bank account for your child, in which case see whether you get any preferential offers for being an existing customer. Some banks will require that you have an account with them before you can open a child’s account.
  • Business opportunities. If you run a small business, it can be worth opening a business bank account to keep your business and personal finances separate.

Bottom line

There are a number of different banks and bank accounts to choose from if you live in Scotland, so it’s important to do your research and consider which is best for you. Different banks and bank accounts will suit different preferences and circumstances so you’ll need to weigh the pros and cons of each before deciding.

Frequently asked questions

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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
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Written by

Writer

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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