Easy access
Bank of Scotland savings accounts
Bank of Scotland offers a broad range of savings accounts with interest rates up to 5.5%.
Not to be confused with the Royal Bank of Scotland, the Bank of Scotland is Scotland’s first and oldest bank – having been founded over 300 years ago.
Today, the bank is part of Lloyds Banking Group but still retains its Scottish heritage. It’s one of three banks that are allowed to print Scottish banknotes.
In terms of savings accounts, it offers a range of options for various types of savers. Read our guide to find out more about rates, limits and other important information you might need to know before saving with Bank of Scotland.
Easy access savings accounts
Table: sorted by interest rate
Bank of Scotland's best easy access rate of 3% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
Bank of Scotland's best cash ISA rate of 4.3% is very slightly lower than today's market-best rate of 4.65%.
Compare more ISAs up to 4.65%
Fixed-rate bonds
Table: sorted by interest rate
Bank of Scotland's best fixed-rate bond rate of 4.3% is slightly lower than today's market-best rate of 5.35%.
Regular savings accounts
Table: sorted by interest rate
Bank of Scotland's best regular savings account rate of 5.5% is significantly lower than today's market-best rate of 9%.
Compare more regular savings accounts up to 9%
Business savings accounts
Table: sorted by interest rate
Bank of Scotland's best business savings account rate of 3.2% is lower than today's market-best rate of 4.5%.
Compare more business savings accounts up to 4.5%
Overview of Bank of Scotland savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, regular savers, business |
|---|---|
| Best easy access rate | 3% |
| Best cash ISA rate | 4.3% |
| Best fixed-rate bond rate | 4.3% |
| Best regular saver rate | 5.5% |
| Best business savings account rate | 3.2% |
| Fixed bond terms | 1 year - 2 years |
| Opening options | Branch, website, mobile app, telephone |
| FSCS protection |
Other popular accounts
Does Bank of Scotland offer online or mobile banking?
You can open and manage your accounts online with Bank of Scotland. You can see how much interest your savings are earning in its mobile app too.
It does have a physical high street presence but not really outside of Scotland. It doesn’t have branches in London, Manchester, Leeds or Liverpool for instance.
Is it easy to switch to Bank of Scotland?
The Bank of Scotland offers the Current Account Switch Service, so you should be able to completely move your current account within seven working days.
This includes transferring your salary, direct debits and standing orders. It even closes your old account.
How do I decide which account is for me?
Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?
You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you have done that, it’s useful to look at:
- Interest rates
- Fees (If there are any.)
- Access to cash (If you need quick access, for instance.)
- Rewards and loyalty schemes (If you’re into add-ons or switching bonuses.)
What are the pros and cons of banking with Bank of Scotland?
Pros
- Online banking. Your Bank of Scotland savings account can be accessed from anywhere. Even though there’s no dedicated mobile app, the website is optimised to perform on any device type.
- Flexibility. Bank of Scotland offers options for all types of savers. Instant access for smaller, rainy day savings. Fixed term for those looking to fatten a lump sum. Junior options for youngsters too.
Cons
- Better rates elsewhere? Customers can get better interest rates elsewhere. If you’re happy to move your money, you might even look at other banks’ current account options. These sometimes offer really high rates for 12 months.
- Not a widespread high street presence. It doesn’t really have a high street presence in England, so anyone who prefers banking face-to-face might prefer a different bank.
Our verdict: Is a savings account with Bank of Scotland worth it?
Whether you want to lock away your money for a fixed amount of time, or need to be able to access it whenever required, Bank of Scotland offers a range of savings accounts and other options to help you manage your money.
Don’t forget to check our other reviews first, though, to see how Bank of Scotland savings accounts weigh up against the competition in terms of rates, fees and perks.
Frequently asked questions
Savings ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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.
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