£125 switch incentive & linked saver
Today, the bank is part of the 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.
A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.
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.
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.
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:
If you’d like to squirrel money away every month, then a regular savings account could be the option you’re looking for.
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