Bank of Scotland

Bank of Scotland

Bank of Scotland is a commercial clearing bank based in Edinburgh. Not to be confused with Royal Bank of Scotland, it was established in 1695 and is one of the oldest surviving banks in the UK. It is the only surviving commercial institution founded by the Parliament of Scotland. In contrast to the Bank of England, the Bank of Scotland was established initially to support Scottish business and was not allowed to lend money to the Scottish government until approved by parliament.

Reviews Rating
30%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
43%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
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Overview

First Glance

Bank of Scotland is a commercial clearing bank based in Edinburgh. Not to be confused with Royal Bank of Scotland, it was established in 1695 and is one of the oldest surviving banks in the UK. It is the only surviving commercial institution founded by the Parliament of Scotland. In contrast to the Bank of England, the Bank of Scotland was established initially to support Scottish business and was not allowed to lend money to the Scottish government until approved by parliament.

Features

Contact Info

Address
Edinburgh, UK
Phone
0345 602 0000

About Bank of Scotland

Bank of Scotland is a commercial clearing bank based in Edinburgh. Not to be confused with Royal Bank of Scotland, it was established in 1695 and is one of the oldest surviving banks in the UK. It is the only surviving commercial institution founded by the Parliament of Scotland. In contrast to the Bank of England, the Bank of Scotland was established initially to support Scottish business and was not allowed to lend money to the Scottish government until approved by parliament.

Bank of Scotland merged with Halifax in 2001 to create HBOS. The bank has been a subsidiary of Lloyds Banking Group since 2009 when Lloyds TSB acquired HBOS. Bank of Scotland also had an international arm, Bank of Scotland International, which operated from 2003 – 2011.

Bank of Scotland operates several brands, listed below:

  • Halifax
  • Birmingham Midshires
  • Intelligent Finance
  • Bank of Scotland Corporate
  • Bank of Scotland Private Banking
  • Bank of Scotland Investment Services

Bank of Scotland Products and Services

Bank of Scotland offers Classic, Platinum and Student current accounts. For customers with Classic or Platinum accounts, the free add-on Vantage pays 1.5% APR on balances of £1000-5000. To earn interest, customers must pay at least £1000 into their account monthly and remain in credit – during the period two direct debits must be paid from the account.

Customers with more than £250,000 in savings, investments, or with a sole annual salary equalling that amount, can access the private banking service. This gives them a private Advice Manager, who deals with everything related to their account, recommends products and services and gives advice.

When it comes to business banking, Bank of Scotland offers a range of products and services tailored to the size and turnover of the business. Business customers get free electronic payments and dedicated support from the bank’s business management teams. New business customers get 18 months’ free day to day banking.

Security at Bank of Scotland

Bank of Scotland has several security measures in place to keep account information safe, including real-time fraud detection, biometric analysis, bank name display and Distributed Denial of Service attack (DDOS) protection.

Extensive security information is also available at the Bank of Scotland website.

Bank of Scotland Contact Details

PO Box 23581
Edinburgh
EH1 1WH

Telephone: 0345 602 0000

Email: [email protected]

Bank of Scotland

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Bank of Scotland Reviews

David Willis
February 7, 2022

“Applied for a new account filling out all details online, account was created and received card, pin and security code in post took 1 week”

Applied for a new account filling out all details online, account was created and received card, pin and security code in post took 1 week. Tried to set up online banking. Security code doesn't work so applied for another took 1 week to arrive. Try again on the app and get to a step to enter memorable data, nothing telling you what format this should be in. Log on via PC eventually get past this step. Then the service tries to call you for security but apparently no phone number is linked to the account, I'm looking at it on the copy of the application form! Call customer services 20:00 Friday night, wait over 25 mins. Told to add a phone number to the account I need to be at a higher level of security and they will send out another code taking 5 days. The only positive was that the member of staff was really efficient at closing my account presumably because they have so many unhappy customers they have to do it so often.

Henry skinner
December 3, 2021

“Have been a customer for 40 years and now thinking of switching Since adding a credit card to my account BoS have broken my telephone banking and mobile banking”

Have been a customer for 40 years and now thinking of switching
Since adding a credit card to my account BoS have broken my telephone banking and mobile banking. Its almost impossible to get through to someone in telephone banking regarding my current account as all calls end up with credit card department and not everyone is dual trained. They have also broken mobile banking for some aspects of manging credit card. When escalating the issue they have said it could take up to 8 weeks for my complaint to be resolved. They refused 4 requests to allow me to speak to a manager. At the 5 th request they tried every manager over a 30 min period and no one was free to speak with me and wouldn't for another hour . Their managers are not allowed to call customers. outbound !

One person found this helpful

Bank of Scotland Accounts

Basic Account
Basic Account
Personal
Monthly Fee
Interest Rate
Overdraft
Overdraft Rate
Start-up and Small Business Account
Start-up and Small Business Account
Business
£7.00
Monthly Fee
Interest Rate
Overdraft
Overdraft Rate
Business Current Account
Business Current Account
Business
Monthly Fee
Interest Rate
Overdraft
Overdraft Rate
Classic Account
Classic Account
Personal
Monthly Fee
1.5% (Vantage)
Interest Rate
Yes
Overdraft
Overdraft Rate
Vantage
Vantage
Personal
Monthly Fee
0.60% / 1.5%
Interest Rate
Yes
Overdraft
Overdraft Rate
Platinum Account
Platinum Account
Personal
£21
Monthly Fee
1.50%
Interest Rate
Overdraft
Overdraft Rate
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