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:
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.