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
24%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
40%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a senior editor at CompareBanks. He has over 10 years experience in writing about all aspects of finance and is passionate about helping consumers make informed decisions about their money.
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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

Email
security@bankofscotland.co.uk
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: security@bankofscotland.co.uk

Bank of Scotland

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Bank of Scotland Reviews

Acrylic Fudd
March 26, 2024

“Terrible bank. They make it nigh impossible to access your own funds”

Terrible bank. They make it nigh impossible to access your own funds.

Eddie Chaloner
March 22, 2024

“This company have the worst customer service I’ve”

This company have the worst customer service I’ve experienced
Their communication is non existent
On several occasions in the last years they have locked me out of the account due to minor procedural matters triggered probably by automated systems
Their telephone ‘helpline’ is impenetrable
One is invariably connected to the wrong department or to someone that is unable to understand the problem
I have frequently been actively misinformed by their telephone advice
Complaints are handled in a perfunctory manner
Nothing changes with this company
The same mistakes are repeated over and over again
Minor issues take weeks to resolve and hours of time wasted on the phone
This is not a business level service
I strongly advise potential customers to look elsewhere

Lara Haem
March 22, 2024

“Canceled my account after never using it. I received numerous calls from scammers claimimg to be from bank of scotland”

Canceled my account after never using it. I received numerous calls from scammers claimimg to be from bank of scotland. Now, the interesting thing is that I only used this phone number to open my account in this bank. Moreover, I never used this account once, never mentioned anywhere I have it. So the only possible source the scammers could get this information is from Bank of Scotland themselves. I've never had such a bad experience with mismanagement of my information.

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.

3 persons found this helpful
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Bank of Scotland Accounts

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
Under 19s Account
Under 19s Account
Personal
Monthly Fee
0.50%
Interest Rate
Overdraft
Overdraft Rate
Student Account
Student Account
Personal
Monthly Fee
Interest Rate
Yes
Overdraft
Interest-free arranged overdraft (based on conditions)
Overdraft Rate
Basic Account
Basic Account
Personal
Monthly Fee
Interest Rate
Overdraft
Overdraft Rate
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