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Bank of Scotland was founded in 1695, making it one of the oldest banks still operating in the UK. It runs current accounts, savings, mortgages and credit cards, with a branch network centred on Scotland and accounts open to customers across the UK.
Founded
1695
331 years old
App Store
4.8 ★
328k reviews
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4.6 ★
52k reviews
Review notes· 5 min read
Bank of Scotland details
Bank of Scotland was founded in 1695, making it one of the oldest banks still operating in the UK. It runs current accounts, savings, mortgages and credit cards, with a branch network centred on Scotland and accounts open to customers across the UK.
Since 2009 it has been part of Lloyds Banking Group, sharing systems and deposit protection with Halifax. The Classic Current Account is its everyday, fee-free account.
For switchers the appeal is simple: a long-established high street bank running one of the lightest switch offers around, with no pay-in and no card spending to worry about.
Is Bank of Scotland safe?
Yes. Bank of Scotland is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Eligible deposits are protected up to £120,000 per person by the Financial Services Compensation Scheme.
One thing to know: Bank of Scotland and Halifax share a single banking licence (Financial Services Register number 169628), so the £120,000 FSCS limit is combined across both brands. If you hold money with Halifax as well, only £120,000 in total is protected, not £120,000 each.
As part of Lloyds Banking Group, one of the UK's largest banking groups, it sits on a strong balance sheet.
Who is Bank of Scotland for?
It suits people who want a straightforward, fee-free current account from a long-established bank, and switchers chasing the £175 bonus. Because the Classic account is free and has no monthly pay-in requirement, it works well as a spare account you switch for the bonus and then keep or move on later.
If you want in-credit interest or rewards on your everyday spending, accounts from other banks pay more. Bank of Scotland's strength here is simplicity, not extras.