Savings Interest Rates, Switch Offers and Guides for Bank of Scotland

Who they are

Bank of Scotland was founded on 17 July 1695 by an Act of the Scottish Parliament - making it Scotland's first and oldest bank. It post-dates the Bank of England by just one year. Today it operates as part of a large modern group: Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB.

One thing worth knowing before you open a savings account here is the FSCS picture. Halifax and Bank of Scotland share the same banking licence (FRN 169628). If you have £80,000 with Halifax and £60,000 with Bank of Scotland, you have £140,000 total - but only £120,000 is protected. Savings with Lloyds Bank itself sit under a separate licence, so money spread across Lloyds and Bank of Scotland does get separate cover.

Savings accounts

Bank of Scotland offers a fairly wide range, from instant access to fixed-term options. The standout rate in the current lineup is the Monthly Saver, paying 8.00% AER fixed for 12 months, with a minimum of just £25 a month. As our news piece explains, you need an existing Bank of Scotland current account to qualify, and the maximum deposit is £250 a month - so the headline rate applies to money as it builds, not a lump sum.

For those who want to lock away a larger amount, the Fixed Rate Bonds and Fixed Cash ISAs both require a £500 minimum. The 2 Year Fixed Rate Bond pays 4.00% AER, while both the 1 Year and 2 Year Fixed Cash ISAs sit at 4.10% AER. No access is permitted until maturity on any of these.

On the easy access side, the Advantage Saver and Advantage ISA Saver currently pay 3.00% AER (variable), both starting from £1. The Access Saver and Access Cash ISA trail well behind at 1.00% - it is always worth checking you are not sitting in one of those by default. There is also a Junior Cash ISA at 2.35% AER and a Children's Saver at 2.25% AER, though as our junior ISA guide notes, the market leaders are paying meaningfully more than the high street on children's savings right now.

All cash savings accounts carry FSCS protection up to £120,000 - remembering that this limit is shared with Halifax.

Switching to Bank of Scotland

There is currently a switch offer on the Classic Account, paying a £175 cash bonus. To qualify you need to switch using the Current Account Switch Service, transfer three or more active Direct Debits, and there is no minimum monthly pay-in required. The offer deadline is 6 August 2026, so it is worth moving quickly if this appeals. Switching also opens the door to the Monthly Saver if you do not already hold a Bank of Scotland current account.

Is it right for you?

Bank of Scotland suits savers who are happy to bank with a long-established high street name and want a good regular saver or a competitive fixed-rate ISA under one roof. The 8% Monthly Saver is genuinely hard to beat, and the fixed ISA rates are solid. Where it falls short is on straightforward easy access - the variable rates on its basic accounts are low, and those saving larger sums should also think carefully about the shared banking licence with Halifax.

Rates change regularly, so use the live figures shown on this page to make sure you are comparing the most up-to-date numbers before you apply.