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Published 12 October 2022

Bank of Scotland Business Account Review: Pros, Cons & Features

Read our review of Bank of Scotland’s business account, including pros, cons and key features.

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Bank of Scotland business account: at a glance

Bank of Scotland is Scotland’s oldest bank and has been providing banking services to customers for over 300 years.

The bank is part of the Lloyds Banking Group, which also includes providers such as Lloyds Bank and Halifax.

Currently, Bank of Scotland offers a range of current accounts for businesses – from start ups to larger businesses and charities. 

Find out more about Bank of Scotland’s business bank account offering here, including the features and pros that might suit your business, as well as potential drawbacks.

Learn more about how we bring you our review.


Bank of Scotland Small Business Bank Account

  • Monthly Fee
    Free for 12 months
  • Card Purchase Fees
  • Bank Transfer Fees
  • Offer
    12 months’ free day-to-day business banking for new businesses
Learn More

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Bank of Scotland business account pros & cons 


  • There is an introductory period of 12 months’ free banking for new customers.
  • The account can be managed over the phone, via a mobile app and online.
  • Deposits up to £85,000 may be protected by the Financial Services Compensation Scheme (FSCS).
  • Both cash and cheque deposits are accepted.
  • Customers in Scotland can access in-branch support.


  • A monthly fee applies to the business current account after the introductory fee-free period.
  • It usually takes up to six weeks to open a business account with the Bank of Scotland.
  • There is only one branch outside of Scotland, in Berwick.

These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.

Bank of Scotland business account key features

Bank of Scotland business account full review

Founded in 1695, the Bank of Scotland is Scotland’s oldest bank – and the first in the UK to start using computers to process transactions, in 1959. 

Today, the Bank of Scotland offers current accounts for small businesses and start ups, as well as larger businesses, along with offering specialist accounts for schools, community groups and professional practitioners. 

In the table below, we’ve put together everything you might want to know about Bank of Scotland’s business account offering.

Monthly fee£7 (for businesses with an annual turnover up to £3 million)
Transaction feesYes (for certain transactions, depending on tariff)
Account managementVia mobile app
Online via Internet Banking
At a branch (primarily in Scotland)
FSCS protectionYes (up to £85,000)
Potential for same day set upNo
Cash depositsYes 
Cheque depositsYes 
Access to other banking servicesYes
Integration with accounting software and toolsYes
International paymentsYes (fees apply)
Customer service0345 300 2924
At a branch (primarily in Scotland)
By post
On social media (for general enquiries)
Virtual assistant 
Business FAQs page
Multiple user accessYes
Trustpilot rating1.5 out of 5 (as of 6 March 2023)

Bank of Scotland business account features

The following sections provide some important information about the key features of Bank of Scotland business accounts.

Business account fees

Far and away the most important factor for business owners when comparing business accounts is the monthly cost, according to half of those surveyed by NerdWallet who picked this as one of their top three criteria. 

You can find out more about these on the Bank of Scotland website or by contacting the bank directly.

Additionally, community groups, such as charities, schools and credit unions, may be eligible for one of Bank of Scotland’s Community Accounts. Businesses that hold client funds may be eligible for a Client Account. Different criteria and pricing may apply to these accounts, and you can find more information on the Bank of Scotland website.

In the section below, we take a look at the pricing structure for the Bank of Scotland small business current account, which is available to businesses with an annual turnover less than £3 million. 

Monthly fee

For businesses with a turnover below £3 million, the Bank of Scotland small business current account costs £7 a month. 

However, new Bank of Scotland business customers may be eligible for 12 months’ free day-to-day banking when they open a current account.

Day-to-day business banking transaction charges 

There are fees for certain everyday banking activities with a Bank of Scotland business current account, after the introductory free banking period. This tariff applies to businesses with an annual turnover under £3 million.

Direct debits and standing ordersFree
Debit card paymentsFree
Faster PaymentsFree
Payments via Internet BankingFree
UK transfersFree
Cheques paid in or out85p
Cash paid in or out (at a branch)£1 per £100, up to £1,500 per month
90p per £100 for anything over £1,500 per month
ATM cash withdrawals Free
Cash withdrawals at the Post OfficeFree

Other fees

If you trade in other countries, you may need to consider the fees that Bank of Scotland charges for international transactions, which can be found in the table below.

Cash withdrawals in euros, in the UK or EEA* 2.75% of the transaction value
Cash withdrawals in other foreign currencies2.75% of the transaction value, plus a 1.5% non-sterling transaction fee (minimum £1.50)
Purchases abroad2.75% of the transaction value

* The European Economic Area (EEA) consists of EU member states, as well as Iceland, Liechtenstein and Norway. 

Easy account access

Second most important for business owners searching for a business account is how easy it is to access the account, according to NerdWallet’s survey.

It’s possible to manage a Bank of Scotland business account online, using internet banking. You can digitally carry out day-to-day actions, such as viewing your balance and making payments and transfers. You can also access your account via the Bank of Scotland mobile app.

You can use the Bank of Scotland’s automated telephone banking service to manage your account by calling 0345 300 0268. This service currently operates 7am-8pm on weekdays, and 9am-2pm on Saturdays.

You can also bank at a branch in Scotland (as well as in Berwick-upon-Tweed in England), or at the Post Office, if you would prefer to manage your account face to face. It may be possible to carry out some basic transactions at a Lloyds Bank branch if you are based in England or Wales, as these banks are both part of the Lloyds Banking Group. However, for more complex requests you will need to go to a Bank of Scotland branch.

Account set-up

Being able to set up an account quickly was important to 25% of business owners when searching for a business account, according to our survey. 

Businesses that want a same day business bank account may find that the Bank of Scotland is not an option for them. According to the bank’s website, it usually takes up to six weeks to open a business account after you have submitted all the required information and documents.

FSCS protection

Protection through the Financial Services Compensation Scheme (FSCS) is the third most important criteria that business owners are looking for in a business account, according to NerdWallet’s survey.

The Bank of Scotland is a UK-authorised bank, so it’s covered by the FSCS guarantee. This means that if this bank fails, deposits up to £85,000 will be refunded to you automatically if your business is eligible. 

It’s worth noting that the £85,000 limit applies jointly to all accounts a customer holds with a provider. So if you’re a sole trader with a business account and a personal current account with Bank of Scotland, you could claim up to £85,000 for both accounts combined. 

If you run a limited company, however, your business is a separate entity to you. You would be able to claim up to £85,000 for your business account and up to £85,000 for your personal account with the same provider.

It’s also important to know that the claim limit applies across any banks that share a banking licence. 

The Bank of Scotland shares a banking licence with Bank of Scotland Private Banking, Halifax, Intelligent Finance, Birmingham Midshires and Bank of Wales. If you hold another account with any of these providers, the £85,000 FSCS limit applies across both that account and your Bank of Scotland account. Although both banks are part of the Lloyds Banking Group, the Bank of Scotland and Lloyds Bank do not share a banking licence and therefore have separate FSCS limits. 

Mobile phone app

Mobile money management via an app was ranked the fourth most important feature in a business account by business owners, according to NerdWallet’s survey. 

For business owners who want to bank digitally, Bank of Scotland offers a mobile app to manage your account on the go, available on both Apple and Android devices. 

Customer service

You can access Bank of Scotland’s customer support in the following ways:

Customer service opening times are mostly limited to typical working days and hours. However, this may not pose a problem for business customers. We found in our survey that 24/7 customer service was not particularly important when deciding on a business account, ranking joint ninth alongside international banking facilities. 

Customer reviews

Below, you can find Bank of Scotland reviews from several sources. Bear in mind that the Trustpilot reviews cover both personal and business accounts, while the app reviews are for the specific Bank of Scotland Business app.

This information is correct as of 6 March 2023.

Bank of Scotland business account eligibility

To be eligible to open a start up or small business current account with Bank of Scotland, you must:

Other accounts offered by Bank of Scotland, such as accounts for larger businesses or charities, may have different eligibility criteria. You can look at the Bank of Scotland website or contact the bank directly for more details. 

How to choose a Bank of Scotland business account

There are a number of questions that you may want to ask yourself when deciding whether to open a Bank of Scotland business account or when looking at other providers:

How to apply for a Bank of Scotland business account

To apply for a Bank of Scotland business account, you need to:

Start your application online

The first thing you need to do to open an account with the Bank of Scotland is to start an application online. 

The Bank of Scotland estimates that the application process can take on average 20 minutes to complete. It’s a good idea to have all the documents and information you need with you when you start the application process.

Provide your business and personal details

You may need to give the bank details about your business on the application form, such as your business address, trading activity and annual turnover.

The Bank of Scotland may also ask for personal information, such as your mobile number, email address, date of birth and three years’ personal address history for everyone connected to the account. 

Sign your agreement

After you’ve provided the information that Bank of Scotland requires, you’ll need to review, approve and sign an agreement for your business account. 

Wait for approval

The Bank of Scotland will let you know if you need to supply more information. Once your application has been reviewed, you’ll hear if it has been accepted. 

The bank says it generally takes up to six weeks to set up your business bank account. 

If you’re looking to switch, you should know that the Bank of Scotland is backed by the Current Account Switch Guarantee, meaning you can change banks quickly and easily if your current bank has signed up for the scheme. Switching accounts would then be completed in seven working days.

» MORE: How to open a business bank account in the UK

Review methodology

At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.

You can view our review methodology here.

About the Authors

Dan Barraclough

Dan is an experienced writer of B2B and B2C content, having written for start-ups, small businesses and household name brands. His specialist topics include finance, insurance and business energy.

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Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

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