Bank of Scotland Business Account Overview

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Bank of Scotland business accounts are available for small and large operations. Find out more about the accounts on offer, how to apply for them and what features you might get.

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Information written by Dan Barraclough Last updated on 12 October 2022.

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. It’s an historic brand, yes – but does that mean a business account from them could be right for you?

Today, the Bank of Scotland offers current accounts for small, medium and large businesses, along with specialist accounts for schools and professional practitioners.

Read on for more information about the Bank of Scotland’s business accounts, fees, features, and more.

Pros and cons of Bank of Scotland business banking

There are advantages and disadvantages you should consider for Bank of Scotland business bank accounts.

Pros of Bank of Scotland business banking

  • Start ups and small businesses can get 12 months’ free banking
  • You could get business credit, such as credit cards, overdrafts and business loans (subject to status)

Cons of Bank of Scotland business banking

  • Limited in-person banking in the UK outside of Scotland
  • It could take up to six weeks to open a Bank of Scotland business account

What business accounts does the Bank of Scotland currently offer?

The Bank of Scotland offers different business accounts depending on your annual turnover. It also offers accounts specifically for schools and communities, and client accounts for professional services businesses.

Start-ups and small businesses

You can apply for this account currently if your estimated turnover for the next 12 months is under £3 million. If your business already has an account with the Bank of Scotland, you can’t apply. This account is currently free for the first 12 months.

Large businesses

This account is currently only eligible if your business is estimated to turn over between £3 million and £25 million in the next 12 months. This account offers features, such as dedicated support, asset finance, business loans and credit cards.

Schools and community groups

There are Bank of Scotland business accounts designed specifically for non-profits, schools, clubs, societies, and charities. Depending on your type of business, you may be able to open a Treasurer's Account, Credit Union Account, or School Bank Account. You’ll need to contact the Bank of Scotland directly to see whether your business is eligible.

For all accounts, you will need to be at least 18 years old and based in the UK.

» COMPARE: Business bank accounts

How do I open a Bank of Scotland Business Account?

To apply for a Bank of Scotland Business banking account, you’ll need to visit the official website.

The process is straightforward – you tell the bank about your business on the application form, providing information such as your mobile number, email address, date of birth and three years' personal address history for everyone connected to the account.

Once your application has been reviewed, you’ll hear if it has been accepted. You’ll also find out which type of current account you’re eligible for.

The Bank of Scotland says it generally takes up to six weeks to set up yourBusiness 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. Switching accounts will be completed in seven working days.

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

What features does the Bank of Scotland Business Account currently offer customers?

There are a number of features available when you open a Bank of Scotland Business bank account, including:

  • Credit, debit, and charge cards
  • Free banking periods for new businesses
  • Online banking via the app or website
  • Business overdrafts
  • Business Finance Assistance tool – a type of accounting software
  • Resource Centre featuring guides and market insights
  • Business savings accounts
  • Account switching within 7 working days (through the Current Account Switch Service)

» COMPARE: Switch business bank account

What do other Bank of Scotland Business Account reviews say?

Below, you can find Bank of Scotland reviews from several sources. Bear in mind that the reviews cover both personal and business accounts.

  • App Store: 3.9 out of 5, based on 398 reviews
  • Google Play: 3.6 out of 5, based on over 600 reviews
  • TrustPilot: 1.6 out of 5, based on 472 reviews

This information is correct as of 10 October 2022.

Conclusion

The Bank of Scotland has a long history. Today, it currently offers a range of current accounts to suit most businesses – from start-ups to large, established businesses – and an online app to help you manage finances from your smart device. Its branch network is currently limited to Scotland.

The decision you make depends on your company’s unique needs. Taking these above factors into consideration, you may decide whether the Bank of Scotland is right for you.

Bank of Scotland Business Account FAQs

Who owns the Bank of Scotland?

The Bank of Scotland is a member of the Lloyds Banking Group.

How do I use my Bank of Scotland business account online?

Once you’ve registered for Internet Business Banking, currently you need to log on via the website using three characters from your memorable information, or with your card reader. To use the app, you can login using your fingerprint, face ID or memorable information.

Is there a Bank of Scotland business online app?

Yes. It is available from the Apple and Android stores.

Can I get a Bank of Scotland Business Account?

You can apply for a Bank of Scotland business account via the website. There is a form to fill out with your information that will dictate which type of business bank account you can open.

You can also use the comparison tool on this page to compare business accounts to find deals for your business.

How long does it take to open a Bank of Scotland Business Account?

The Bank of Scotland says it normally takes up to four weeks to open a new business account.

Where does the Bank of Scotland operate?

The Bank of Scotland primarily has branches across Scotland. Currently, there is only one branch in the rest of the UK, in Berwick-upon-Tweed.

Is there a Bank of Scotland business credit card?

Yes. The Bank of Scotland offers a variety of business cards, including a credit card and debit card. It also offers a corporate card to some customers.

About the author:

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. Read more

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