Bank of Scotland savings rates — compare every account, plus switch offers and guides

Who they are

Bank of Scotland was established by the Parliament of Scotland in 1695 , making it one of the oldest banks in continuous operation anywhere in the world. It is the second-oldest surviving UK bank after the Bank of England. Today it is part of a much larger 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 save: Halifax transferred its undertakings to Bank of Scotland plc, and although the Halifax brand name was retained, Halifax began to operate under Bank of Scotland's UK banking licence. That means your FSCS protection is shared across both brands - so if you hold money with Bank of Scotland and Halifax, those balances count together for protection purposes. All savings accounts currently carry FSCS cover of up to £120,000.

Savings accounts

Bank of Scotland offers a broad range of accounts, and the standout is the Monthly Saver. At 8.00% fixed, it is one of the highest rates you will find on a regular saver right now - but there is a cap of £250 per month, so the actual interest earned is less dramatic than the headline suggests. You need a Bank of Scotland current account to qualify, and the minimum age is 16.

For those who want to lock money away, the Fixed Rate Bonds pay 3.80% over one year and 4.00% over two years, with a £500 minimum. The Fixed Cash ISAs match at 4.10% for both one and two years, also from £500 - a clean option if you want a tax-free fixed return. Bear in mind there is no access until maturity on any of these.

On the easy access side, the Advantage Saver pays 3.00% variable, though that rate applies only if you make no more than two withdrawals in the account year - make a third and the rate drops sharply, so keep that in mind if you dip in regularly. The Access Saver and Instant Access Savings Account both sit at 1.00% variable, which is low. For families, there is a Junior Cash ISA at 2.35% and a Children's Saver at 2.25%, though the junior ISA market has higher rates elsewhere on the market right now.

Is it right for you?

Bank of Scotland works well for existing current account holders who want to make use of the 8% Monthly Saver - that is a genuinely strong return for disciplined monthly savers. As of 2025, the bank provides cross-brand service from all branches, allowing customers of Lloyds to use Halifax and Bank of Scotland branches and vice versa, which adds convenience if you are already in the Lloyds Banking Group family. Branch access is not widespread outside Scotland, so if you prefer face-to-face banking and live elsewhere in the UK, that is worth factoring in.

Where Bank of Scotland is less compelling is on easy access rates - several challengers and building societies pay meaningfully more. The fixed ISA rates are solid, but again worth comparing before committing.

As always, rates change - check the live figures shown on this page for what Bank of Scotland is paying right now before you decide.