Updated at: 03-04-2023 - By: Eden Wise


Scottish banking goes back more than three hundred years. Scotland is home to a plethora of financial institutions, making it all the more crucial to find the best one possible.

With this knowledge, you can pick the best bank for your needs in terms of interest rates, account options, and required starting balance in Scotland.

The top banks in Scotland and their banking systems are highlighted in this article.

Scotland’s banking system, on the other hand, is highly advanced and comes with perks like waiving fees for overdrawing your account.

So, you have a few options for accounts, each with its own set of benefits and drawbacks depending on your needs and the length of time you plan to spend in the country.

I say, “Shall we?”

Best Banks In Scotland

Best banks in scotland

Bank of Scotland

The mission of Bank of Scotland is to promote economic growth in Scotland. The bank has an effective presence in all of Scotland’s major cities. The Bank of Scotland offers three main account types: the Classic Account, the Platinum Account, and the Youth and Student Account. An initial deposit of just one pound will earn you an annual percentage rate of 1.50% on balances from £4,000 to $5,000.



HSBC’s current account is a convenient way to keep track of your money. You also have a lot to think about when they have access to digital banking, overdraft protection, and a linked savings account. There are two main types of accounts at this bank: checking and savings. Premier, Advance, Bank, Student, and Children’s accounts fall under the category of current accounts, while Regular and Fixed Rate Savings Accounts are available for both adults and children.



Barclays is always happy to lend a helping hand to Scottish companies. The best banks in Scotland provide customers with access to both checking and savings accounts.

Barclays Bank, Premier Current, Basic Current, and Joint Accounts are examples of the everyday account type; Student Addition and Higher Education Accounts are examples of the student account type; Children’s Bank and Young Person’s Account are examples of the youth account type; and a Foreign Currency Account is an example of the currency account type. Even though the account is Regular and Fixed Rate, minors can open one.

Barclays has a low opening deposit requirement of just £1, and their Everyday Savings Account pays a paltry 0.01% interest.

Royal Bank of Scotland

Royal Bank of Scotland

In 1727, Edinburgh was the site of the birth of the Royal Bank of Scotland. Since its founding, the bank has been an industry leader.

The internet banking service provided by Royal Bank of Scotland has a long history of making customers’ lives easier. The bank’s priority is serving its local communities and its customers.

There are more than three different kinds of accounts available at Royal Bank of Scotland, including regular bank accounts, joint bank accounts, and foundation bank accounts. Reward and Student accounts are two of the new options.

Accounts for minors of all ages.

You can open an Everyday Account with them with no minimum deposit and receive interest at the rate of 3% Gross / 3.04% AER on balances up to £1,000.

Clydesdale Bank

Clydesdale Bank

Clydesdale Bank is one Scottish financial institution that can assist you in meeting your financial goals and experiencing the peace of mind and security that comes from saving and investing.

Their accounts are made to assist you in managing your finances, whether you’re looking for a regular checking account with perks, a checking account with excellent digital tools, or something else entirely.

Enjoy life to the fullest by putting money away for the future. You can open a variety of accounts, including a Basic, Current, or Savings account.

The minimum opening deposit for a Clydesdale Bank current account is £1. There is no minimum deposit requirement and no maximum balance that can accumulate.

If you open a savings account in conjunction with your checking account, you’ll earn 0.50% annualized interest rate (AER) gross (variable) on your savings balance and receive interest payments quarterly.

Lloyds TSB

The Trustee Savings Bank (TSB) in Scotland is a good option for savers on a budget. The First Pride of Scotland is TSB.

More than five million people rely on this retail bank for all of their banking needs because of the bank’s reputable name and dedicated staff.

Spend and Save, Cash, Student, Graduate, and Under 19 accounts are the backbone of TSB’s business.

Opening an account is free (there is no minimum deposit required), making it ideal for those who are either opening their first bank account or preparing for higher education.

However, interest is not available on all account types. The under-19 account will earn 2.5% AER, while the student account will earn 5% AER. In the case of a “rest” account, no interest is paid.


The Halifax business is wholly owned by Bank of Scotland plc. This Best banks in scotland understands that customers like you have different motivations for saving money and offers a selection of accounts to accommodate those needs.

Halifax offers a variety of bank accounts that may make it easier to manage your day-to-day expenses and that come with a wide range of insurance protections.

The bank provides options for both checking and savings. Halifax An annual percentage rate (APR) of 0.10% is available on current accounts. However, interest rates on all accounts are subject to change.

When opening an account, a $5 cash deposit is required as a bare minimum.


How Many Banks are there in Scotland?

Over 300 financial institutions in the UK offer competitive interest rates, low minimum deposits, and a wide variety of exceptional account options.

According to Wikipedia, 14 banks in Scotland are providing customers with a problem-free banking experience.

The Bank of Scotland, the Royal Bank of Scotland, and the Clydesdale Bank are the three retail banks authorized to print notes for circulation in Scotland.

Can I Open a Bank Account in Scotland?

If you’ve recently relocated to Scotland, don’t worry about not being able to open a bank account.

However, depending on your nationality, opening a bank account may be difficult or costly.

If you are a citizen of the European Union or the European Free Trade Association, you have the legal right to open a basic bank account.

Opening a basic account is the best place to begin for a visitor from another country.

Is The Royal Bank of Scotland a good bank?

The UK’s competition watchdog has identified the Royal Bank of Scotland as the country’s worst provider of current accounts. When considering customer service, overdrafts, branch network, and online/web provision, RBS was found to be the worst overall provider. NatWest Group, which includes RBS, is 48.1% owned by the British government.

What is the most trusted bank?

According to the 2022 Lifestory Research America’s Most Trusted® Bank Study, Chase is the most reliable financial institution. The purpose of the America’s Most Trusted® Study, a nationwide poll of American consumers, is to determine which companies have earned the public’s trust as leaders in their respective fields.


You’ve read about the top Scottish financial institutions. We hope this information has helped you make a more informed choice.

Do your homework and keep up with the news; that’s the most crucial thing.

If you have any remaining concerns, feel free to get in touch with us, and we’ll assist you in selecting the best UK bank for your needs.