Provider profileLast checked 8 November 2026
Bank of Scotland Business Account
A high-street business current account from Bank of Scotland for sole traders and UK companies with turnover up to £25m, with free electronic payments and a £10 monthly fee after the first year.
- Cheapest plan
- No account fee for 12 months on a business's first account, then £10 a month
- Available in
- UK
- Your money
- Bank · FSCS cover
What it is
Bank of Scotland plc, part of Lloyds Banking Group, registered in Scotland (SC327000). It is authorised by the PRA and regulated by the FCA and the PRA (registration number 169628).
How your money is protected
Eligible deposits with Bank of Scotland plc are protected up to £120,000 by the FSCS. The limit is shared across Halifax, Bank of Scotland, Bank of Scotland Private Banking, and Lloyds or Lloyds Bank accounts with a sort code starting 11; Lloyds Bank accounts with sort codes starting 30 or 77 sit with Lloyds Bank plc instead.
Our e-money vs bank account guide explains what this means if a provider fails.
Who can open one
Sole traders and directors aged 18 or over who are UK residents with a UK mobile number, for businesses trading from a UK address with annual turnover of £25m or less. Limited companies must be registered in the UK, active, and on the Companies House register for at least four days.
Headline fees
| Fee | Detail |
|---|---|
| Monthly account fee | £10 (none for the first 12 months on a business's first account with Bank of Scotland) |
| Electronic payments in and out | Included: Faster Payments, Direct Debits, standing orders, internet bulk payments |
| Cash paid in or out | £0.85 per £100 at an Immediate Deposit Machine; £1.60 per £100 over the counter or at a Post Office |
| Cheques paid in or out | £0.85 at a deposit machine or through the app; £1.20 over the counter |
| Credit paid in at a branch counter or cash machine | £0.85 each |
| CHAPS | £30 |
| International payments | £15 via internet banking; SEPA euro payments £5 |
| Payments received from abroad | £2 up to £100, £7 over £100; euro from the EEA or UK free |
| Card payments in a foreign currency | 2.75% |
Limits worth knowing
- The 12-month fee waiver applies only to a business's first current account with Bank of Scotland.
- Cheques paid in through the app are limited to £20,000 a day, and app payments to £250,000 a day.
- No credit interest is paid on the account.
How it compares
- Incard vs Bank of ScotlandFees, cashback, foreign currency, protection and eligibility side by side.
- Bank of Scotland alternativesAccounts to look at if Bank of Scotland doesn't cover what you need.
See all the accounts we've researched.
Our pick for card spendIncard: 1% cashback on ads, software and travel, on a £0 plan
Our pick for UK and Swiss businesses whose main costs go on cards, as long as you don't need bank deposit protection.
Read Incard vs Bank of ScotlandWork out your cashbackCheck eligibility
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- a month on the Free plan, with team cards
- £0
- cashback on ads, software and travel; 0.5% on other eligible spend
- 1%
- IBANs in three currencies
- GBP, EUR, USD
Check Bank of Scotland Business Account's current terms
Fees and eligibility can change. Confirm them on the provider's own site before you apply.
Sources
All checked on 8 November 2026. Where a provider's help centre or legal terms differ from its marketing pages, we follow the help centre and terms.