ComparisonLast checked 8 November 2026

Incard vs Bank of Scotland: which suits your business?

Incard is an e-money account that pays uncapped cashback on eligible card spend on a £0 plan, with team cards and GBP, EUR and USD IBANs. 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.

By the editorial team. How we make money.

Incard suits you if

You spend thousands a month on cards, especially on advertising, software or travel
You want a £0 plan, which Bank of Scotland doesn't list
You want card cashback, which Bank of Scotland doesn't list
You want a US dollar account, which Bank of Scotland doesn't list
You're comfortable with safeguarding instead of FSCS cover

Bank of Scotland suits you if

You mostly pay by Faster Payment, Direct Debit and card, which carry no transaction fee
You pay in cash at a branch deposit machine or the Post Office
You want a euro or foreign currency account at the same bank
You want branch, phone, app and online banking

What a year of card spending earns you

Incard Free against Bank of Scotland's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£720 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Bank of Scotland's cheapest plan: no cashback, £120 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Bank of Scotland's cheapest plan: No account fee for 12 months on a business's first account, then £10 a month.

Why we pick Incard over Bank of Scotland for card spend

Card cashback: Incard: Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped. Bank of Scotland: Not listed.
Currencies you can hold: Incard: GBP, EUR and USD, with IBANs. Bank of Scotland: GBP; Euro Current Account £24 a year, Foreign Currency Account £60 a year.
Card payments in other currencies: Incard: 1.8% on Free, 1.5% on Grow and Plus. Bank of Scotland: 2.75%; plus 1.5% (min £1.50) on most foreign cash withdrawals.

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Incard	Bank of Scotland
Type and protection	E-money · safeguarded, no FSCS	Bank · FSCS cover
Who can open one	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders	UK sole traders and UK limited companies
Cheapest plan	Free: £0 a month	No account fee for 12 months on a business's first account, then £10 a month
Plans (monthly)	Free £0, Grow £49, Plus from £199	Business Account: £10 a month, free for 12 months on a first account
Card cashback	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped	Not listed
Card payments in other currencies	1.8% on Free, 1.5% on Grow and Plus	2.75%; plus 1.5% (min £1.50) on most foreign cash withdrawals
Domestic transfers	100 included on Free, 250 on Grow, then £0.30 each	Faster Payments included
International transfers	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)	£15 online; SEPA £5; £2 to £7 to receive
ATM withdrawals	2% in the UK, 2.5% abroad	No Bank of Scotland fee for UK withdrawals
Cash deposits	Not listed	£0.85 per £100 at a deposit machine; £1.60 per £100 at the counter or Post Office
Currencies you can hold	GBP, EUR and USD, with IBANs	GBP; Euro Current Account £24 a year, Foreign Currency Account £60 a year
Accepting card payments	Not listed	Through Lloyds Bank Cardnet

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Incard lists card cashback, a US dollar account, cards for your team, accounts for LLPs, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.
Only Bank of Scotland lists cash deposits and card payments from customers.

What each one is, and who can open one

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Bank of Scotland

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). 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.

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. Full Bank of Scotland profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries

Our pick for card spend

Open an Incard account

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E-money · safeguarded, no FSCS

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