Vantage
Earn interest on your credit balance by adding Vantage
Vantage is our free add-on for current accounts. It pays 1.00% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. (0.99% grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a.) variable on balances from £1 up to and including £3,999.99, and 2.00% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. (1.98% grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a.) variable on any part of the balance from £4,000 up to and including £5,000. You won’t earn interest on any balance over £5,000.
You can add Vantage to Classic, Silver, Gold and Premier accounts.
From 1 October 2020, the variable rates of interest you can earn on credit balances are changing. The current interest rate of 1.00% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. (0.99% grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a.), payable on balances from £1 to £3,999.99, is changing to 0.60% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time./grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a. The current rate of 2.00% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. (1.98% grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a.) payable on the part of any balance from £4,000 up to and including £5,000, is changing to 1.50% AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. (1.49% grossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a.). Full details can be found in the Vantage Guide (PDF).
Do I qualify for Vantage?
It’s straightforward; simply:
- pay at least £1000 into your account each calendar month, and
- stay in credit (above £0) during the monthly billing period, and
- pay at least two different Direct Debits from your account each calendar month.
If in any month you don’t meet these criteria, you won’t earn any interest but you won’t be charged for having Vantage.
|
Balance |
AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. % - Interest Paid Monthly |
GrossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a % - Interest Paid Monthly |
|---|---|---|
Balance£1 - £3,999.99 |
AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. % - Interest Paid Monthly1.00 |
GrossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a % - Interest Paid Monthly0.99 |
Balance£4,000 - £5,000 |
AERAnnual Equivalent RateThis illustrates what the interest rate would be if interest was paid and compounded once each year. This allows you to compare more easily what return you can expect over time. % - Interest Paid Monthly2.00 |
GrossGrossGross rate means that no tax will be automatically deducted from interest on your behalf. You are responsible for paying any tax due to HMRC. p.a % - Interest Paid Monthly1.98 |
You won’t earn interest on any balance over £5,000.
Arranged overdraft
An arranged overdraft can act as a short term safety net. You can use it to borrow money up to an agreed limit through your bank account.
- Setting up an arranged overdraft is free and you’ll only pay daily arranged overdraft interest if you use it, unless your daily balance is within any interest-free amount.
- Applying for an arranged overdraft - When you have applied for this account, at the end of the application you can apply for an arranged overdraft which you can add right away. You can also apply for one later.
- Amending an arranged overdraft - You can reduce or remove your arranged overdraft at any time through Mobile Banking, Internet Banking or Telephone Banking or by visiting your branch. But you must repay anything you owe if you want to remove an arranged overdraft or anything over the new reduced limit you want. You can also apply to increase it. This application won't affect your credit score.
- Helpful tools - You can use our eligibility checker and cost calculator to check your eligibility and calculate the cost of an arranged overdraft.
- If you don't have enough money in your account or available arranged overdraft to make a payment, we may either let you borrow through an unarranged overdraft or refuse to make the payment. Missing payments and using an unarranged overdraft can damage your credit score, please get in touch with us as we may be able to help you.
All overdrafts are subject to application and repayable on demand. You must be 18 or over to apply.
Alternatively, you can phone us or visit us in branch. You can also compare all our bank accounts to see which one suits you best.
More information about Vantage
Classic Account with Vantage Conditions (PDF)
Added Value Current Account Vantage Conditions (PDF)
Classic Vantage Fee Information Document (PDF)
Platinum Vantage Fee Information Document (PDF)
Silver Vantage Fee Information Document (PDF)
You need to be aged 18 years or over.
For each month that you meet the Vantage conditions, interest is calculated daily on the balance of your account at the relevant Vantage interest rate from the second working day of that month. The interest is paid into your account at the end of the first working day of the next month. Rates are correct as of 11 June 2017.
Bank of Scotland plc, Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.
