Important Savings Account Information

  1. General

    This information is an overview of the Bank of Scotland savings account range. Each account has its own detailed conditions and you should be given a copy of these during the application process. If you open an account over the phone, the conditions will be sent to you before the application process is complete and you can operate the account. You can also ask for a copy of the conditions applying to your account at any time. The conditions explain how we can change them and the interest rates and charges for the account concerned. Click for further details on charges for certain services.

    If you have any queries about Bank of Scotland savings accounts, please contact your local branch - our staff will be happy to help.

    These pages are for people who are resident and ordinarily resident in the UK and should not be regarded as an offer or invitation to sell savings and investment products outside the UK. If you are a British expatriate living or working abroad, a non-British national living abroad or a foreign national living, working or studying temporarily in the UK you can save with the Bank of Scotland, provided you live in the UK or any jurisdiction that allows you to save with a UK financial company. You should take your own professional advice before opening an account.

    We may monitor telephone calls to help us improve our level of service. We may record telephone calls to resolve any enquiries or complaints. Calls to be charged at local rate. If you are calling us from a mobile phone, rates will vary depending on your network provider.

    Bank of Scotland is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 169628. You can check the Financial Services Register or by contacting 0800 111 6768. All the information provided here and in our leaflets, and the Deposit Account conditions, are in English which is the language in which we will communicate with you. English law applies to our relationship with you. Details can be viewed on http://www.fca.org.uk/

    We believe this site tells you what you need to know to make an informed decision about taking out one of our products.

    If you'd like more general information, the Financial Conduct Authority (FCA), the financial services regulator, provides a range of free consumer booklets and factsheets and a Consumer Helpline.

    Visit the FCA website or call 0800 111 6768.

    View the latest FCA information on financial services products

    The FCA have a wealth of helpful information on a wide range of financial areas. However, they can only provide general information and cannot give specific advice or recommend any company's products, investigate individual complaints or contact firms on behalf of individuals.

    This website contains links to sites operated by persons outside our group of companies. We are not responsible for the privacy principles, content or the products and services provided through these sites.

    Back to top

  2. Non-UK residents

    Information for Non-UK residents.

    Back to top

  3. Important information about compensation arrangements

    Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details. If you are unsure whether your account is held with Bank of Scotland plc please check your account literature. More information.

    Back to top

  4. Tax

    We will pay your interest gross, this means that we will not deduct tax automatically from your interest. Depending on your personal circumstances, you may need to pay tax on the interest you earn and it will be your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

    Back to top

  5. AER

    AER stands for Annual Equivalent Rate and illustrates what the interest would be if interest was paid and compounded each year. On accounts where interest is paid quarterly, this will be slightly higher than the quoted gross rate because of the compound interest earned on the interest paid during the year. As every advertisement for a savings account shows the AER you can easily compare what return you can expect from your savings over time. Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).

    Back to top

  6. Interest

    Accounts opened after 10th of September 2011 pay interest on all balances above £1 unless otherwise stated in the product terms. For example the Fixed Rate Bond pays no interest on balances under £2,000.

    For accounts opened before 10th of September 2011 balances below £50 receive no interest (unless you appear in our records as being under 21, in which case we will pay you interest at the special rate for young savers). This does not include Bank of Scotland Monthly Saver, Bank of Scotland Access Saver, Bank of Scotland Internet Saver, Halifax Web Saver Reward, ISA Saver Direct, ISA Direct Reward, Halifax Monthly Saver, Halifax ISA Saver, save4it, Halifax Guaranteed Saver, Halifax Guaranteed Saver Reward, Halifax Web Saver or Bank of Scotland Instant Access Savings Account.

    Back to top

  7. Telephone calls

    Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls from BT landlines to 0800 are free. The price of calls through other phone companies and from mobile phones will be different. This information was correct in December 2012.

    Back to top

  8. Savers under 21

    A special rate of interest is available on Bank of Scotland Young Saver, Halifax Instant Saver, Halifax Saver Reward, Halifax Monthly Saver, Halifax Liquid Gold, Halifax 60 Day Gold and Halifax Bonus Gold accounts if you appear in our records as being under 21. Interest is paid at the special rate or at the tiered rate of interest (whichever is the higher) on any balances of £1 or more on these accounts.

    Back to top

  9. Customer complaints

    We aim to please - but we know that sometimes things go wrong. If you have a problem or complaint we want to know. In most cases this can be dealt with at your branch or by calling us on 03457 26 36 46.

    If your complaint is not resolved to your satisfaction, then ring our Customer Complaints Helpline on 03457 25 35 19. A copy of our complaints procedure is available on request. Complaints we cannot settle may be referred to the Financial Ombudsman Service.

    Back to top

  10. What happens if you change your mind?

    Cancellation under the Financial Services (Distance Marketing) Regulations 2004.

    You have 14 days starting from the day after your savings account agreement is concluded to give us written notice that you wish to cancel (unless you have opened a fixed rate fixed term account, other than an ISA Saver Fixed). Notice should be given in writing to: Bank of Scotland plc, PO Box 548, Leeds LS1 1WU. (You must repay any monies owed and return any card(s).) If you do not exercise your right to cancel you may still close your account as set out in your account conditions. Whenever you cancel, we will repay any credit balance outstanding. There is no charge for cancellation under these regulations and we will pay interest on the account for the time your money was with us.

    Back to top

  11. Closing a savings account

    There are two options for closing a savings account.

    • Some savings accounts can be closed online if the balance is £5 or less and you have another account with us to transfer the closing balance. To see how to do this and check eligibility, view our guide to closing a savings account.
    • If your account is not eligible to be closed online, or you would prefer you can close your savings account at your local branch.

    Back to top