Some of the best banks in Scotland have been around for years, and they offer top-notch services to their clients. A better understanding of these banks can help you narrow them down to the one with the best interest rate, account types, and minimum deposit.
Furthermore, Scotland is known to have a long history in terms of banking due to the large number of banks. In addition, Scotland’s banking system is very advanced and offers some eccentric advantages, which include not paying your bank fees if your account remains positive. If you are interested in opening a bank account in Scotland, I suggest that you spare a minute or two to read through this blog post.
Can I open a bank account in Scotland?
Yes, you can. Foreigners can open a bank account in Scotland. However, the process of opening a bank account can be difficult, depending on your nationality. Citizens of the EFTA/EU have the right to open a bank account that enables them to carry out basic banking functions.
What Are the Best Banks in Scotland?
There aren’t many banks in Scotland; however, its existing banks frequently stand out in their banking system. In this segment, I have compiled some of the best banks you can find in Scotland.
1. Bank of Scotland
The Bank of Scotland is committed to helping the people of Scotland. They help their businesses, households, and communities prosper. The bank’s presence is coherent in all major towns and cities in Scotland. It operates on three different account types, such as classic, platinum, and youth and student accounts.
To open an account with this bank, you need a minimum deposit of $1 along with a 1.50% AER interest rate on the balance between $4000 and $5000.
This is a division of the Bank of Scotland plc. Halifax understands that people save money for different purposes, so they have different account plans. With accounts that include a variety of insurance benefits, you can simplify managing your daily spending with a variety of bank accounts.
Another excellent bank in Scotland is HSBC. This bank knows how to manage your money with ease through its current account. You also have a lot to take into consideration with their access to a linked savings account, digital banking, and overdraft.
HSBC operates on two major account types, which are current and savings accounts. HSBC’s current accounts include Premier, Bank, Advance, Student, and Children, and its savings accounts include fixed-rate savings and regular savings accounts, both of which are available to children.
4. Clydesdale Bank
Clydesdale Bank is a bank in Scotland that helps people achieve their goals and enjoy the safety and confidence that saving can bring. Regardless of whether you are looking for a daily account, great digital tools, or something with perks, there is always an account to help you manage your finances. To open an account with this bank, you need to deposit a minimum of $1.
5. Royal Bank of Scotland
The Royal Bank of Scotland has a record of making life easier for its customers through its fully-fledged internet banking services. It has over three types of accounts, with additional account types such as everyday bank accounts, foundation accounts, and joint accounts.
The additional account types include student, reward, child, and teen bank accounts. However, to open an account, there is no minimum deposit, but you are expected to pay a 3% gross interest rate on balances over $1000.
How to Open a Basic Bank Account in Scotland
Banks in Scotland don’t require proof of Scottish employment before you open a bank account. If you don’t have a job, it takes about three months to open a bank account in Scotland. However, here are the required documents to open a bank account:
- Proof of identity.
- Proof of a UK address in the form of an electricity bill issued within the last three months.
- Current photo.
Once you have all these documents in place, you can proceed to open a bank account with any bank in Scotland.
How to Open a Current Bank Account in Scotland
Citizens of third-world countries don’t have the right to open a basic account and have to wait for at least three months before they can open a current account. Here are the documents you need to provide to any bank if you want to open a current account:
- Proof of identity
- Pass a credit check
- Current photo
- Details of the current job, savings, or income
- Proof of residence in the United Kingdom
- A considerable deposit was made into the new Scottish bank account
As previously mentioned, the minimum deposit for a citizen of a third-world country to open a bank account in Scotland varies depending on the bank. So, it is advisable to do thorough research on the bank before opening an account and be aware of the difference in rates.