How to Open Bank of Scotland Business Account

If you’re a business of any kind, from a sole trader to a limited company with a multi-million turnover, opening a dedicated business account makes sense. Keeping your business and personal finances separate makes managing your money that bit easier, and plenty of accounts offer perks that will help your business run a bit more smoothly.

In this Bank of Scotland business account review, we’ll take a look at all the features, pros and cons of this type of account, and see how it compares to some of ANNA’s most popular business accounts.

What types of business bank accounts are available at Bank of Scotland?

Bank of Scotland offers just one main type of business bank account, although it’s suitable for businesses of any size with a turnover under £25m. It’s free of monthly charges for the first 12 months to help you get off the ground, and offers a few, flexible ways to bank.

As well as standard Bank of Scotland business banking, there are also specialist accounts aimed at state-funded schools, community credit unions, and non-profit organisations. (We don’t like to brag, but ANNA offers three types of business bank account, tailored to suit exactly what you and your business are looking for.)

Bank of Scotland business account review: key features

Multiple ways to bank

With a Bank of Scotland business account, you can bank online, in-app (which is available 24/7), on the phone or in one of the bank’s many branches across the UK. Handily, you can also use branches of Lloyds and Halifax, and access everyday banking services such as making withdrawals and paying in cash at your local Post Office.

12 months’ free banking

If this is your business’s first current account, there will be no monthly account fee to pay for the first 12 months.

£5,000 borrowing

Eligible small businesses could borrow up to £5,000 via a Bank of Scotland Business Overdraft and/or Business Credit Card. You can apply online once your account is up and running.

Support for your business

The Bank of Scotland’s Relationship Team is on hand to help small businesses with expert support when you need it.

Bank of Scotland Business Bank Account pros & cons

Pros

• Some banks, including TSB, aren’t currently allowing new customers to open business accounts, but you can open a Bank of Scotland business account even if you’re a brand-new customer. Which reminds us of a certain other business account that promises Absolutely No Nonsense Admin…
• Eligible deposits made into your Bank of Scotland business account are protected by the Financial Services Compensation Scheme up to £85,000.
• No monthly account fees for your first 12 months makes getting on your feet a bit easier – which is why ANNA also offers start-ups a fee-free Pay As You Go account (except with ANNA, there’s no monthly fee forever).
• The approval process to open a Bank of Scotland business bank account takes four days – which, while slower than ANNA’s super-speedy ten minutes, compares well against many other business accounts.

Cons

• After your fee-free 12 months is up, you’ll pay a monthly fee of £8.50 for your Bank of Scotland business account.
• Unlike ANNA’s award-winning, 24/7 customer service, Bank of Scotland’s Commercial Telephone Banking Centre lines are only open from 7am to 8pm Monday to Friday, and 9am to 2pm on Saturdays.
• Extras and features on offer are few and far between – you won’t find benefits such as cashback and discounts (which you’ll enjoy with business accounts such as ANNA and Virgin Money) here.
• Most branches of Bank of Scotland are located in (spoiler alert…) Scotland, making in-person banking a little more difficult if you live elsewhere – although you do have the option of visiting a branch of Lloyds or Halifax instead.

What are the requirements to open a Bank of Scotland Business Account?

If you’re interested in Bank of Scotland business banking, make sure all your financial ducks are in a row first.

• You need to be aged 18 or over.
• You must be a UK resident with a UK mobile phone number, and your business must also be trading from a UK address.
• You must either be a sole trader or the director of the business.
• Your turnover should be under £25m.

If you’re a limited company, there are a few more rules to think about, including that your business must be registered in the UK, and that it must have an ‘active’ status on the register at Companies House.

What documents do I need to provide to open a Bank of Scotland Business Account?

To speed up the process of opening your business account, make sure you have the right documents ready. You’ll need:

• Your UK passport or driving licence.
• A pen and paper to write your signature, or a photograph of it.
• Your email address and UK mobile number.
• A UK home address and the UK address from where your business trades or operates.
• The name, date of birth, three-year personal address history, mobile number and email address for everyone connected to the account.
• Details of your activities and your estimated annual turnover.

How much does a Bank of Scotland Business Account cost?

All business bank accounts come with fees attached for doing business, and the Bank of Scotland is no exception. Here are some of the more common fees you can expect to encounter if you open an account.

Bank of Scotland monthly account fees

Your first 12 months with a Bank of Scotland business account are free, after which you’ll pay £8.50 a month.

Bank of Scotland international payment fees

International payments via internet banking cost £15. Standard / Express International Moneymover payments made in-branch or by phone cost £21 and £28 respectively. SEPA payments made in Euros to eligible accounts cost £5.

Bank of Scotland local transfers in and out

Electronic payments into your account are free, while electronic payments out of your account, such as Faster Payments, direct debits and standing orders are free up to 100 transactions a month, after which they cost 20p.

CHAPS payments cost £30 each, and it costs £5.50 to submit payment instructions for BACS, then 15p per item distributed.

Bank of Scotland pay cash in deposit

Cash payments in or out of your Bank of Scotland business account cost £0.85 for every £100 at an Immediate Deposit Machine, or £1.50 for every £100 over the counter.

Bank of Scotland ATM withdrawals

ATM withdrawals from a Bank of Scotland, Lloyds Bank or Halifax cash machine using your Business Debit Card are free.

Can you pay a cheque in an online Bank of Scotland business?

Cheques paid in or out of your Bank of Scotland business bank account cost 85p each at an Immediate Deposit Machine, or £1 over the counter. It’s also possible to pay in cheques via the app, up to a daily limit of £10,000, which also comes with an 85p fee attached.

Bank of Scotland vs ANNA Fees

We’ve summarised the cheapest fees for ANNA and Bank of Scotland in the table below.

Bank of Scotland vs ANNA fees comparison

How to apply for a Bank of Scotland Business Account

You can apply for your Bank of Scotland business banking account online. Let them know whether you’re a sole trader, partnership, limited company or something else, and specify whether your turnover is over or under £3m, and you can start your application.

The application process takes around 20 minutes, after which you can expect to wait around four business days for your account to be ready to go.

Bank of Scotland Business Account customer reviews

In August 2025, results of an independent survey conducted as part of a regulatory requirement were released. The survey asked around 1,200 business bank account customers to assess 17 of the largest providers.

The results showed that 51% of Bank of Scotland business bank account customers would recommend their provider to other SMEs, placing it in 14th position. Meanwhile, half of customers would recommend Bank of Scotland’s relationship/account management services, and 63% were happy with the online and mobile banking services on offer.

On TrustPilot, reviews collated from all customers have given Bank of Scotland a ‘bad’ rating of 1.6 from 901 reviews – in contrast to ANNA’s ‘great’ 4.3 rating, based on over 4,000 reviews.

Problems reported by reviewers include a lack of responsiveness from the business banking team, and trouble accessing business bank accounts (just a reminder that ANNA’s customer service is both award-winning and on 24/7).

On Reviews.io, 34% of 80 reviewers would recommend Bank of Scotland.

Bank of Scotland vs ANNA – a case study

Now you know a bit more about Bank of Scotland’s business bank account, you’re probably wondering how it sizes up against ANNA’s most popular accounts.

To help you see the big picture, we’ve created a case study scenario that pits a Bank of Scotland business account against ANNA’s Big Business Plan.

In this scenario, you’re a sole trader who sees a lot of cash going in and out of the business, and makes regular transactions.

Your typical month looks something like this:

• 5 non-Euro international payments of £500 each.
• 3 same-day CHAPS payments of £10,000 each.
• 12 ATM cash withdrawals of £100 each.
• 6 cash deposits of £1,000 each.

After your initial 12 months, a Bank of Scotland business bank account would incur the following fees:

• International payments: £75 (£15 per international payment made via online banking)
• CHAPS payments: £90 (£30 per transfer)
• ATM withdrawals: £0
• Cash deposits: £51 (85p per £100 via Immediate Deposit Machine)
• Monthly account fees: £8.50
• Total Bank of Scotland business account fees: £224.50

Meanwhile, after the first month (which is free) an ANNA Big Business plan would involve the following:

• International payments: £5 (4 free SWIFT payments per month, then £5 each)
• CHAPS payments £0 (unlimited free CHAPS payments)
• ATM withdrawals: £0 (unlimited free ATM withdrawals)
• Cash deposits: £0 (pay cash into your account commission-free)
• Monthly account fees: £49.90 +VAT
• Total ANNA Big Business plan fees: £54.90 (plus VAT on your monthly account fees, which you can claim back if you’re VAT registered).

Bank of Scotland vs ANNA – in summary

Bank of Scotland’s business account is pretty straightforward, but that means it doesn’t come with perks like up to 40% cashback on over 150 products and services, QuickPay invoicing and VAT filing – all of which are available with ANNA’s Big Business plan, along with our trademark Absolutely No-Nonsense Admin.

There are also relatively high fees in place for some day-to-day transactions, such as making cash deposits, which could be limiting if you’re just getting started. Meanwhile, an ANNA business account for start-ups is designed for the way you do business, because we’re a start-up too.

We’ll admit it: ANNA’s Big Business Plan does have a higher monthly fee attached, but you’ll quickly recoup that fee if you take advantage of our cashback plan and the host of free transactions on offer. You’ll also be up-and-running within minutes, with your business expense card arriving at your address in a few days.

Extras like ANNA’s +Taxes add-on, which can sort out your corporation tax and VAT for you if you’re a limited company, can also save you time and money in the long run. All supported by 24/7 customer service based right here in the UK.

Open ANNA business account today, and you’ll find out why we’re rated ‘Great’ on TrustPilot.

Summary table

Compare the ANNA Business Plan and Bank of Scotland Bank Account at a glance.

ANNA vs Bank of Scotland summary table

Sources:

• Bank of Scotland Business Accounts
• Bank of Scotland Business Account Need-to-Know
• Bank of Scotland Charges & Processing Times
• TrustPilot