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What are The Best Banks In Scotland

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What are the best banks in Scotland? There are tons of good and reliable banks in Scotland that you can create an account with. You can simply just reach out to them to learn more about how they function and the services they offer.

What are The Best Banks In Scotland

You might be new in the state and are perhaps searching for the best bank in Scotland you can work with. Luckily, there are various banks in Scotland that rank among the best and can help you with financial eligibility.

Can You Open A Bank Account In Scotland?

It is indeed possible to open a bank account in Scotland. So yes, you can open a Scottish bank account even if you are a new citizen. What’s more, if you are an EU/ EFTA citizen, you legally have the right to open a basic account. This in turn allows you to perform all the banking transaction activities.

What Are The Requirements To Open A Bank Account In Scotland?

It is a law that citizens of a third country don’t have the right to open a basic Scotland account. Hence, you have to wait a good 3 months before you open a ‘current account’. Now, the requirements needed to open a bank account in Scotland vary from bank to bank. Still, here are some of the general documents required:

  • Proof of identity (A valid passport)
  • A current Photo
  • You need to pass a credit check
  • Details of your current job, savings, and income. This will include the ones in your home country.
  • Proof of Residence in the UK in the form of an electricity bill that’s been issued within the last 3 months
  • A deposit to be made in your new Scottish bank account. The exact amount you are to pay will vary from bank to bank

Those are general documents that will be required before you can open a bank account in Scotland. You might be asked to bring less or more as it depends on the Scottish bank of your choice.

What Are The Best Banks In Scotland?

There are banks in Scotland that have a history dating back more than three hundred years. Still, there are many banks in Scotland and you can select any of the best banks there. Here are some of the best banks in Scotland:

Halifax

This bank is a division of the Bank of Scotland plc and is substantial to the needs of customers. They have multiple account plans for consumers. This is because the bank understands that people save money for various reasons. Hence, this is why Halifax offers simple features that enable you to manage your spending. Also, they have insurance benefits.

Clydesdale Bank

A bank you can trust for financial strength in Scotland would be the Clydesdale Bank. This bank allows you to enjoy all the confidence and security that they offer. This offer also includes how safe and secured your savings are. In addition, this is the bank to trust as it has amazing digital tools and financial benefits. If you want to open an account with Clydesdale bank, you need to deposit at least £1 to open the account.

Royal Bank of Scotland

The Royal Bank of Scotland is widely known for the ease it offers its customers. This is all based on their full-fledged internet banking service and it has worked all through the years. Furthermore, this bank has over three account types that they offer. They are Joints, Foundation, and Everyday Bank. When opening an account with the Royal Bank of Scotland, you don’t need a minimum deposit. However, you will pay a 3% Gross/ 3.04 AER interest rate on balances up to £ 1,000.

Barclays

This bank always supports businesses across Scotland and this is a good one if you want to take that path. It is a bank that runs two major account types namely Savings and Current accounts. Furthermore, to register a bank with Barclays, you need a £ 1 minimum deposit fee. While that is so, you get to enjoy an interest rate of 0.01% in your Everyday savings account.

Bank of Scotland

The Bank of Scotland operates as a financial institution that supports Scottish businesses, households, and communities. It is also a huge bank across major towns and cities in Scotland. If you want to open an account with the Bank of Scotland, you need a minimum deposit of £ 1. Moreso, you get a 1.50% AER interest rate on balances between £ 4,000 and £5,000. 

HSBC

HSBC is a bank that has a current account that makes money management really easy. Also, they have access to an overdraft, a linked savings account, and even internet banking. Furthermore, it ranks among some of the best banks in Scotland. In addition, they offer two primary account types: current and savings. You need a minimum deposit of £1 to open an account.

Monzo Bank

This is an online, digital bank and also the first mobile app bank ins UK and Scotland.  Also, their mobile banking is so effective that it could also pass as building banks. Moreover, all their services are all online and they don’t have any physical branches. You can perform all banking activities such as managing funds or requesting a card.

These are some of the biggest banks that you can find in Scotland and create n account with. Just as most of them require a minimum of £1, other banks do not request this. This is because those ones are free to create an account.

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