Bank of Scotland
Experiences, reviews and information about the provider
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Details
Pros
- German banking licence and German statutory deposit protection
- Call money, fixed-term deposits and loans from a single source
- Free account management in the savings area
- Established brand with a long presence in the German direct-bank market
Cons
- Call money interest offers are often limited to new customers for a set period
- No current account and no securities account on offer
- No branch network, support only by phone and online
- The brand name suggests British protection, but in fact the German EdB provides it
Fact sheet: Bank of Scotland
| Company name | Bank of Scotland |
| Founded | 1695 |
| Headquarters | Berlin |
| Country | 🇩🇪 Germany |
| BaFin-regulated | Yes |
| Deposit protection | €100,000 |
| Type | direktbank |
| Website | bankofscotland.de * |
About Bank of Scotland
Bank of Scotland was founded in Edinburgh in 1695 and belongs to the British Lloyds Banking Group. It has been active in retail banking in Germany since 2008; in 2019, as a result of Brexit, the German business was transferred from Bank of Scotland plc to the newly founded Lloyds Bank GmbH, based in Berlin. "Bank of Scotland" has since been merely a trading name of this German GmbH, which holds a German full banking licence and is supervised by BaFin (the German financial regulator). For savers this means: unlike before 2019, the British FSCS no longer applies, but German statutory deposit protection through the Entschädigungseinrichtung deutscher Banken (EdB) of up to €100,000 per customer. Call money, fixed-term deposits and instalment and car loans are offered, each online with no branch network.
Special features
- The legal entity in Germany is Lloyds Bank GmbH, Berlin
- Transfer of the German business in 2019 as a result of Brexit
- One of Europe's oldest bank brands, founded in 1695 by act of parliament
- Sister brand Lloyds Bank operates in Germany under its own name
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