Bank of Scotland Vantage Current Account Pays 3% Interest

Written by Karen Bryan

bank of scotland debit cardThe Bank of Scotland Classic Current Account with Vantage pays a variable interest rate of 3% on balances between £3,000 and £5,000. The rate is 1.5% for balances of up to £1,000 and 2% for balances of £1,000+ up to £2,999.

When you are opening a Bank of Scotland Classic Current Account you will be given the option to add Vantage to your account. You need to do this in order to earn the higher rate of interest.

This account is one of the most straightforward high interest current accounts. You don’t need to switch accounts, or pay out a specified number of direct debits per month and there’s no monthly fee. The only requirement is to pay in at least £1,000 per month.

This is a much higher rate of interest than you can earn on most savings accounts for balances of £1,000+. The highest rate I could find for an instant access savings account was 1.4% with a Tesco Bank Internet Saver. Even if tie up your money for one year, you’ll only earn 1.85% with the ICICI Bank.

Rates of interest correct on 2 January 2015.