About Bank of Scotland
One of the oldest British banks still operating, the Bank of Scotland’s private bank offers a diverse catalogue of high-value services for its clients. These include wealth management and financial planning, as well as flexible lending solutions and a suite of services to make managing a fortune an easy task.
Fully-integrated digital platforms allow Bank of Scotland private banking clients to choose when and where they manage their money, and there are several methods they can use to contact the bank quickly. This makes for an overall well-rounded private banking experience that ticks many boxes for high net worth individuals.
Scotland’s first national bank
The Bank of Scotland was formed in 1695, only a single year after its counterpart the Bank of England. However, while the two national banks were formed within a short space of time, they were created to serve very different purposes. The Bank of England was explicitly tasked with raising funds for William III’s wars abroad. The Bank of Scotland, on the other hand, was given the job of supporting Scottish businesses. It was Scotland’s first national bank, and was given a 21-year monopoly on public banking in the country.
As soon as this monopoly expired, the rival Royal Bank of Scotland was created. The “Bank Wars” during the 1720s-40s were mutually destructive, with both banks attempting to put the other out of business. However, both banks eventually put their differences aside. In fact, the Bank of Scotland and its one-time competitor worked together to avert a major banking crisis in 1772. They acted almost as a modern central bank, lending to smaller banks to avert a full liquidity crisis. This co-operative spirit made Scotland more financially resilient than many other countries in Great Britain.
Today’s Bank of Scotland offers a diverse range of banking services, including a fully-equipped private bank. Clients must have either £250,000 or more of deposits or at least a £750,000 mortgage with the bank.
The Bank of Scotland’s private banking service
Clients of the Bank of Scotland’s private bank gain access to a wide range of useful services. These include financial planning and investment advice, which are delivered through the private bank’s partnership with a dedicated advisory service. Lending for short-term expenses is available to cover costs such as school fees and tax bills, which can ensure financial fluidity at all times for high net worth individuals.
The private bank also gives clients access to large mortgages and bridging loan facilities, enabling swift and stress-free investment in assets of many varieties. Support for business and enterprise also comes from the Bank of Scotland’s private bank accounts, which are able to invest in funding for partnership in a firm.
These services are offered alongside bespoke current and savings account products tailored to the needs of high net worth individuals. These provide the flexible, adaptable solutions that modern individuals need to manage and make the most of their wealth.
Private banking with the Bank of Scotland
With a strong emphasis on quality service and many years’ experience as a top-shelf bank, the Bank of Scotland is an excellent choice for any high net worth individual.