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Bank of Scotland is a retail and commercial bank steeped in heritage. Based in Edinburgh, it is Scotland’s oldest bank and has been a pillar of the Scottish business establishment since its foundation in 1695.

Today, people’s journeys through life have never been more diverse. Making progress towards their goals involves many decisions about money, big and small, every day.

That’s where Bank of Scotland can help, with the support and guidance customers need to make well-informed financial decisions. We work hard to ensure our customers get the very best service. Our colleagues have an average of 14 years’ experience - considerable knowledge and expertise to help customers get on in life.

Bank of Scotland history – key milestones

  • 1695

    Bank of Scotland was founded by an Act of the Scottish Parliament on 17th July 1695. It is Scotland's first and oldest bank, and post-dates the Bank of England by just one year.

  • 1696

    In 1696, Bank of Scotland became the first commercial bank in Europe to successfully issue paper currency. This was an invaluable service, given the unreliability of Scots coinage at that time. These first notes were issued in denominations of £5, £10, £50 and £100 - the first £1 note did not appear until 1704..

  • 1727

    Under the terms of its founding Act, the Bank had been granted a banking monopoly in Scotland for 21 years. After this expired, a new bank was founded by royal charter, in 1727 - the Royal Bank of Scotland. There followed a generation of intense rivalry as the two banks competed to drive the other out of business.

  • 1774

    Early attempts to establish a branch network proved unsuccessful. It was not until 1774 that the first branches were opened, in Dumfries and Kelso. Twenty-one years later, the Bank had 27 branches. This had risen to 43 by 1860, and 265 by 1939. Bank of Scotland opened its first permanent office in London in 1867.

  • 1959

    The '50s also heralded the age of computerisation, which was to revolutionise British banking. Bank of Scotland was at the forefront. In 1959, it became the first UK bank to install a computer for processing its accounts centrally. 

  • 1979

    In June 1979, Bank of Scotland introduced its House Purchase Loan Scheme. Until then, mortgages had been largely the preserve of building societies. By 1987, Bank of Scotland had provided over £1 billion in home loans. 

  • 1985

    The revolutionary HOBS (Home and Office Banking Service) was launched by Bank of Scotland in 1985. It was the UK’s first electronic home banking service, enabling customers to actively manage their accounts from home, long before the internet was widely available. 


Our £100 polymer note

In 2022, Bank of Scotland unveiled the design of its £100 polymer note, the first to celebrate the contribution of a significant Scottish person – suffragette and medical pioneer Dr Flora Murray.

Find out more about Dr Murray and the £100 note in this article

Our brands

Lloyds Banking Group is best known for its portfolio of brands, including many household names. Together, they enable us to serve the diverse and evolving needs of our customers across the UK.