Is Bank of Scotland or OakNorth better for your small business?
Below we look at both Bank of Scotland and OakNorth reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
Bank of Scotland vs OakNorth Trustpilot Reviews
| Bank of Scotland | OakNorth | |
| Trustpilot Review Score (out of 5) | 1.6 | 4.8 |
| Percent 5-Star Reviews | 12% | 84% |
| Percent 1- Star Reviews | 80% | 3% |
| Total Number of Reviews | 649 | 8,904 |
https://www.trustpilot.com/review/www.bankofscotland.co.uk
https://www.trustpilot.com/review/oaknorth.co.uk
Bank of Scotland vs OakNorth App Reviews
| Bank of Scotland | OakNorth | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 269,400 | 1,600 |
| Android Review Score (out of 5) | 4.5 | 4.8 |
| Number of Android Reviews | 44,100 | 468 |
https://apps.apple.com/gb/app/bank-of-scotland-mobile-bank/id485728109
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
Bank of Scotland vs OakNorth Account Fees & Charges
| Bank of Scotland | OakNorth | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £8.50 | £25 |
| Most Expensive Monthly Account Fee | £8.50 | £99.99 |
| Electronic Payment Cost (in/out) | Free / 20p | Free |
| Cash Payments Cost (in/out) | £85p / £1.50 per £100 | 70p per £100 |
| Cheques (in/out) | 85p per cheque | £1 per cheque |
| CHAPS Payments Cost | £30 | £17 |
| SEPA Payments Cost | £5 | No |
Bank of Scotland vs OakNorth Business Savings Rates
| Bank of Scotland | OakNorth | |
| Types of Business Savings Accounts | Fixed Term Deposit, Notice Accounts, Instant Access Account | Fixed Term, Notice Accounts, Easy Access |
| Lowest Savings Rate (AER) | 1.31% | 3.85% |
| Maximum Savings Rate (AER) | 4.37% | 3.85% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Bank of Scotland vs OakNorth Account Opening Times
| Bank of Scotland | OakNorth | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Bank of Scotland vs OakNorth Features & Account Types
| Bank of Scotland | OakNorth | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Visa | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | Scotland only | None, online and phone only |
Bank of Scotland vs OakNorth Customer Support Options
| Bank of Scotland | OakNorth | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Bank of Scotland vs OakNorth Foreign Currency Accounts
| Bank of Scotland | OakNorth | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Bank of Scotland and OakNorth
| Bank of Scotland | OakNorth | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Bank of Scotland vs OakNorth Banking Basics
| Bank of Scotland | OakNorth | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 169628 | 629564 |
| Website | Bank of Scotland Website | OakNorth Website |
Common Comparison Questions
Does Bank of Scotland or OakNorth have better customer reviews?
Bank of Scotland scores 1.6 out of 5 based 649 Trustpilot reviews. Of these reviews 12% are 5-star and 80% are 1-star.
Whereas, OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of which 84% are 5-star and 3% are 1-star.
Does Bank of Scotland or OakNorth have a better App?
Bank of Scotland’s iPhone App is rated 4.8 out of 5 based on 269,400 reviews. And it’s Android App is rated 4.5 out of 5 based on 44,100 reviews.
In comparison, OakNorth’s iPhone App is rated 4.8 out of 5 based on 1,600 reviews. And it’s Android App is rated 4.8 out of 5 based on 468 reviews.
Does Bank of Scotland or OakNorth have better business savings rates?
Bank of Scotland offers the following types of business savings accounts: Fixed Term Deposit, Notice Accounts, Instant Access Account with interest rates ranging from 1.31% to 4.37%. (AER)
In contrast, OakNorth offers Fixed Term, Notice Accounts, Easy Access accounts with interest rates ranging from 3.85% to 3.85% (AER).
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For other business bank accounts see our guide here.