The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the fifth-oldest extant bank in the United Kingdom.
The Bank of Scotland’s SIPP is a self-managed pension which means you can buy, sell and hold a range of your own investments such as shares, funds, Exchange Traded Funds (ETFs) and more, and you can benefit from between 20% to 45% tax relief on all money paid in. At the age of 55 you can start taking an income from your SIPP, including a 25% tax-free lump sum. The SIPP is provided by AJ Bell.
The Bank of Scotland offers a range of related financial services including Savings, ISAs, Loans, Mortgages, Car Finance, Insurance and more.
Bank of Scotland Reviews and Ratings
Online reviews for the Bank of Scotland are generally quite poor with instances of rude, unempathetic call centre staff, poor customer service levels and glitchy online technology.
- 20-45% tax relief on your pension contributions
- Pay no UK tax on income from dividends, and protect any profit from Capital Gains Tax
- Investment opportunities up to £40,000 per year
- Informative website with clear concise information
- Easy to use online tools and support services
- Detailed product information available online
- Simple pricing and no hidden costs
- FSCS protected
- Incomes from the SIPP can only be drawn by over 55s only
- Poor customer service from the call centre staff
- Complaints about their app being glitchy
- A large fairly overwhelming website
- The nesting of information makes it hard to find quickly
Website: Bank of Scotland