Bank accounts
When moving to Scotland from overseas you will usually need a bank account so that you can be paid by your employer, obtain money and pay others.
Your mortgage or rent and other bills such as electricity, gas and insurance are also usually handled through the banking system.
How your bank account works
When your application is approved, you’ll start with a simple current account.
This generally includes a cheque book, a debit card that lets you draw money out of cash machines in the street, and interest paid on your account when it is in credit.
The debit card, which automatically takes the payment from your bank account, is the most common way to pay for goods. For example, most supermarkets no longer accept cheques.
Current accounts let you set up direct debits to pay regular bills such as rent and electricity.
Telephone and internet banking are common in Scotland, and it’s likely you’ll be able to operate your bank account through these methods.
Types of bank account
There are many different types of financial products available, but each comes with its own terms and conditions, and factors such as interest rates can vary enormously.
Examples of bank accounts are:
- Basic bank account
- Current account
- Student account
- Savings account
Find out more about types of bank account from Directgov
Free banking
One of the things you might notice is that the UK is one of the few countries where you’re not charged for banking services if you stay in credit.
It is unlikely that you’ll be able to open a more complex bank account (such as credit cards, loans and mortgages) until you’ve operated the simple version in a satisfactory way for a reasonable period - typically at least six months.
Find out how to open a bank account in Scotland