Euro Account

Making it simple to trade in Euros.

Our Euro Account has been created to make the process of trading in Euros simple and convenient to manage. It’s available to your business if you have a Bank of Scotland sterling business account.

Key Features
  • Make and receive payments in Euros.
  • Simplify the collection and payment of funds.
  • No minimum balance required.

Apply by calling 0845 606 0286

  • Make and receive payments in Euros.
  • Simple collection and payment of funds across Europe.
  • Quick and easy transfer of funds between your sterling business account and your Euro account.
  • Increased protection from adverse movements in foreign exchange rates by negating the need to convert funds from or into Sterling.
  • Overdraft facilities may be available to help you manage your cash flow.
  • If your Euro Current Account is regularly in credit, we can help you open a Euro Call Account allowing you to transfer the surplus so that qualifying balances will earn credit interest.

Changes in the exchange rate may increase the sterling equivalent of your debt.

The information below applies to Euro Accounts opened on or after 24 September 2014

Reference Rates

For information on the Currency Reference Rates please refer to our Currency Account Interest Reference Rate

The Credit Reference Rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below Market Rate. The Debit Reference Rate is the rate currency accounts are linked to for debit interest and is set at 0.25% above Market Rate. The appropriate debit and credit margins are then applied. 

Credit Interest

For information on the Credit Interest Tiers please refer to our Currency Account Credit Interest Tiers

The Credit reference rate is the rate currency accounts are linked to for credit interest and is set at 0.25% below the market rate (if market rate falls below 0%, it will be treated as 0% until such time it exceeds 0%). The appropriate credit margin is then applied.

The information below applies to Euro Accounts opened on or after 12 September 2011.

For accounts opened before this date, please check with your Relationship Manager to find out the rates and charges that apply.

For details of what your currency account’s reference rate is linked to and where this is independently published, view our Foreign currency interest rate guide.

Debit interest

Overdrafts are subject to arrangement fees.

  • Unauthorised borrowing will be charged at the same rate as agreed for your overdraft, if overdraft facilities are in place.
  • If no overdraft facilities are in place, unauthorised borrowing will be charged at the account’s reference rate plus 12% per annum.
  • Interest will be calculated on the cleared daily balance of the new or excess overdraft and will be payable for the duration of the unauthorised overdraft.

Credit interest (Euro Call Account)

Credit interest is linked to the Euro Overnight Index Average (EONIA® ) and tiered as follows:-

Interest rate bands EONIA
<£3000 No interest paid
£3,000 to £19,999 -3.50%
£20,000 to £39,999 -2.50%
£40,000 to £79,999 -1.50%
£80,000 to £199,999 -1.00%
£200,000 to £399,999 -0.50%
£400,000 to £799,999 -0.25%
£800,000+ Full rate

The EONIA rate can be obtained from a number of independent sources including the Financial Times.

Note: Should the relevant reference rate fall below the applicable interest rate band margins specified above no interest will be paid.

Conditions
Please visit our terms and conditions section to view all terms and conditions, charging and associated information.

For more information call 0845 606 0286.

  By phone

Apply by calling 0845 606 0286

If you are a new customer to Bank of Scotland you will need to open a Business Current Account with us in order to open a Euro Account.

Any property given as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.

All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.

You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.