Which Scottish bank, founded in 1695, is Scotland’s oldest surviving bank?

The Bank of Scotland, founded in 1695, is Scotland’s oldest surviving bank.

The Scottish Parliament established the bank during the reign of William and Mary. Its original charter allowed it to issue notes and conduct banking business, helping support commerce in Scotland after the political and economic upheavals of the seventeenth century.

The institution remained separate from the Bank of England for centuries and developed its own Scottish banknote tradition. Bank of Scotland notes are still issued today, although Scottish notes are not legal tender in the strict legal sense even though they are widely accepted throughout the United Kingdom.

The Royal Bank of Scotland was founded later, in 1727. In 2001, Bank of Scotland merged with Halifax to form HBOS. Lloyds Banking Group acquired HBOS in 2009, and the Bank of Scotland brand continues within that group.