Scottish Building Society

For over 175 years, Scottish Building Society has been helping people buy their homes with funds raised from our members savings accounts. Our Client Account Online is designed to help legal firms across Scotland hold client money safely and securely, whilst complying with regulatory obligations. The service comes at no cost to the solicitor and provides a simple online platform and process that can save firms’ time.

• The account can only be opened and operated by a solicitor regulated by the Law Society of Scotland and it must be used for client funds only.
• The account is suitable for medium to longer term funds, for example those held by the solicitor in Executry and Simple Trust arrangements. Our Client Account Online gives solicitors the ability to open and manage individual client accounts to apportion funds as needed while keeping them separate from the firm’s main bank account.

Our offer to Law Society of Scotland members is as follows:

• A free personalised relationship service provided by a team based in Scotland
• A competitive rate of interest, earned daily and paid quarterly direct to each individual designated client account
• Separate accounts for each client so making reconciliation simpler.
• No fees or transaction charges
• Easy online access to the cleared funds available
• A closed loop to transfer funds to and from your firm’s main bank account
• No paperwork required for individual client accounts opened. Our team will work with each firm to monitor any changes to AML risk assessments, or events that could change its due diligence in future.

To find out more please email: Alan Chapman, Head of Client Services a.chapman@scotbs.co.uk or Reena Bell, Client Relationship Manager r.bell@scotbs.co.uk. They will contact you to discuss your requirements and to make sure the account meets your needs.