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Knowledgebase
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Frequently Asked Questions
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Finance and the Economy
- Personal Finances Financial Products and Services
Frequently Asked Questions - Personal Finances Financial Products and Services
We have identified over 650 questions and answers concerning many of the topics featured on this site. The information is categorised and can be reached by navigating via the entries below.
Information can also be retrieved using the Search box. This will search through the entire list of FAQ entries (in the Title and the Body) and will return results based on a match based on the words you input. If you wish, you may enter complete questions, e.g. "What currency would we use in an independent Scotland".
- Frequently Asked Questions
- Finance and the Economy
- Personal Finances Financial Products and Services
Will people in an independent Scotland still have access to a wide choice of financial products and services?
Yes. The EU Single Market ensures that products can be sold across borders. Under the European Single European Market, consumers should be able to choose products and services which have been designed by companies anywhere in the EU.
Source: Scotland's Future, Scottish Government, November 2013.
Will independence affect my mortgage rate?
In an independent Scotland mortgages rates will continue to be based on the interest rate set by the Bank of England, which in a Sterling Area will be exactly the same for Scotland as for the rest of the UK, just as it is now.
Source: Scotland's Future, Scottish Government, November 2013.
Will Real Estate Investment Trusts continue in an independent Scotland?
Yes, Scotland will inherit these and similar schemes from the date of independence. Thereafter decisions on specific schemes and support structures – such as Real Estate Investment Trusts – will be made by the Parliament and Government of an independent Scotland. The current Scottish Government recognises the positive impacts of such schemes.
Source: Scotland's Future, Scottish Government, November 2013.
How will my bank account be affected by independence?
Where you have financial products with companies, like banks, these arrangements will continue. Within the Sterling Area, your current account or savings accounts, or your credit cards and mortgages, will continue to be based on the Bank of England base rate which will be the same across the Sterling Area.
Source: Scotland's Future, Scottish Government, November 2013.
Will I still have access to banks and banking services based in the UK?
Yes. In an independent Scotland business and personal customers will continue to have access to banks and banking services in the same way as they do now.
Source: Scotland's Future, Scottish Government, November 2013.
Will bank deposits and other financial products still be protected?
Yes. An independent Scotland will have effective protection for bank deposits and other financial products, maintaining the level of protection currently provided by the Financial Services Compensation Scheme. An independent Scotland will comply with EU rules to provide a deposit guarantee of a minimum of €100,000 (£85,000).
Source: Scotland's Future, Scottish Government, November 2013.
