Bank of Scotland Tagesgeld accounts - Germany

I happened across a Tagesgeld Konto from Bank of Scotland offering 3.8% (variable). This rate is far better than the ca. 2% most other Tagesgeld Accounts are offering and is not a time-limited offer like most of those boasting e.g. 4%.

I'm inclined to think there's a catch somewhere and my first thoughts were that it was a phishing website trying to cash in on the similarity to the beleagured Royal Bank of Scotland. I was under the impression Bank of Scotland ceased to exist years ago the merger with Halifax (HBOS) and subsequently Lloyds TSB, but it seems it is still an entity in its own right (and registered with the FSA and Amtsgericht).

Anyone else here have an account with BoS in Germany? Or know any reasons to leave it well alone?

It's Tagesgeld. They can change the rate tomorrow, if they want.

And they do seem to exist in the UK as well:

http://www.bankofscotland.co.uk/

Granted, but so can all the others and the capital isn't tied up for any period of time. I saw the .co.uk website too so I assume that's why they offer rates higher than those for the Eurozone.

And you need to trust the British government as opposed to the German government:

"Die Bank of Scotland ist dem staatlich britischen Einlagensicherungsfond angeschlossen, dieser sichert Anlagen der Kunden bis zu 50.000 britischen Pfund pro Kunde zu 100% ab. "

BoS are also a currency issuing bank as are the Clydesdale and RBOS, which is another reason why many believe the UK Government was so keen to shore up HBOS.

Yep, that certainly put me off a bit but a Tagesgeld Konto is the wrong place for that amount of money in any case.

..and because Lloyds seem to be doing a nice line in Piracy Brokerage at the moment

While BoS can change at any time, some banks are offer to peg the interest rate (in some cases currently 4%) for up to 12 months. Comparison site

The name in Germany for big money you can deal with is "Tagesgeld". Here you have more information about Tagesgeld.

The offer from the Bank of Scotland is at the time one of the best offers into the german market for Tagesgeld. With 2,5 % from the first cent they offer a rate which is much higher then the average of the market (monthly rates for Tagesgeld).

Best offer? Yeah, I've a few thousand Euro I could sling in there.
The bank has a nasty homophobic reputation though and I don't want to finance that.

i am the same opinion, why should we fill up the money holes of the Bank of Scotland?

I don't like the way that it's so complicated here. Why can't they just have a nice simple high interest account instead of these weird accounts that last for only 48 months or 36 months and where it's never clear if you can keep adding money to it or if it's frozen when you put it in?