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Frequently Asked Questions

Fixed Rate Bond – Funding FAQs

Who can open a Fixed Rate Bond with Birmingham Bank?

You can apply for a Fixed Rate Bond online only at www.birminghambank.com.

To be eligible, you must:

  • Be aged 18 or over

  • Be a UK resident and only tax resident in the UK

  • Not be a US person (including US citizens, residents, green card holders, or those subject to US tax)

  • Open the account in your own name only - we don’t support joint, business, charity, or trust accounts

How do I fund my Birmingham Bank Fixed Rate Bond?

Once your account is open, you have 14-days to make deposits, this is known as your funding window.

Funding Rules:

  • Payments must come from your nominated UK bank account (this is the account you provided during application)

  • Only Faster Payments are accepted

  • We do not accept cheques, CHAPS, BACS, international transfers, or cash

You can make multiple deposits during this period, as long as they are within the limits and sent from your nominated account.

What payment details should I use to fund my account?

To fund your account, use the following bank details:

  • Account Number: 12756462

  • Sort Code: 30-62-61 (may appear as Lloyds)

  • Payment Reference: Your 8-digit Birmingham Bank Account Number (found in your welcome email or Online Savings Portal)

Make sure the payment reference is entered exactly. The payment reference tells us which account to credit.
If it's incorrect or missing, your deposit may be delayed or returned.

What is my funding deadline?

You have 14 calendar days from the day your account is opened to fund your bond, this is called your funding window.

For example, if your bond is opened on 1st March, your deadline is 14th March. Once the 14 days have passed you can no longer make deposits into your bond.

You can make as many deposits as you'd like within the 14-day funding window, up to the maximum deposit amount.

You can find your exact deadline in your welcome email and your Online Savings Portal.

What’s the minimum and maximum I can deposit?
  • Minimum deposit: £5,000

  • Maximum deposit: £250,000

If your bond isn’t funded with at least £5,000 within the 14 days, your account will be closed and any funds will be returned to your nominated account (within 3 working days).

If you deposit more than £250,000, the excess will be returned to your nominated bank account.

You can make as many deposits as you'd like within the 14-day funding window, up to the maximum deposit amount.

Can I fund my Fixed Rate Bond from any bank account?

No, you can only fund your Fixed Rate Bond using your nominated bank account.

You can choose a nominated bank account when you sign up for your account and make changes any time from your Online Savings Portal.
If you're unsure which one that is, check your Online Savings Portal for more information.

Can I send a test payment first?

Yes, if you’d like peace of mind, we recommend sending a small test payment (e.g. £1) before transferring your full deposit.

Once the amount appears in your Online Savings Portal, you’ll know your payment details are correct.

Can I cancel or close my account early?

No, early cancellation or closure is not allowed except in two cases:

  1. If the account holder passes away

  2. If we make a change to the agreement that disadvantages you

If either applies, please contact us via the Chat in your Online Savings Portal, by email at savings@birminghambank.com, or by phone on 03330 048 048 (Mon–Fri, 9:00am–5:00pm).

Do you deduct tax from my interest?

No, interest is paid gross, without tax deducted.

You are responsible for reporting and paying any tax due.

Fixed Rate Bond – General FAQs

How do I make a compliant?

At Birmingham Bank, we strive to provide excellent service to all our customers. However, if something goes wrong and you wish to make a complaint, please email us at complaints@birminghambank.com.

A member of our complaints team will review your concerns and respond within 48 hours of receiving your complaint.

Please note that our office hours are Monday to Friday, 9am to 5pm, and we are closed on weekends and bank holidays. Complaints received outside of these hours will be addressed on the next working day.

Who can I contact if I need help?
  • Use the Chat feature in your Online Savings Portal

  • Email us: savings@birminghambank.com

  • Call us: 03330 048 048

We’re available Monday to Friday, 9am–5pm

Is Birmingham Bank a member of FSCS?

Birmingham Bank is a fully licensed UK bank. Deposits of up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS). You can find out more information here: Financial Services Compensation Scheme Information Sheet - Birmingham Bank or head to their website here for further information: www.fscs.org.uk.

Trouble Logging Into Your Birmingham Bank Online Savings Portal?

If you're having trouble logging in, try the following steps:

Check your login details

  • Make sure you're using the same email address and mobile phone number you used to sign up.

  • We send a One-Time Password (OTP) via text and email to verify your login.

Not receiving your OTP?

  • For mobile OTPs: Check your signal and ensure your phone is receiving messages.

  • For email OTPs: Check your junk or spam folder in case the message was filtered by your email provider.

  • Still can’t log in?
    Click "Forgotten Password" on the login page.

  • Follow the instructions to reset your password and regain access to your account.

I have Power of Attorney - How can I access a family member’s account?

To gain access to a Birmingham Bank account as an attorney, we’ll need the following documents:

  • A copy of the Lasting Power of Attorney (LPA) document, or the access code to retrieve it via the official government website.

  • A copy of your valid photo ID (passport or driving licence).

Once we receive and verify these documents, we’ll add you to the account and will be able to discuss account details with you directly.

Can I request a Savings Statement?

Yes, you can view and download your statements anytime from your Online Savings Portal.

If you need a statement for a specific time period or require it in an alternative format such as braille, audio, or large print, simply use the Chat feature in your Online Savings Portal to send us your request.

A relative has passed away - What happens to their savings account?

We’re very sorry for your loss. To help you with the next steps regarding your relative’s account, please get in touch with us via:

  • the Chat in your Online Savings Portal

  • by email at savings@birminghambank.com

  • by phone on 03330 048 048 (Mon–Fri, 9:00am–5:00pm)

Our team will guide you through the process of settling the account and what documentation may be required.

What is Confirmation of Payee (CoP)?

Birmingham Bank uses a name-checking service called Confirmation of Payee (CoP) to help protect against scams and reduce mistakes when making payments. CoP allows you to check if the account name matches before sending money, ensuring your payment goes to the correct person or business.

How does CoP work for Birmingham Bank customers?

When you fund your Birmingham Bank savings account, CoP will check the details you've entered. This helps prevent payments from going to the wrong account.

How it works:

  • Enter your account name and number.

  • Your bank will check if these details match what we have on file.

  • You'll get one of three results:

    • Match: The details are correct.

    • Partial Match: The name is similar. You’ll see the correct name and can update your details.

    • No Match: The details don’t match. You’ll need to check and try again.

    • Unavailable: There may be occasions where a CoP check is unavailable. For example, a system problem or the account holder’s bank doesn’t use the CoP scheme. You’ll need to check and try again.

If you’re unsure about your account name, you can verify it by logging into online banking.

Your data is secure.
Birmingham Bank and other banks securely share information to confirm the correct payee details. The CoP service is regulated by the Payment Systems Regulator (PSR).

Can I opt out or back in to Confirmation of Payee (CoP)?

Opting out of Confirmation of Payee

You can’t opt out of CoP when you’re making a payment to someone else, but you can ask to stop your details being checked when other people try to pay you. They’ll see a message saying that your details can’t be confirmed.

We use CoP to make sure your payment isn’t sent to the wrong account by mistake. It also helps us to protect you from fraud. If you’d still like to opt out, please print, complete and post the CoP opt-out form back to us. We’ll get back to you within 14 working days.

Not all accounts can opt-out – if you can, we’ll let you know.

CoP opt-out form https://144374788.fs1.hubspotusercontent-eu1.net/hubfs/144374788/Confirmation of Payee - Opt-in-out form.pdf

Opting back into Confirmation of Payee

If you’ve previously asked for your details not to be checked when someone pays you, you can decide to opt back in. Please print, complete and post the CoP opt-in form back to us.

CoP opt-in form https://144374788.fs1.hubspotusercontent-eu1.net/hubfs/144374788/Confirmation of Payee - Opt-in-out form.pdf

Fixed Rate Bond – Account Maturity FAQs

What happens at the end of my Fixed Rate Bond term?

At least 14 days before maturity, we’ll contact you with next steps.

Your options include:

  • Withdraw your funds to your nominated bank account

  • Redeposit into a new Birmingham Bank Savings Account of your choice

If we don’t receive instructions by your bond’s maturity date, we’ll move your funds into a Holding Account to keep them secure and earning interest.

What is a Holding Account?

A Holding Account is a temporary, variable-rate savings account that we open automatically when your Fixed Rate Bond matures and no instructions are provided.

It ensures your funds:

  • Continue earning interest

  • Remain accessible while you decide your next move

Your Holding Account has a variable interest rate, meaning the rate can go up or down over time. We may change the rate if there's a valid reason.

Will I be informed if the rate changes?

Yes, we’ll always notify you of:

  • Any change to your Holding Account’s interest rate

  • The effective date of the change

You’ll be contacted via email and through your Online Savings Portal.

What can I do with funds in my Holding Account?

You can manage your funds at any time using your Online Savings Portal. You have two options:

  1. Withdraw your balance to your nominated bank account

  2. Redeposit into a new Birmingham Bank Savings Account of your choice

There are no penalties or restrictions on withdrawals from your Holding Account.

Is there a limit to how long I can keep funds in the Holding Account?

While there is no fixed limit, the Holding Account is designed for short-term use until you make your next redeposit or withdrawal decision.

 

How do I access my Holding Account?

Log in to your Online Savings Portal at any time to view your Holding Account balance, interest rate, and available options.

 

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© 2025 Birmingham Bank.
Birmingham Bank Limited, is authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority (Finance Services Register No. 204478)

Registered office: c/o Field Fisher, Riverbank House, 2 Swan Ln, London EC4R 3TT
Registered in England. Company No. 00555071