Instant Access

Regular savings for all

We aim to deliver benefit to customers in terms of savings products and rates which remain at the front end of the market. We therefore offer a regular savings account which is now available to all.

Find out more by calling us on 03330 048 048 or find our latest rates here.

Overview

Having researched the regular savings account market-place, we are bringing you an account which pays a higher rate of interest than our existing accounts in return for your regular savings. It’s an open-ended account (unlike many in the market-place) which means you can save for large purchases without being bound by a 12-month contract and, with 2 withdrawals per annum, it should suit most saver’s needs.

Key features

  • Instant access
  • Can be opened in business, sole name or held jointly
  • Up to 2 withdrawals per annum
  • Interest paid half-yearly
  • £25 deposit to open an account per individual or company
  • Pay money in by standing order (minimum) £25 – £1,000 (maximum)

Compensation Scheme

Your savings are covered by the Financial Services Compensation Scheme. Payments under the scheme are limited to a maximum payment to any one depositor of £85,000. Click here for our FSCS document

Deposit Rates

Our rates are available here…

Download Rates PDF Here

Things to be aware of – Instant Access Account

At Birmingham Bank we want to make sure you have all the information you require before agreeing to a facility. So while you need to read and understand the terms and conditions of each product the below summary provides some further detail you may want to be aware of.

Where can I find the current interest rates?
How and when do interest rates apply?

Interest is calculated daily on the cleared balance in the account

Can Birmingham Bank change the interest rate?

We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually’

What is the eligibility criteria?

Full details are in the T&C’s but if you are over 18 years old then you can apply

Is there a minimum amount?

The minimum deposit we can accept is £1,000 per individual or company

Is there a maximum amount?

Maximum deposit is £75,000
Your overall total deposits with Birmingham Bank can be no more than £250,000

Can I withdraw my money

Withdrawals or early closure of this account are available with immediate access subject to the bank receiving a request in writing

How to get in touch

You can get in touch in writing, by phone or by email please see our contact page for details

Things to be aware of - Regular Savings Account

At Birmingham Bank we want to make sure you have all the information you require before agreeing to a facility. So while you need to read and understand the terms and conditions of each product the below summary provides some further detail you may want to be aware of.

Where can I find the current interest rates?

The interest rate applied on your account will depend on the amount. There is a different interest rate applied up to £36,000 and over £36,000.

Full details of current rates can be found in the link below.

Download Rates PDF Here

How and when do interest rates apply?

Interest is calculated daily on the cleared balance in the account and will be credited to the account half yearly in March and September or on closure of the account if this happened sooner.

Can Birmingham Bank change the interest rate?

We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually’

What is the eligibility criteria?

Full details are in the T&C’s but if you are over 18 years old and can set up a monthly direct debit to the account then you can apply

Is there a minimum amount?

A standing order of between £25 & £1000 each calendar month must be set up

Is there a maximum amount?

Your overall placement with Birmingham Bank must not be more than £375,000 (excluding interest) at any one time.
The maximum amount for a Regular Savings account is £100,000.

Can I withdraw my money?

A maximum of two withdrawals per annum is allowed and withdrawn sums cannot be replaced by a lump sum.

How to get in touch?

You can get in touch in writing, by phone or by email please see our contact page for details.

Terms and Conditions

Regular Savings Account Terms and Conditions

Birmingham Bank Regular Savings Instant Access Account

Description of product:

The NEW Regular Savings Account is an instant access deposit account denominated in Pounds Sterling where regular monthly savings are accepted, subject to the parameters outlined below, and withdrawals are only permitted twice per annum, subject to the parameters indicated below. The interest rate applicable thereon will be variable.
1. Eligibility –
I. To have the account you must be at least 18 years old.
II. Available to personal and business customers.
III. Available to Birmingham Bank customers
IV. Accounts can be opened in a sole name or held jointly.
V. Only one Regular Savings Account is allowed per applicant(s).
VI. A fully completed application form is required in all cases before an account can be opened together with initial cleared funds as paid in below (see 2.II)
VII. You must agree to set up a standing order into the account for one payment of between £25 and a maximum of £1000 each calendar month whilst the account is open (your ‘Standing Order’), the first being within 30 days of you opening the account. This is subject to your overall placement with Birmingham Bank being no more than £375,000, excluding accrued interest, at any one time.
VIII. The maximum amount allowed to accumulate in a Regular Savings Account is £100,000.
IX. The Bank reserves the right to convert the Regular Savings Account to a Call Account and amend the terms and conditions and interest payable to those of the Call Account, as published at the time, in the event that the Terms and Conditions of the Regular Savings Account are not met.
2. Deposits and Withdrawals –
I. The minimum initial deposit we can accept is £25 per individual or company and should be the same as the regular monthly savings amount thereafter.
II. This initial deposit should be made by way of a cheque drawn on an account and/or the standing order completed should be drawn from an account in the exact name of the account holder(s) of the new Regular Savings Account.
III. You can then only pay money into the new account by your monthly Standing Order. If the standing order is less than £25 or more than £1000 we will return it to the account it was paid from. If you miss a payment it cannot be made up.
IV. Your Standing Order cannot be set up from another savings account with us.
V. A maximum of 2 withdrawals per annum only is allowed.
VI. Withdrawn sums cannot be replaced with a lump sum payment.
VII. You cannot set up any standing order from this account.
3. Interest –
I. The interest applicable to this account is variable and will be advised on our website
II. Interest is calculated daily on the cleared balance in the account and will be credited to the account half yearly in March and September or on closure of the account if this happened sooner.
III. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually
IV. We will update our website within three business days of a rate change taking effect
V. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
4. Term –
I. This account has no fixed term in that it is until further notice.

5. Tax Status –
I. Interest is paid gross (without taking off tax).
II. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
III. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

The Bank reserves the rights to convert the Regular Savings Account to a Call Account and amend the terms and conditions including the interest payable to those of the Call Account to those published at the time in the event that the Terms and Conditions of the Regular Savings Account are not met

Instant Access Deposit Account Terms and Conditions+

Instant Access Deposit Account Terms and Conditions+

The Call account is a deposit account denominated in Pounds Sterling where instant withdrawals against cleared funds may be made.

  1. Eligibility –
    a. To have the account you must be at least 18 years old
    b. Available to Birmingham Bank customers
    c. Available to personal and business customers
    d. Accounts can be opened in sole name or held jointly
    e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.d)
  2. Deposits and Withdrawals –
    a. The minimum deposit we can accept is £1,000 per individual or company and the maximum deposit is £75,000 (subject to your overall total placement with Birmingham Bank being no more than £250,000 – which takes effect from 31st December 2020 – excluding accrued interest, at any one time)
    b. Withdrawals or early closure of this deposit account are available with immediate access subject to Birmingham Bank receiving a request in writing
    c. You can pay money into this account either by cheque made out to Birmingham Bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through Birmingham Bank
  3. Interest –
    a. The interest applicable to this account is variable and will be advised on our website
    b. Interest is calculated daily on the cleared balance in the account
    c. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually
    d. We will update our website within three business days of a rate change taking effect
    e. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day
    f. Interest will be paid into the account half yearly in March and September or on closure of the account if this happens sooner
  4. Term –
    a. This account has no fixed term in that it is until further notice unless a written request for closure has been received by us
  5. Tax Status –
    a. Interest is paid gross (without taking off tax).
    b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
    c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance.