ISA

Tax free interest

Birmingham Bank ISA is a great way of saving tax free – as with any ISA interest income is tax-free.

If you’re looking to make the most of your tax-free limit and improve the return on your savings, we have a range of ISA products for you to choose from. You’ll be hard pushed to find a better rate anywhere else.

ISA Products

  • Easy Access ISA
  • Fixed-Term ISA

ISA Benefits

  • Invest up to £20,000 per tax year
  • £100 deposit to open an Easy Access account
  • £2,500 deposit to open a Fixed-Term account
  • Transfers in accepted – currently suspended
  • 1 month’s notice for withdrawals on
  • Easy Access ISAs (subject to the banks discretion)

Deposit Rates

Our rates are available here…

Download Rates PDF Here

Things to be aware of - ISA

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?

Our rates are available here…

Download Rates PDF Here

Does the interest rate change based on product type?

Yes, there are different interest rates that are applied depending on the length ISA you sign up for. The longer you commit the better the reward with the highest interest rates being paid on the longest investment.

How and when do interest rates apply?

Half yearly on 31st March and 30th September

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 investment or transfer into this account is £2,500

Is there a maximum amount?

The maximum ISA investment limit is £20,000 pa for the tax year

Can I withdraw my money?

No withdrawals are permitted within the fixed rate period

What happens at the end of the term?

Rates are fixed for the agreed number of years from the date of opening the account. Thereafter the account will become a standard Birmingham Bank Cash ISA (with variable interest rate).

How to get in touch?

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

Financial Service 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

1 year Fixed Rate Cash ISA Product Infomation+

 Key Product Information – Here is some important information about our 1 Year Fixed Rate Cash ISA to help you decide whether this account is right for you. You should read this sheet carefully together with the full Cash ISA Terms and Conditions (listed within the body of the ISA application form).

Account Name – Birmingham Bank 1 Year Fixed Rate Cash ISA

Interest Rates (AERs) – See latest rate sheet

Annual Interest – See latest rate sheet

Rates are fixed for 1 year from the date of opening the account ‘the fixed term’. Thereafter the account will become a standard Birmingham Bank Cash ISA (with variable interest rate).

Additional contributions – You may add to your Fixed Rate Cash ISA during the fixed term provided that your total subscriptions for the Tax year do not exceed the annual ISA allowance. The fixed rate period will remain unaltered. ie. It will remain as 1 year from the date of opening the account.

 Maturity – your options ‐ One month before the fixed rate period ends, we will write to you to let you know whether we have a new fixed rate offer and the terms. We will also advise you of the current variable Cash ISA rate. At that stage we will ask for your written instruction for the maturity proceeds. If we have no instructions the account will automatically transfer to the standard Cash ISA terms at maturity.

 Funding Limits ‐ The minimum investment or transfer into this account is £2,500 subject to the maximum ISA investment limit of £20,000 pa for the Tax year 2020/2021. This amount does not include ISA subscriptions in respect of previous tax years transferred in from other providers, which are allowed regardless of the balance.

To ensure funds are accepted into your new ISA account we must receive all funds within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. This includes any funds transferred in from existing ISAs held elsewhere, therefore please ensure that you initiate any ISA transfers in as soon as you receive your new Fixed Rate Cash ISA details. After the 30 day period you may not be able to make any additional deposits into this Fixed Rate ISA.

Tax Status ‐ Interest is paid tax free

Withdrawal arrangement ‐ No withdrawals are permitted within the fixed rate period

Interest Paid ‐ Half yearly on 31st March and 30th September

 Account Operation ‐ Direct through initial completion of paperwork and liaison with Birmingham Bank’s head office at 8th Floor, Lyndon House, 62 Hagley Road, Edgbaston, Birmingham B16 8PE

Telephone: 03330 048 048
Email: info@birminghambank.com

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)

2 year Fixed Rate Cash ISA Product Infomation+

 Key Product Information – Here is some important information about our 2 Year Fixed Rate Cash ISA to help you decide whether this account is right for you. You should read this sheet carefully together with the full Cash ISA Terms and Conditions (listed within the body of the ISA application form).

 Account Name – Birmingham Bank 2 Year Fixed Rate Cash ISA

 Interest Rates (AERs) – See latest rate sheet

 Annual Interest – See latest rate sheet

Rates are fixed for 2 years from the date of opening the account ‘the fixed term’. Thereafter the account will become a standard Birmingham Bank Cash ISA (with variable interest rate).

Additional contributions – You may add to your Fixed Rate Cash ISA during the fixed term provided that your total subscriptions for the Tax year do not exceed the annual ISA allowance. The fixed rate period will remain unaltered. ie. It will remain as 2 years from the date of opening the account.

 Maturity – your options ‐ One month before the fixed rate period ends we will write to you to let you know whether we have a new fixed rate offer and the terms. We will also advise you of the current variable Cash ISA rate. At that stage we will ask for your written instruction for the maturity proceeds. If we have no instructions the account will automatically transfer to the standard Cash ISA terms at maturity.

 Funding Limits ‐ The minimum investment or transfer into this account is £2,500 subject to the

maximum ISA investment limit of £20,000 pa for the Tax year 2020/2021. This amount does not include ISA subscriptions in respect of previous tax years transferred in from other providers, which are allowed regardless of the balance.

To ensure funds are accepted into your new ISA account we must receive all funds within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. This includes any funds transferred in from existing ISAs held elsewhere, therefore please ensure that you initiate any ISA transfers in as soon as you receive your new Fixed Rate Cash ISA details. After the 30 day period you may not be able to make any additional deposits into this Fixed Rate ISA.

Tax Status ‐ Interest is paid tax free

 Withdrawal arrangement ‐ No withdrawals are permitted within the fixed rate period

 Interest Paid ‐ Half yearly on 31st March and 30th September

 Account Operation ‐ Direct through initial completion of paperwork and liaison with Birmingham Bank’s head office at 8th Floor, Lyndon House, 62 Hagley Road, Edgbaston, Birmingham B16 8PE

Telephone: 03330 048 048
Email: info@birminghambank.com

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)

3 year Fixed Rate Cash ISA Product Infomation+

Key Product Information – Here is some important information about our 3 Year Fixed Rate Cash ISA to help you decide whether this account is right for you. You should read this sheet carefully together with the full Cash ISA Terms and Conditions (listed within the body of the ISA application form).

Account Name – Birmingham Bank 3 Year Fixed Rate Cash ISA

 Interest Rates (AERs) – See latest rate sheet

 Annual Interest – See latest rate sheet

Rates are fixed for 3 years from the date of opening the account ‘the fixed term’. Thereafter the account will become a standard Birmingham Bank Cash ISA (with variable interest rate).

Additional contributions – You may add to your Fixed Rate Cash ISA during the fixed term provided that your total subscriptions for the Tax year do not exceed the annual ISA allowance. The fixed rate period will remain unaltered. ie. It will remain as 3 years from the date of opening the account.

 Maturity – your options – One month before the fixed rate period ends we will write to you to let you know whether we have a new fixed rate offer and the terms. We will also advise you of the current variable Cash ISA rate. At that stage we will ask for your written instruction for the maturity proceeds. If we have no instructions the account will automatically transfer to the standard Cash ISA terms at maturity.

 Funding Limits – The minimum investment or transfer into this account is £2,500 subject to the maximum ISA investment limit of £20,000 pa for the Tax year 2020/2021. This amount does not include ISA subscriptions in respect of previous tax years transferred in from other providers, which are allowed regardless of the balance.

To ensure funds are accepted into your new ISA account we must receive all funds within 30 days from your account opening date. Any deposits received after 30 days may be returned to you. This includes any funds transferred in from existing ISAs held elsewhere, therefore please ensure that you initiate any ISA transfers in as soon as you receive your new Fixed Rate Cash ISA details. After the 30 day period you may not be able to make any additional deposits into this Fixed Rate ISA.

Tax Status – Interest is paid tax free

 Withdrawal arrangement – No withdrawals are permitted within the fixed rate period

 Interest Paid – Half yearly on 31st March and 30th September

 Account Operation ‐ Direct through initial completion of paperwork and liaison with Birmingham Bank’s head office at 8th Floor, Lyndon House, 62 Hagley Road, Edgbaston, Birmingham B16 8PE

Telephone: 03330 048 048
Email: info@birminghambank.com

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)

Standard Flexible Cash ISA and Fixed Term Cash ISA Terms and Conditions+

ISA stands for Individual Savings Account. For an account to qualify for the special tax treatment, an ISA must operate within rules which have been laid down by the Government. These rules are incorporated into the Birmingham Bank Cash and Fixed Rate Cash ISA Terms and Conditions which are as follows:

1) The ISA rules specify that you may open and/or invest in only one Cash ISA in any tax year (the period from 6 April to 5 April the following year).

2) An ISA may only be held by an investor in his or her sole name.

3) The ISA investments will be, and must remain in, the beneficial ownership of the investor, and must not be used as security for a loan.

4) You must be at least 16 years old to invest in an ISA. An ISA may not be transferred from one investor to another, unless inherited upon the death of the original investor.

5) You must be resident or ordinarily resident in the United Kingdom for tax purposes or, if not so resident, perform duties which, by virtue of Section 132 (4) (a) of the Income and Corporation Taxes Act 1988 (crown employees serving overseas), are treated as being performed in the United Kingdom, and must inform Birmingham Bank if you cease to be so resident and ordinarily resident or to perform such duties.

6) The start date for your ISA is the date of the first deposit.

7) The minimum amount required to open a Birmingham Bank standard Cash ISA is £100 and £2,500 into a Fixed Rate Cash ISA, and the minimum transaction thereafter is £50.

8) With effect from 6th April 2020 the maximum total investment which can be made in a Birmingham Bank Cash ISA is £20,000, regardless of any withdrawals made. The full £20,000 can be paid into your Cash ISA subject to any stocks and shares ISA contributions. Please note, you can only pay into one Cash ISA and one Stocks and Shares ISA* in each tax year. We will change the maximum amount you can deposit each year if there are changes to the limit introduced by HM Revenue; Customs in any particular year, to reflect those changes.

9) Interest is paid half-yearly on the 31st March and 30th September directly to your ISA account.

10) You will not have to pay income tax on the interest paid in each of the years that you have your Birmingham Bank ISA provided all the ISA rules have been followed.

11) Please note that the favourable tax treatment of ISAs may not be maintained (Tax treatment is the Government’s responsibility). These terms and Conditions reflect HM Revenue; Customs ISA regulations applicable from time to time and will change in the event of any relevant change in these regulations.

12) On your written instructions we will transfer the whole of your Birmingham Bank Cash ISA with all rights and obligations to another ISA provider within one month. The Fixed Rate Cash ISA cannot be transferred during the fixed rate period.

13) Partial transfers are not permitted.

14) Withdrawals are subject to one month’s notice in respect of our standard Cash ISA and are not permitted in respect of the Fixed Rate Cash ISA.

15) Withdrawals cannot be made against the proceeds of cheques invested for fewer than six banking days (not including Saturdays). The six-day period starts on the day the cheque is credited to the account but excludes the day of withdrawal. Our cheques are always crossed `Account Payee’.

16) If you fail to subscribe to your Birmingham Bank Cash ISA in any tax year, under government rules, you will be required to complete a new application form should you wish to continue to invest in subsequent years.

17) For a period of l4 days after the receipt of your first deposit into your Birmingham Bank ISA you may instruct us that you have changed your mind by writing to us at Birmingham Bank, 225 Bristol Road, Edgbaston, Birmingham B5 7UB and we will return your deposit to you with any accrued Interest (with tax deducted at the basic rate). No charges whatsoever will be made during this time.

18) No early access charges or notice periods apply on closure at the end of the fixed term or on the transfer to another ISA during the first 14 days after the account opening, or ultimately on account closure due to the death of the account holder.

19) We will inform you about any changes to interest rates (in respect of the Standard Cash ISA) or to any 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

20) Once a year we will write to you to remind you of the terms of the Birmingham Bank Cash ISAs and your obligations.