Protect your savings with confidence. Benefit from a fixed interest rate when you open an account with us. We keep it simple, so you'll always have a clear picture of your earnings.
Interest rate (AER*)
*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.
Minimum opening balance
Term
Maximum opening balance
| Account Name | 3 Year Fixed Rate Bond – Issue 5 |
| What is the interest rate? | 4.73% AER/Gross Interest is accrued daily at the rate on the account, applied on the anniversary of your account creation and paid at maturity. |
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Can Birmingham Bank change the interest rate? |
The interest rate is fixed and will not change during the product term, which will be 3 years from the date of account opening. No matter what happens to interest rates generally, we won’t change the rate during the fixed rate period. |
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What would the estimated balance be after 36 months based on £5,000 deposit? |
£5,743.59 This would be the balance after 3 years if £5,000 was deposited, no further transactions were made, and interest was applied annually. This illustration is just an example to help you compare accounts. It does not take into consideration any individual circumstances. |
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How do I open and manage my account? |
Accounts can be opened in sole name only, joint accounts are not permitted.
You must:
You can only open the Account online by visiting www.birminghambank.com The Account cannot be used by businesses, clubs or charities or held in trust for anyone else. Minimum account balance of £5,000 Subject to your total savings balances held with Birmingham Bank being no more than £250,000 excluding accrued interest at any one time. Once your Account is available to fund, you have a limited period of 14 calendar days in which you can make deposits into your Account. You will not be able to make any further deposits into your Account once the 14 calendar day funding period is over. Deposits into the Account must be from a UK nominated bank account held in your name by faster payment. Deposits will not be accepted by any other means. |
| Can I withdraw money? | No withdrawals or closures are permitted during the fixed rate period, the Account will have a fixed duration of 3 years from the account opening date.
Account maturity As your Account approaches its maturity, we’ll contact you at least 14 days before your Account reaches the end of the fixed rate period. You’ll have the option to withdraw your funds to the nominated account or transfer them into a new account with us. If you do not let us know what you wish to do by the maturity date, the Account will revert to a variable rate account with no withdrawal restrictions and the interest rate will be confirmed to you. |
| Additional Information | As this is a limited issue Fixed Rate Bond, we can withdraw it from sale at any time without notice.
Cancelling your Account You cannot cancel or close this Account.
If this applies, please contact us using the details below. How interest on your savings is taxed Definitions: AER This stands for Annual Equivalent Rate and illustrates what the GROSS The interest that you earn on money in your Account before |
Download our Fixed Rate Bond summary PDF
Fixed Rate Bond Summary PDF clicking here
Download our Savings Terms & Conditions PDF
Savings Terms & Conditions PDF clicking here
You’ll need:
After your application:
Once your Account is opened, you have 14 calendar days in which you can make any deposits into your Account. You will not be able to make further deposits once the 14 calendar day funding window is over
The account doesn’t have a cooling off period, it’s important to ensure the account is suitable to your personal circumstances and that you will not need to withdraw your savings within the fixed rate period.
Once the account is open and funded you are not able to withdraw from this account until the end of the fixed rate period when the account matures, unless there are exceptional circumstances, e.g. the account holder has passed away.
Interest is calculated daily on the funds in your account and applied upon the anniversary.
No, the interest rate is fixed and won’t change during your fixed rate period.
30 days before the fixed rate period on your account ends we’ll remind you of the maturity date and ask you to ensure your details with us are up to date. 14 days before your accounts maturity we’ll email you with the available options and ask you to inform us of your instructions.