Fixed Term & Nominated Period
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We offer a range of accounts providing a secure place for your savings to grow, giving you reassurance and peace of mind.
Opening a Birmingham Bank savings account is a convenient way to save your money. You can save as little or as much as you like and earn variable rates of interest on a day-to-day basis.
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.
Our rates are available here…
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.
Our rates are available here…
Interest is calculated daily on the cleared balance in the account.
Yes, there are different interest rates that are applied depending on the length of the term you sign up for. The longer you commit the better the reward with the highest interest rates being paid on the longest investment.
The interest applicable to this account is fixed and will be advised on our website.
Full details are in the T&C’s but if you are over 18 years old then you can apply.
The minimum deposit we can accept is £5,000 per individual or company.
The maximum deposit is £75,000 (subject to your overall total placement with Birmingham Bank being no more than £250,000)
Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer (both if a joint account)
At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing Term Deposit account. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account). If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.
You can get in touch in writing, by phone or by email please see our contact page for details
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.
Our rates are available here…
“The interest applicable to this account is variable and will be advised on our website. The interest on our variable rate products moves up and down in line with Bank of England Base Rate.
Interest is calculated daily on the cleared balance in the account.”
Yes, there are different interest rates that are applied depending on the length of notice, the longer the notice period the better the reward with the highest interest rates being paid on the longest investment.
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.
Full details are in the T&C’s but if you are over 18 years old then you can apply
The minimum deposit we can accept is £1,000 per individual or company
The maximum deposit is £75,000 (subject to your overall total placement with Birmingham Bank being no more than £250,000)
Withdrawals or early closure of this notice deposit account are subject to the notice period of the account.
You can get in touch in writing, by phone or by email please see our contact page for details
The Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset
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.b)
2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £5,000 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 – takes effect from 31st December 2020 – excluding accrued interest, at any one time)
b. Money can only be accepted into the account at the outset 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
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer or both of them if joint
d. In the event of death the deposit and interest to the date of early closure will be repaid if required
3. Interest –
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. 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.
e. Interest will be paid to the account half yearly in March and September or on closure of the account if this happens sooner
4. Term – This account has a fixed 366 day term
5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing Term Deposit account
b. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.
6. 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.
The 2 Year Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset
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.b)
2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £5,000 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 – to take effect from 31st December 2020 – excluding accrued interest, at any one time)
b. Money can only be accepted into the account at the outset 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
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer or both (if joint)
d. In the event of death the deposit and interest to the date of early closure will be repaid if required
3. Interest –
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. 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.
e. Interest will be paid to the account half yearly in March and September or on closure of the account if this happens sooner
4. Term – This account has a fixed 2 year term
5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing 2 Year Term Deposit account
b. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.
6. 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.
The 3 Year Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset
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.b)
2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £5,000 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 – to take effect from 31st December 2020 – including accrued interest, at any one time)
b. Money can only be accepted into the account at the outset 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
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer or both of them (if joint)
d. In the event of death the deposit and interest to the date of early closure will be repaid if required
3. Interest –
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. 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.
e. Interest will be paid to the account half yearly in March and September or on closure of the account if this happens sooner
4. Term – This account has a fixed 3 year term
5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing 3 Year Term Deposit account
b. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.
6. 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.
The One Month notice account is a deposit account denominated in Pounds Sterling where, subject to 1 month or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted.
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 notice deposit account are subject to one months’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. 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 one months’ notice in writing 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
The 3 months’ notice account is a deposit account denominated in Pounds Sterling where, subject to 90 days or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted.
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 – to take effect from 31st December 2020 – excluding accrued interest, at any one time)
b. Withdrawals or early closure of this notice deposit account are subject to 3 months’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. 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 3 months’ notice in writing 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
The 185 day notice account is a deposit account denominated in Pounds Sterling where, subject to 185 days or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted.
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 £5,000 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 comes into effect from 31st December 2020 – excluding accrued interest, at any one time)
b. Withdrawals or early closure of this notice deposit account are subject to 185 days’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. 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 guarantee that the interest rate will always be at least 0.25% above our best instant access deposit account rate
d. 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
e. We will update our website within three business days of a rate change taking effect
f. 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.
g. 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 185 days’ notice in writing 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
