FSCS Protected

Deposits fully protected up to £85,000 per eligible person

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Financial Services Compensation Scheme (FSCS protection)

Your savings are protected under the FSCS. It protects up to £85,000 (or £85,000 each, for joint account holders) of the money in your Birmingham Bank accounts. If you have more than one account with Birmingham Bank or share a joint account, the amount protected by the FSCS will be £85,000 across all of the accounts.

Find out more about Birmingham Bank’s FSCS Protection

For more information, visit the FSCS website

Savings FAQs

Do I need to be resident in the UK to open an account?

To open an account with us you must be a UK resident and only tax resident in the UK.

What age do I need to be to open a personal savings account?

To open an account with us you need to be at least 18 and hold a UK nominated account.

Can I have more than one account?

You are able to have multiple accounts as long as the total balance of all accounts (excluding interest) doesn’t exceed £250,000.

How is my money protected?

Your money is protected by the FSCS up to £85,000. Please note that the FSCS protection is per bank not per account held, for further information about the scheme you can visit the FSCS website at http://www.fscs.org.uk/.

I’ve opened my account; how can I pay in?

Once your account is opened, we will send you an email confirming your savings account details, our bank details and information on how to deposit into your account.

Can I open a joint account?

We’re currently enhancing the Bank’s proposition, at this stage we’re only offering sole accounts but plan to offer joint accounts in the future.

Fixed Rate Bond FAQs

For how long and how often can I make deposits into my Fixed Rate Bond?

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.

Does the Fixed Rate Bond account have a cooling off period?

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.

Can I withdraw from the Fixed Rate Bond account?

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.

When is my interest paid on my Fixed Rate Bond?

Interest is calculated daily on the funds in your account and applied upon the anniversary.

Will the interest change on my Fixed Rate Bond?

No, the interest rate is fixed and won’t change during your fixed rate period.

My Fixed Rate Bond account is due to mature, what are my options?

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 detailing the options available to you at the point of maturity

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