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Online Extra (issue 22) (yearly interest)

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Our Online Extra (issue 22) is great if you want to manage your savings whenever it suits you.

Features and benefits Bear in mind Access
  • Earn up to 0.75% Gross/AER
  • Manage your account when it suits you
  • Unlimited withdrawals
  • Fixed bonus for the first 12 months
  • Rate is variable which may go up or down
  • Minimum deposit £1,000
  • You need to be 18 and over to apply
  • When the 12 month fixed bonus period ends, you will receive the variable rate without bonus, currently 0.05% gross/AER


Account name Online Extra (issue 22) (yearly interest)
What is the interest rate?

We pay a variable rate of interest on this account, as shown in the table below.

Introductory 12 Month Period After the Introductory Period
Annual InterestAnnual Interest
£1+ 0.05%0.05%
£1,000+ 0.40%0.05%
£25,000+ 0.75%0.05%
  • For the latest information about interest rates, please visit
  • Interest is paid annually on the anniversary of the first deposit.
Can Birmingham Midshires change the interest rate?Yes. We can move the interest rate up or down at any time. For example when the Bank of England bank rate changes we will review our rates. We will tell you in advance, your account conditions explain when and how we will do this.
What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid.

Annual Interest
Introductory 12 Month Period After the Introductory 12 Month Period
Illustrative Initial DepositGross/AER Illustrative Balance At 12 Months Gross/AER Illustrative Balance At 24 Months

This example assumes that:

  • You don't withdraw any money and interest isn’t paid out of the account
  • The interest rate stays the same.
  • You make your initial deposit payment on the day you open the account and you don't make any further deposits.
How do I open and manage my account?
  • You can open and manage your account online.
  • This account can only be opened in a sole name.
  • You must be 18 or over and a UK resident.
  • The minimum opening deposit is £1,000.
Can I withdraw money?
  • Yes. You can make withdrawals from your account.
  • You can close your account at any time.
Additional Information
  • Gross rate means we will not deduct tax from the interest we pay on money in your account. It is your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.
  • Save from £1,000 - up to £1 million. If balances subsequently fall below the minimum opening balance, interest will continue to be paid 0.05% gross/AER variable
  • Bonus Interest - the interest rates shown below include a 12 month fixed bonus of 0.35% for balances of £1,000+ and 0.70% for balances of £25,000+. If your balance falls below £1,000 you'll receive the variable rate without bonus for the period the balance remains below £1,000
  • Manage your account online - when it suits you
  • No withdrawal charges - unlimited transactions with no loss of interest
  • Straightforward account information - with full and mini-statements

Current rates

Online Extra (issue 22) (yearly interest)£1+ £1,000+ £25,000+ 0.050.05% Gross/ AER

0.400.40% Gross/ AER

0.750.75% Gross/ AER
A fixed bonus will be paid for the first 12 months from the date of your first deposit as long as the balance remains £1,000 or over. For everyday in the first 12 months the balance is less than £1,000 the interest rate you will receive will be 0.05% gross/AER variable. The interest rates shown include a 12 month bonus of: 0.35% for balances from £1,000 to £24,999.99 and 0.70% for balances from £25,000+. After 12 months the the variable rate without bonus will apply, currently 0.05% gross / AER.

Additional information

  • Linked Account - you'll need a 'Linked Account' which must be a UK bank or building society personal current account. The Linked Account must be in your name only or a joint account, but only if either of you can set up Direct Debits. The account you nominate as your Linked Account must be an account held at a bank within the UK. It must have the facility to have Direct Debits and must come with a cheque book. This account must be able to receive payments by the Faster Payment Service
  • Deposits - into your Birmingham Midshires account can be made by Direct Debit taken from your Linked Account, taking 3 bank working days to reach your account and will be immediately available on receipt
  • Withdrawals - we will move money from your account to your Linked Account by the Faster Payments Service. Faster payments will reach your account by the end of next bank working day
  • Interest- is variable, calculated daily and paid yearly on the anniversary of your first deposit. Interest payments to non Birmingham Midshires accounts will reach the account by the end of the next bank working day.

Account Conditions: Online Extra (issue 22)

Our agreement with you is made up of general conditions contained in the General Savings Conditions (General Conditions) and the Online Extra (Issue 22) (Account) Conditions below. If there is any overlap or conflict between the Account Conditions and the General Conditions, the Account Conditions apply. In these conditions “we”, “our” and “us” means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.

The Account is a variable interest rate savings account that is operated online, and we treat this as a payment account. We explain what a payment account is in condition 1 of the General Conditions. You will see from condition 18 of those conditions that we may treat payment and non-payment accounts differently if we make any changes to your conditions or interest rate.

1.1 To have an Account you must be 18 or over and resident in the UK.

2.1 The minimum opening balance for this account is £1,000. The maximum balance is £1 million.
2.2 A maximum of one Account is permitted per depositor.
2.3 Your opening payment should be a cheque from your linked account made payable to yourself (see condition 6 for more information about your linked account). Your name must be printed on the cheque. Once we have made sure the details on the cheque match your linked account we will pay it into your Account.
2.4 To run your Account you must contact us online. We will not accept instructions by e-mail or post, other than as outlined in condition 2.6.
2.5 This Account is only available as a sole account so it cannot be held in joint names. You can only open the Account in your own name.
2.6 You will need to write to us to change your personal details, as these cannot be changed by telephone or online.

3.1 Deposits into your Account are unlimited, subject to the maximum balance in condition 2.1.
3.2 After your first payment in by cheque (referred to in condition 2.3) any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.

4.1 There is no restriction on the number of withdrawals you can make from the Account.
4.2 When you ask us to do so, we will move money from your Account to your linked account by Faster Payments Service. There will be no charge for this. Withdrawal by cheque will not be allowed.

5.1 Interest is calculated daily.
5.2 The Account pays a variable interest and the rate will depend on the balance in your account. You can find out the current interest rates by visiting our website on
5.3 We will pay you a bonus on the money in your Account from the day we start to pay interest on your opening cheque deposit (see condition 5.2 of the General Conditions) until 12 months after the date we credit that deposit to your account. The bonus will be paid into the account that your interest is paid into – see condition 5.4 for more information. After the 12 month bonus period we will pay the variable interest rate without bonus.
5.4 Interest is paid yearly and will be paid 12 months after the date we credit your Account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your Account, to another Birmingham Midshires account or to another bank or building society account – you will make this choice when you open your Account. Interest payments will reach non Birmingham Midshires accounts on the next bank working day.
5.5 During the 12 month bonus period, if your balance falls below the minimum opening balance of £1,000, we will pay the variable interest rate without bonus from the next bank working day until the next bank working day after your Account balance is increased to at least £1,000.

6.1 You must set up one linked account to operate your Account. A linked account must be a personal current account with Direct Debit facilities at a UK Bank or Building Society. The linked account must be in your name. It may be in your name jointly with another person, but only if either of you can set up direct debits on the linked account. You will be able to transfer money between your Account and your linked account. The same conditions apply to any new linked account you may set up. If you wish to change your linked account details, you may amend them by deleting the original and adding another while online

7.1 If you are not happy with your Account, you can cancel it within 14 days of opening your account. Even if you miss the 14 day dealine, you may still close your Account at any time. There are no charges for cancelling or closing your Account and you do not have to give any advance notice. To cancel this agreement please close the Account online and we will transfer any money you have paid in together with any interest due, to your linked account.

Issue date: 23 August 2016

BM General Savings Conditions

These General Savings Conditions should be read together with any Account conditions relating to your specific deposit account. If there is any conflict between these General Savings Conditions and the Account conditions then the Account conditions shall have priority. The General Savings Conditions apply to all Birmingham Midshires savings accounts.

General Savings Conditions for savings accounts effective from June 2016

(the minimum deposit for this account is £1)

FSCS – protecting your money. Find out more here.

Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

For telephone line opening times, please read the information in our contact section. Calls may be monitored and recorded for security and training purposes. If you're calling from outside the UK, please dial +441902 428 311.

© Birmingham Midshires
This site is intended for UK residents unless otherwise stated.
Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.
To contact the FCA Consumer helpline, please ring 0800 111 6768. Alternatively call the Money Advice Service on 0300 500 5000 or visit