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Internet Saver Account (yearly interest)

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Our Internet Saver is great if you want to manage your savings whenever it suits you.

Features and benefits Bear in mind Access
  • Earn 1.30% Gross / AER
  • Manage your account when it suits you
  • Unlimited withdrawals
  • Fixed term for the first 12 months
  • Rate is variable which may go up or down
  • Minimum deposit £1
  • You need to be 18 and over to apply
  • Internet Saver will pay a variable interest rate for 12 months. Interest is paid annually on the anniversary of the first deposit. At the end of the term your account automatically changes to a Standard Saver Internet Account. For more information on this account go to: www.birminghammidshires.co.uk/standardsaveraccounts/
  • Rates are subject to changes. Current rates displayed below on the Internet Saver apply to accounts opened from the 20th October 2017 onwards
  • If you applied for an account between the 6th October and 20th October, you will automatically receive the rates detailed below from the 20th October
  • For more information on rates for the Internet Saver please refer to: www.birminghammidshires.co.uk/existing-savers/interest-rates/

Internet

Account name Internet Saver Account (yearly interest)
What is the interest rate?

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

Annual Interest
BalanceGross/AER
£1+ 1.30% Gross/AER variable
  • For the latest information about interest rates, please visit birminghammidshires.co.uk
  • 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
Illustrative Initial DepositGross/AER Illustrative Balance At 12 Months
£1,0001.30% Gross/AER variable£1,013.00

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.
Can I withdraw money?
  • Yes. You can make withdrawals from your account.
  • You can close your account at any time.
  • After 12 months the account will automatically change to Standard Saver Internet Account.
  • Before this happens, we'll contact you to explain your options and next steps.
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 - up to £10 million.
  • Internet Saver - will pay a variable interest rate for 12 months. Interest is paid annually on the anniversary of the first deposit. At the end of the term your account automatically changes to a Standard Saver Internet Account. For more information on this account go to: www.birminghammidshires.co.uk/standardsaveraccounts/
  • 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

ProductBalanceGross/AER

Term

Internet Saver Account (yearly interest)£1+ 1.30%
Gross / AER variable

Internet Saver will pay a variable interest rate for 12 months. Interest is paid annually on the anniversary of the first deposit. At the end of the term your account automatically changes to a Standard Saver Internet Account.

For more information on this account go to: www.birminghammidshires.co.uk/standardsaveraccounts/

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.

BM Internet Saver Account Conditions

In these conditions ‘we’, ‘our’ and ‘us’ means Bank of Scotland plc – Birmingham Midshires is a division of Bank of Scotland.

Our agreement with you is made up of three kinds of conditions:
The General Savings Conditions (‘general conditions’) which include the main terms for your savings account and for our overall relationship with you.
The Account conditions below.
Any other additional conditions including the details of interest rates, charges and other terms that apply to a specific account or service, for example, in application forms, rates leaflets, letters or on our website.
If an additional or Account condition conflicts with a general condition, the additional or account condition applies.
Our general conditions explain that we treat payment and non-payment accounts differently when we make any changes to your conditions or interest rate. This Account is a payment account.
You can find out about the current interest rate for your Account by calling 0345 602 2828 or going online at www.birminghammidshires.co.uk

Opening an Internet Saver Account

To open an Internet Saver Account you:

Must be 18 or over and a UK resident.

Must deposit at least £1.

Can apply online.

Must set up a linked personal current account in your name (either solely or jointly) with us or another UK bank or building society so you can pay money into and out of your Account. You must be able to set up Direct Debits on your linked account.

Must make your first payment by cheque from your linked account, payable to yourself.

Can only open the account in your sole name.

Having an Internet Saver Account
Our interest on Internet Saver Account:

Is variable and can change.

May depend on the balance in your Account (please check your interest rate details).

Is calculated daily.

Will be paid on the interest payment date you choose when you open the account.

This can be either:
yearly on the anniversary of the Account opening date (if this day falls on a non-bank working day, interest will be paid on the next bank working day); or
Monthly on the first bank working day of each month

Is paid into your Account, unless you ask us to pay it to a different account with us or another bank or building society when you open your account.

Operating your Internet Saver Account:

Online only.

After your first payment by cheque, all payments in must be by Direct Debit from your linked account.

Unlimited payments in up to £10 million.

Unlimited withdrawals to your linked account by electronic transfer.

You can view and print off your statements online.

The end of your 12 month Internet Saver Account term

At the end of your Internet Saver Account:

Your Account will automatically become a Standard Saver Internet Account. This will happen on the first working day after the 12 month period following your first deposit. Your account number and sort code will not change. We will write to you before the end of the 12 month period and provide you with the conditions for your Standard Saver Internet Account. We may also provide you with information about other accounts we are able to offer you.

Issue date: 06 October 2017

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

From 30th October 2017 we will be making some changes to your Savings conditions

 £        
(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 www.moneyadviceservice.org.uk.