Skip to main content

You are here:

  1. Home
  2. Savings explained

Savings accounts explained

Helping you understand your savings choices

Struggling to get to grips with the variety of savings accounts? This section helps you understand the different types of savings accounts. Please note, we don't offer new savings accounts right now.

Savings simplified

Types of savings accounts

Great if...


Easy access want to save regularly or whenever you want. You can get your hands on your money at short notice without any charges. Please note, we don't offer easy access savings accounts right now.

More on easy access accounts

Fixed term don't need to access your money for the full chosen term and want to enjoy a fixed interest rate. We don’t offer new fixed term savings accounts.

More on fixed term accounts

Cash ISAs (tax free) want to make the most of your tax free savings allowance.

We don’t currently offer new ISA accounts. You can still pay into your existing account unless you’re invested in a Fixed Rate ISA which is now a closed issue and make the most of the ISA allowance.

More on ISAs

Easy access or fixed term

Do you need to get your hands on your money quickly? Or can you leave it for a while?

Easy access or fixed term >

Yearly or monthly interest

How you choose to receive your interest will depend on what you're saving for.

Yearly or monthly interest >

Online, phone or post

It's easy to manage your account with us.

Online, phone or post >

Managing a savings portfolio

Got a large sum of money to save? Here's some tips to make the most of it.

Manage your portfolio >

Savings and tax

Learn about the tax on your savings interest, and making the most of your tax free ISA allowance.

Savings and tax >

Understanding interest rates

Gross and AER. Savings jargon made simple.

Comparing interest rates >

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