Skip to main content

You are here:

  1. Home
  2. Savings explained
  3. Easy access or fixed term savings

Easy access or fixed term savings

How long are you saving for?

If you're saving for a particular event, you'll have a good idea when you'll need to get your money out. At other times you'll just be saving for a rainy day so you may not want to lock your money away.

Whatever you're saving for, there's a Birmingham Midshires account that's right for you.

Easy access accounts

With these accounts, you can always get your hands on your money when you need it. You can save for as long as you like. These accounts let you put more money in whenever you like. Some let you make as many free withdrawals as you want while others place a limit on the number of free withdrawals in any given time period.

Interest rates on easy access accounts normally are variable.

We don't offer easy access accounts right now.

Fixed term savings

Fixed rate bonds and Fixed Rate ISAs pay a fixed interest rate for the duration of the account. For fixed rate bonds your deposit should be for the full amount you wish to save as further deposits are not permitted. For fixed rate cash ISAs additional deposits are allowed as long as the issue of your account remains open, once the issue has closed no further deposits will be allowed.

The maximum amount you can invest in the current tax year is £20,000. You can choose to invest your full allowance into a cash ISA, a stocks and shares ISA or an innovative finance ISA or any combination of the three.

Alternatively you can split your allowance by investing up to £4,000 in a lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don't exceed £20,000 in total across your ISAs.

We currently do not offer any fixed rate bonds or fixed rate ISAs.

We do not offer new ISAs. You can still pay into your existing one and make the most of the yearly ISA allowance unless you're invested in a fixed rate ISA which is now a closed issue.

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