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Deposit Accounts

We offer a range of deposit accounts with competitive rates of interest providing a secure place for your savings to grow, giving you reassurance and peace of mind.

Opening a bira bank deposit account is a convenient way to save your money. You can save as little or as much as you like and earn variable rates of interest on a day-to-day basis. Withdrawals can be made ‘on demand’ or giving 1 month or 3 months notice. Interest is made-up to the end of March and September each year. This is a simple way to manage your savings, giving you peace of mind that you’ve got something put aside, just in case. Plus, your savings are covered by the Financial Services Compensation Scheme (please refer to their website for more information: http://www.fscs.org.uk/). Payments under the scheme are limited to a maximum payment to any one depositor of £85,000.

Call David or Frank to find out more on 0121 446 6688 and find our latest rates here.

Key features

  • £100 to open a general Deposit account.
  • £25,000 to open a Fixed Term or 6 month notice account
  • On demand, 1 month and 3 month’s notice accounts available (withdrawal notice subject to the banks discretion)
  • Six months (185 days) notice and 1 2 and 3 year fixed-term also offered for new monies (subject to availability).
  • Variable/fixed interest rates.
  • Interest earned daily.
  • Interest paid March and September.

Application forms and terms and conditions:

Download Business Deposit Account application form Download Personal Deposit Account application form

** All Depositor applications require an original signature. Once completed please print, sign and return via the post.

Financial Service Compensation Scheme

Your savings are covered by the Financial Services Compensation Scheme. Payments under the scheme are limited to a maximum payment to any one depositor of £85,000. Click here for our FSCS document

 

1 Month Notice Deposit Account Terms and Conditions+

Description of product: 

The One Month notice account is a deposit account denominated in Pounds Sterling where, subject to 1 month or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted. 

1. Eligibility – 
a. To have the account you must be at least 18 years old.
b. Available to bira members and their employees, their associates and bira staff.
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.d)

2. Deposits and Withdrawals -
a. The minimum deposit we can accept is £1,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Withdrawals or early closure of this notice deposit account are subject to one months’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. You can pay money into this account either by cheque made out to bira bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank

3. Interest -
a. The interest applicable to this account is variable and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account.
c. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually.
d. We will update our website within three business days of a rate change taking effect.
e. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
f. Interest will be paid into the account half yearly in March and September or on closure of the account if this happens sooner

4. Term -
a. This account has no fixed term in that it is until further notice, unless one months’ notice in writing has been received by us

5. Tax Status -
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

3 Month Notice Deposit Account Terms and Conditions+

Description of product:

The Three Month notice account is a deposit account denominated in Pounds Sterling where, subject to 90 days or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted.

1. Eligibility –
a. To have the account you must be at least 18 years old.
b. Available to bira members and their employees, their associates and bira staff.
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.d)

2. Deposits and Withdrawals -
a. The minimum deposit we can accept is £1,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Withdrawals or early closure of this notice deposit account are subject to 3 months’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. You can pay money into this account either by cheque made out to bira bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank

3. Interest -
a. The interest applicable to this account is variable and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account.
c. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually.
d. We will update our website within three business days of a rate change taking effect.
e. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
f. Interest will be paid into the account half yearly in March and September or on closure of the account if this happens sooner

4. Term -
a. This account has no fixed term in that it is until further notice, unless 3 months’ notice in writing has been received by us

5. Tax Status -
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

185 Day Notice Deposit Account Terms and Conditions+

Description of product:

The 185 day notice account is a deposit account denominated in Pounds Sterling where, subject to 185 days or more notice, withdrawals against cleared funds may be made. No early withdrawals are permitted.

1. Eligibility –
a. To have the account you must be at least 18 years old
b. Available to BIRA members and their employees, their associates and BIRA staff
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.d)

2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £25,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Withdrawals or early closure of this notice deposit account are subject to 185 days’ notice in writing to us, counted from the day we receive such notice
c. Only in the event of the death of either one or both (if joint) account openers will we repay your deposit and interest up to date of early closure on receipt of a request to do so
d. You can pay money into this account either by cheque made out to bira bank and drawn on account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank

3. Interest –
a. The interest applicable to this account is variable and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. We guarantee that the interest rate will always be at least 0.25% above our best instant access deposit account rate
d. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually
e. We will update our website within three business days of a rate change taking effect
f. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
g. Interest will be paid into the account half yearly in March and September or on closure of the account if this happens sooner

4. Term –
a. This account has no fixed term in that it is until further notice, unless 185 days’ notice in writing has been received by us

5. Tax Status –
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance

1 Year (366 day) Term Deposit Account Terms and Conditions+

Description of product:
The Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset

Eligibility –
a. To have the account you must be at least 18 years old
b. Available to BIRA members and their employees, their associates and BIRA staff
c. Available to BIRA members and their employees, their associates and BIRA staff
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.b)

2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £25,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Money can only be accepted into the account at the outset either by cheque made out to bira bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer (or one of them if joint)
d. In the event of death the deposit and interest to the date of early closure will be repaid if required

3. Interest -
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. interest rate or changes to any other terms of the account by writing to you at the time closure of the account if this happens sooner

4. Term -
a. This account has a fixed 366 day term

5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing Term Deposit account
b.If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.

6. Tax Status -
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance.

2 Year Fixed Term Deposit Account Terms and Conditions+

Description of product:
The 2 Year Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset
1. Eligibility –
a. To have the account you must be at least 18 years old
b. Available to BIRA members and their employees, their associates and BIRA staff
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.b)

2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £25,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Money can only be accepted into the account at the outset either by cheque made out to bira bank and drawn on account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer (or one of them if joint)
d. In the event of death the deposit and interest to the date of early closure will be repaid if required

3. Interest –
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
e. Interest will be paid to the account half yearly in March and September or on closure of the account if this happens sooner

4. Term – This account has a fixed 2 year term

5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing 2 Year Term Deposit account
b. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.

6. Tax Status –
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance.

Instant Access Deposit Account Terms and Conditions+

Description of product:
The Call account is a deposit account denominated in Pounds Sterling where instant withdrawals against cleared funds may be made.
1. Eligibility –
a. To have the account you must be at least 18 years old
b. Available to BIRA members and their employees, their associates and BIRA staff
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.d)
2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £1,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, excluding accrued interest, at any one time)
b. Withdrawals or early closure of this deposit account are available with immediate access subject to bira bank receiving a request in writing
c. You can pay money into this account either by cheque made out to bira bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank
3. Interest –
a. The interest applicable to this account is variable and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. We will inform you about any changes to the interest rate or changes to any other terms of the account by giving you at least 14 days’ notice in writing and this can be done by letter, email or in any other way which is sent to the authorised account holder individually
d. We will update our website within three business days of a rate change taking effect
e. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day
f. Interest will be paid into the account half yearly in March and September or on closure of the account if this happens sooner
4. Term –
a. This account has no fixed term in that it is until further notice unless a written request for closure has been received by us
5. Tax Status -
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance.

3 Year Term Deposit Account Terms and Conditions+

Description of product:
The 3 Year Term Deposit account is a fixed term, fixed interest rate account. It is a restricted savings account because withdrawals are not allowed until the end of the term and funds can only be deposited at the outset
1. Eligibility –
a. To have the account you must be at least 18 years old
b. Available to bira members and their employees, their associates and bira staff
c. Available to personal and business customers
d. Accounts can be opened in sole name or held jointly
e. A fully completed application form is required in all cases before an account can be opened together with cleared funds as paid in below (see 2.b)

2. Deposits and Withdrawals –
a. The minimum deposit we can accept is £25,000 per individual or company and the maximum deposit is £250,000 (subject to your overall total placement with bira bank being no more than £375,000, including accrued interest, at any one time)
b. Money can only be accepted into the account at the outset either by cheque made out to bira bank and drawn on an account in your name, by making an electronic transfer from another account in your name or by requesting an internal transfer from another account which you may hold through bira bank
c. Withdrawals or early closure of this term deposit account are not permitted under any circumstances during the term except in the event of death of the customer (or one of them if joint)
d. In the event of death the deposit and interest to the date of early closure will be repaid if required

3. Interest –
a. The interest applicable to this account is fixed and will be advised on our website
b. Interest is calculated daily on the cleared balance in the account
c. For any Reinvestment (see 5 below) we will inform you about any changes to the interest rate or changes to any other terms of the account by writing to you at the time
d. If the due interest date is a Saturday, Sunday or UK Bank Holiday interest will be calculated up to and including the day(s) in question and credited on the next working day.
e. Interest will be paid to the account half yearly in March and September or on closure of the account if this happens sooner

4. Term – This account has a fixed 3 year term

5. Maturity and Reinvestment –
a. At least 30 days before the end of the term we will write to you asking for instructions about what you would like us to do with your maturing 3 Year Term Deposit account
b. If you do not give us instructions before the end of the term (or we cannot reasonably comply with your instructions) then on the final day of the term (or the next working day if this falls on a Saturday, Sunday or Bank Holiday), we will reinvest your Deposit in a new Term Deposit whose term is closest in length to your original term (if a similar Term Deposit is no longer available then maturing funds will be held in our standard Deposit account)
c. If we reinvest your maturing Deposit in a new Term Deposit, then any time up to 14 days from the date of reinvestment, you may close your new Term Deposit without notice and without penalty.

6. Tax Status –
a. Interest is paid gross (without taking off tax).
b. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
c. The Personal Savings Allowance is £1,000 pa for basic rate taxpayers and £500 pa for higher rate taxpayers. Additional rate taxpayers do not receive a Personal Savings Allowance.

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