Regular Savings Account
As you will be aware, at Bira Bank we aim to deliver benefit to bira members in terms of savings products and rates which remain at the front end of the market. Having identified a small gap in our savings products, we are delighted to introduce to you our new regular savings account which is now available to all Bira members, their families, staff and Bira affiliates.
Find out more by calling David and Frank on 0121 446 6688 find our latest rates here.
Having researched the regular savings account market-place, we are bringing you an account which pays a higher rate of interest than our existing accounts in return for your regular deposits. It’s an open-ended account (unlike many in the market-place) which means you can save for large purchases without being bound by a 12-month contract and, with 2 withdrawals per annum, it should suit most saver’s needs.
- 2.5% variable rate
- Instant access
- Can be opened in business, sole name or held jointly
- Up to 2 withdrawals per annum
- Interest paid half-yearly
- £25 deposit to open an account per individual or company
- Pay money in by standing order (minimum) £25 – £1,000 (maximum)
Application forms and terms and conditions:
** 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
Regular Savings Account Terms and Conditions+
Bira Bank Regular Savings Instant Access Account
Description of product:
The NEW Regular Savings Account is an instant access deposit account denominated in Pounds Sterling where regular monthly savings are accepted, subject to the parameters outlined below, and withdrawals are only permitted twice per annum, subject to the parameters indicated below. The interest rate applicable thereon will be variable.
1. Eligibility –
I. To have the account you must be at least 18 years old.
II. Available to personal and business customers.
III. Available to bira members (and their families) and their employees, our associated affiliated customers and bira staff (all subject to meeting our internal ID procedures).
IV. Accounts can be opened in a sole name or held jointly.
V. Only one Regular Savings Account is allowed per applicant(s).
VI. A fully completed application form is required in all cases before an account can be opened together with initial cleared funds as paid in below (see 2.II)
VII. You must agree to set up a standing order into the account for one payment of between £25 and a maximum of £1000 each calendar month whilst the account is open (your ‘Standing Order’), the first being within 30 days of you opening the account. This is subject to your overall placement with bira bank being no more than £375,000, excluding accrued interest, at any one time.
VIII. The maximum amount allowed to accumulate in a Regular Savings Account is £100,000.
IX. The Bank reserves the right to convert the Regular Savings Account to a Call Account and amend the terms and conditions and interest payable to those of the Call Account, as published at the time, in the event that the Terms and Conditions of the Regular Savings Account are not met.
2. Deposits and Withdrawals –
I. The minimum initial deposit we can accept is £25 per individual or company and should be the same as the regular monthly savings amount thereafter.
II. This initial deposit should be made by way of a cheque drawn on an account and/or the standing order completed should be drawn from an account in the exact name of the account holder(s) of the new Regular Savings Account.
III. You can then only pay money into the new account by your monthly Standing Order. If the standing order is less than £25 or more than £1000 we will return it to the account it was paid from. If you miss a payment it cannot be made up.
IV. Your Standing Order cannot be set up from another savings account with us.
V. A maximum of 2 withdrawals per annum only is allowed.
VI. Withdrawn sums cannot be replaced with a lump sum payment.
VII. You cannot set up any standing order from this account.
3. Interest –
I. The interest applicable to this account is variable and will be advised on our website
II. Interest is calculated daily on the cleared balance in the account and will be credited to the account half yearly in March and September or on closure of the account if this happened sooner.
III. 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
IV. We will update our website within three business days of a rate change taking effect
V. 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.
4. Term –
I. This account has no fixed term in that it is until further notice.
5. Tax Status –
I. Interest is paid gross (without taking off tax).
II. If you earn more interest than the Personal Savings Allowance, you may have to pay additional tax yourself.
III. 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
The Bank reserves the rights to convert the Regular Savings Account to a Call Account and amend the terms and conditions including the interest payable to those of the Call Account to those published at the time in the event that the Terms and Conditions of the Regular Savings Account are not met