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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 BM Savings account that's right for you.

Fixed rate bonds

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.

Easy access accounts >

Fixed term savings

Fixed term accounts let you decide how much you want to save and for how long. This type of account includes Fixed rate bonds and ISAs. It also includes guaranteed equity bonds and guaranteed equity ISAs. We usually have fixed term accounts where you can save from one to five years.

Once the issue has closed, you can't add any more money. It's always best to keep your money in the account for the full term. If you need to withdraw your savings early, you might have to pay a charge or be subject to loss of interest. Fixed rate bonds pay a fixed interest rate whereas our guaranteed equity bonds may have a higher potential return but there is no guarantee.

Fixed term savings >

Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

*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 contain an AER, you will be able to compare more easily what return you can expect from your savings over time.

NET rates are illustrative only, allowing for the deduction of income tax at 20%. If you are a higher rate tax payer, you may have a further amount to pay. If we deduct more tax than you have to pay this can be reclaimed from HMRC.

Tax Free means free from personal liability to Income Tax.

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© 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 for accepting deposits by the Financial Services Authority. It is entered in the FSA's Register and its Register Number is 169628. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ.
To contact the FSA Consumer helpline, please ring 0300 500 5000 or visit www.moneymadeclear.org.uk/.