Once your Account is opened, you have 14 calendar days in which you can make any deposits into your Account. You will not be able to make further deposits once the 14 calendar day funding window is over.

The account doesn’t have a cooling off period, it’s important to ensure the account is suitable to your personal circumstances and that you will not need to withdraw your savings within the fixed rate period.

Once the account is open and funded you are not able to withdraw from this account until the end of the fixed rate period when the account matures, unless there are exceptional circumstances, e.g. the account holder has passed away.

Interest is calculated daily on the funds in your account and applied upon the anniversary.

No, the interest rate is fixed and won’t change during your fixed rate period.

As your Account approaches its maturity, we'll contact you at least 14 days before your Account reaches the end of the fixed rate period detailing the options available to you at the point of maturity

Birmingham Bank uses a name-checking service called Confirmation of Payee (CoP) to help protect against scams and reduce mistakes when making payments. CoP allows you to check if the account name matches before sending money, ensuring your payment goes to the correct person or business.

When you fund your Birmingham Bank savings account, CoP will check the details you've entered. This helps prevent payments from going to the wrong account.

How it works:

• Enter your account name and number.

• Your bank will check if these details match what we have on file.

• You'll get one of three results:

  • Match: The details are correct.

  • Partial Match: The name is similar. You’ll see the correct name and can update your details.

  • No Match: The details don’t match. You’ll need to check and try again.

  • Unavailable: There may be occasions where a CoP check is unavailable. For example, a system problem or the account holder’s bank doesn’t use the CoP scheme. You’ll need to check and try again.

If you’re unsure about your account name, you can verify it by logging into online banking.

Your data is secure.
Birmingham Bank and other banks securely share information to confirm the correct payee details. The CoP service is regulated by the Payment Systems Regulator (PSR).

Opting out of Confirmation of Payee

You can’t opt out of CoP when you’re making a payment to someone else, but you can ask to stop your details being checked when other people try to pay you. They’ll see a message saying that your details can’t be confirmed.

We use CoP to make sure your payment isn’t sent to the wrong account by mistake. It also helps us to protect you from fraud. If you’d still like to opt out, please print, complete and post the CoP opt-out form back to us. We’ll get back to you within 14 working days.

Not all accounts can opt-out – if you can, we’ll let you know.

CoP opt-out form

Opting back into Confirmation of Payee

If you’ve previously asked for your details not to be checked when someone pays you, you can decide to opt back in. Please print, complete and post the CoP opt-in form back to us.

CoP opt-in form

Yes, if you’d like to request a statement you can make the request via email using: savings@birminghambank.com