Birmingham Bank?

roses

Hi, does anyone have any experience of Birmingham Bank?

I am looking to lock away some savings in a fixed rate 3-5 year account and these guys seem to be offering the highest rate at the moment.

I'd never heard of them before they were recommended here. 

Rodders53

No experience, but 
BIRMINGHAM BANK LIMITED overview - Find and update company information - GOV.UK and 

Birmingham Bank acquired by global home ownership firm | TheBusinessDesk.com 

may help in your due diligence research of them?

Isn't Google wonderful.

financies

FSCS is applicable. Wasn't the 85K limit going to be raised to 100K ?

Bigwheels1111

Two things,

One, Interest must be compounded, you will get taxed on all the interest in year 5. Ouch.

Two, At 4.40% Atom are great, fast opening, funding and payouts. Plus interest can be paid away each year,

so you pay tax each year, minus you tax free PSA of £1000 for 20% tax payers..

masonic

financies said:

FSCS is applicable. Wasn't the 85K limit going to be raised to 100K ?

No. Just a press release from the PRA wishing for it ( https://www.bankofengland.co.uk/news/2025/march/the-pra-proposes-raising-fscs-deposit-protection-limit ). There is a consultation on the FSCS ongoing, due to report out its recommendations in November. The Treasury would then decide whether or not to act on the recommendations.

Eyeful

Birmingham Bank (FRN 204478)

https://www.birminghambank.com/
https://www.feefo.com/en-GB/reviews/birmingham-bank-limited

roses

Bigwheels1111 said:

Two things,

One, Interest must be compounded, you will get taxed on all the interest in year 5. Ouch.

Two, At 4.40% Atom are great, fast opening, funding and payouts. Plus interest can be paid away each year,

so you pay tax each year, minus you tax free PSA of £1000 for 20% tax payers..

This is super helpful advice, thank you!