Your savings account provided by Birmingham Midshires

Birmingham Midshires is the deposit taker for AA Savings accounts opened before 2 September 2015.

The General Savings Conditions should be read together with any Account Conditions relating to your specific deposit account.

The General Savings Conditions apply to all AA Savings accounts provided by Birmingham Midshires. If there's any conflict between these General Savings Conditions and the Account Conditions then the Account Conditions shall have priority.

To find out about Birmingham Midshires policy on ring-fencing, click here.

To view the PDF file you'll need Adobe Acrobat.

The maximum amount you can invest in the current tax year 2021/2022 is £20,000. You can choose to invest your full allowance into a cash ISA, a stocks and shares ISA or an innovative finance ISA, or any combination of the three.

Alternatively, you can split your allowance by investing up to £4,000 in a lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don't exceed £20,000 in total across your ISAs.

Bank of England base rate

Any Bank of England base rate changes are considered within the context of ongoing rate reviews across our product range, and any changes will be reflected on this website.

What's the base rate?

The base rate (or Bank Rate) is set by the Bank of England, and affects the interest rates offered by banks, building societies and other financial institutions. The base rate is reviewed regularly, and can increase or decrease at any time.

How can a change to the base rate affect my savings account?

The Bank of England Bank Rate is one of a number of factors we take into account when reviewing interest rates of our savings accounts. How your interest rate is affected by a base rate change will depend on whether you have a fixed or variable account. If you're not sure which you have, check your terms and conditions.

If your savings account:

• Tracks the Bank Rate – your rate will change on 1st working day of the month.
• Has a fixed rate of interest – your account won't be affected.
• Has a variable rate of interest – your interest rate could change. We review the interest rates of our variable accounts whenever the base rate changes. We'll write to you to tell you if we're going to lower your rate, however we won't write to you if we increase your rate.

How to check your interest rate

You can check all the rates for our account on our interest rate pages. Or you can sign into online banking and choose your account.

These charges will be taken from your account balance unless otherwise agreed.

Telegraphic transfer – £35

We can make a same day transfer of money from your account (subject to the account terms and conditions) electronically, directly to another UK bank account that is held in your name. To do this the charge is £35, and we will require your instruction in writing no later than 12 noon Monday to Friday.

Returned cheques – £10

If a cheque you give us requires re-presenting because it is not signed or dated, or is incomplete or illegible, our charge is £10.

Stopped cheques – £5

If you want to stop a cheque because it has been lost, stolen or not received our charge is £5.

Account withdrawal

Under some circumstances, you will incur a charge for making a withdrawal. For example, you will be charged if you withdraw funds immediately on an account with a notice period. The charge will be clearly stated in the terms and conditions of your account. 

Historical rates

The account shown below is closed and no longer available for customers.

• AA variable rate savings accounts

Financial Services Compensation Scheme

Your eligible deposits with Bank of Scotland plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Halifax, Intelligent Finance (IF), Birmingham Midshires (BM Savings), Bank of Scotland, Bank of Scotland Private Banking, Bank of Wales and St James's Place Bank.

Some savings accounts under the AA Savings and Saga brand names are also deposits with Bank of Scotland plc. Any total deposits you hold above the limit between these brands are unlikely to be covered.

You can find more information at:

• Financial Services Compensation Scheme

You can also download:

• How the FSCS protects your money


• FSCS Information Sheet

Our Privacy Notice explains how we use your personal information.

• Download the Privacy Notice

To view the PDF you'll need Adobe Acrobat Reader.

By phone

Call us on 0345 603 6302
Lines are open Monday to Saturday 8am to 8pm. Closed bank holidays.

By post

Savings and Investments Team
AA Savings
PO Box 2264
Pendeford Business Park
Wobaston Road
Wolverhampton WV9 5HZ

To resolve your complaint quickly, include the following information in your letter:

• Your account details.
• Information about the complaint.
• How you'd like us to resolve your complaint.
• A contact number and convenient times to contact you – we'll call you once we've received your letter.

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How we'll handle your complaint

Its' important that you contact us first about your complaint. Our aim is to always to help you, and we'll try to resolve the issue as quickly as possible.

If you're not happy with our response, and your complaint is eligible, we can then tell you how to refer your complaint to the Financial Ombudsman Service.

If you don't take up your complaint with us first, you won't be entitled to refer it to the Ombudsman.

Lloyds Banking Group, including AA Savings, is a member of the Financial Ombudsman Service, which offers a free independent review service.

The Financial Ombudsman Service
Exchange Tower
London E14 9SR

0800 023 4567
[email protected]

If you live outside the United Kingdom, or prefer not to deal with the Financial Ombudsman Service, you may be able to submit a claim through the European Online Dispute Resolution Platform.

Giving someone access to your savings account, and the right to operate it, is an important decision.

For more information please read our guide:

• Appointing someone to manage your affairs