We propose a new implementation of a quantum speed meter QND measurement scheme. It employs two independent optical readouts of the interferometer test masses, featuring strongly different values of the bandwidths γ 1,2 and of the optical circulating power I 1,2 , with the special relationship of I 1 /I 2 = γ 1 /γ 2 . The outputs of these two position meters have to be combined by an additional beamsplitter. In this scheme, signals at the common and the differential outputs of the interferometer setup are proportional to the position and the velocity of the test masses, respectively. The influence of the position meter-like back action force associated with the position signal can be cancelled using the EPR approach by measuring the amplitude quadrature of the beamsplitter common output correlated with this force. In the standard signal-recycled Michelson interferometer topology of the modern gravitationalwave detectors, two independent optical position meters can be implemented by two orthogonal polarisations of the probe light. Our analysis shows that the EPR speedmeter provides significantly improved sensitivity for all frequencies below ∼ 30 Hz compared to an equivalent signal recycled Michelson interferometer. We believe the EPR speedmeter scheme to be very attractive for future upgrades of gravitational wave detectors, because it requires only minor changes to be implemented in the interferometer hardware and allows to switch between the position meter and the speed meter modes within short time-scales and without any changes to the hardware.