Birmingham Mids double launch a winner for savers

Category: Savings
Date: 3/4/2010

Birmingham Midshires has launched two new savings products that should prove popular with savers.

The Telephone Extra is a no notice telephone operated account with a minimum investment of £1 paying 2.75% yearly (2.72% monthly). The rate includes a 2.25% bonus for 12 months.

Initial deposit must be made by personal cheque from nominated account, while transactions are made via a nominated account. The account can be opened online.

The ISA Extra is a no notice postal operated cash ISA with a minimum investment of £500 paying 2.70% yearly (2.66% monthly). The rate includes a 1.00% bonus (0.97% monthly) for 15 months.

For the yearly option, interest is paid after 12 months, then again when the bonus expires. Withdrawals are made by cheque, transfers in are without penalty, and additions and transfers in are permitted.

Both products should catch the savers' eyes but investors will have to review their options after the bonus periods expire as the rate will be nowhere near as competitive.

Both products have been awarded four out of five Moneyfacts stars.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at anytime.