Birmingham Midshires goes fixed rate saving crazy - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Birmingham Midshires goes fixed rate saving crazy

Birmingham Midshires goes fixed rate saving crazy

Category: Savings

Updated: 06/09/2010
First Published: 06/09/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Birmingham Midshires has added to its fixed rate savings range with the launch of a new five year fixed rate bond and two year fixed rate ISA.

Paying 4.60%, the five year fixed rate bond is amongst the market leaders in its field and should prove popular with savers who prefer to operate their savings accounts by post.

Being allowed to access funds early is a plus, but to make the most of the high rates on offer, savers should look to leave their money untouched for the longer term, as access penalties are hefty early on.

The two year fixed rate ISA is paying a market leading rate of 3.30% and should appeal to savers either looking for a home for this year's ISA allowance or wanting to transfer previous years' allowances.

Early access to funds is allowed, but will be subject to 180 days' loss of interest in year one and 90 days' loss in year two.

Both products require a minimum investment of just £1, and also welcome additional investments whilst the issues remain open.

Four out of five Moneyfacts stars are a well deserved reward.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.