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Birmingham Midshires launches internet bond

Birmingham Midshires launches internet bond

Category: Savings

Updated: 02/09/2010
First Published: 02/09/2010

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 launched a new two year bond that will appeal to web savvy savers.

The Internet 2 Year Fixed Rate pays 3.60% yearly on a minimum investment of just £1 and is operated online. Earlier access is permitted, subject to 180 days' loss of interest in year one and 90 days' loss in year two.

Additions are allowed whilst the issue remains open.

It is good to see Birmingham Midshires re-entering the two year fixed rate market with the launch of this internet bond. At 3.60%, it is amongst the market leaders in its field and should prove popular with investors.

The fact that earlier access is permitted is a plus, but to gain fully from the high rates investors need to tie in funds for the longer term, as access penalties are hefty early on.

Four out of five Moneyfacts stars have been awarded.

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