Birmingham Midshires launches new fixed rate bond

UK savings provider Birmingham Midshires has announced the launch of a market-leading new One Year Fixed Rate bond with a rate of 6.16% gross/AER. Birmingham Midshires was the first savings provider to smash the 6% per cent barrier back in January and continues to offer its savers the most competitive rates.

Jason Robinson, director of savings and investments at Birmingham Midshires, said: “Birmingham Midshires is proud of its reputation as a leading provider in fixed rate products. Our research has shown that one in five (19 per cent) over-45s – our target customer base - who have opened a savings account over the past three months have opted for a fixed bond. As a provider, we are consistently reacting to the needs of customers in achieving excellent fixed rates of interest. Savvy savers should move quickly to grab this market-leading rate.”

At the time of writing the Birmingham Midshires account is best buy in the marketplace. BM's new product is 0.91% above base rate (5.25%).

The bond is unique to the marketplace in offering an excellent rate of interest for a minimum balance of £1. Birmingham Midshires’ closest competitor on rate requires a minimum deposit of £500.

The One Year Fixed Rate bond further allows savers benefits in the form of flexible interest payment - customers will be given the option to be paid annual or monthly interest (monthly interest at 5.99% gross).

For further information, visit askbm.co.uk.