Birmingham Midshires ups rate on new fixed rate bond

UK direct savings provider Birmingham Midshires has upped the rate on its One Year Fixed Rate bond from 6.16% to 6.23% gross/AER and continues to sit at the top of best buy table.

At the time of writing the Birmingham Midshires account is best buy in the marketplace. BM's new product is 0.98% above base rate (5.25%).

Jason Robinson, director of savings and investments at Birmingham Midshires, said: “We are delighted to offer our customers another market-leading rate in an account which promises to offer consistently good returns. Savers should move swiftly to make the most of this great rate.”

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).