Birmingham Midshires launches two new fixed rate bonds

Birmingham Midshires, a leading direct savings provider in the UK, has announced the launch of a Direct One-Year Fixed Rate Bond and a Direct Six-Month Fixed Rate Bond, both of which promise to beat the corresponding ING products by at least 0.25% AER.

The Direct Six-Month Fixed Rate Bond has one of the best interest rates available at 6.71% Gross / 6.82% AER, the Direct One-Year Fixed Rate Bond also pays a best buy rate of 6.76% Gross / AER.

On both bonds, interest is calculated daily and savers are offered a choice of either monthly interest payments or payment on the maturity of the bond.

Product details – Direct One-Year Fixed Rate Bond

Apply by telephone or request an application online
Minimum opening balance of £1
Maximum balance of £5 million (£10 million for joint accounts)
Annual interest: 6.76% Gross; 5.41% Net, 6.76% AER
Monthly interest: 6.56% Gross 5.25% Net 6.76% AER

Product details – Direct Six-Month Fixed Rate Bond

Apply by telephone or request an application online
Minimum opening balance of £1
Maximum balance of £5 million
Maturity: 6.71% Gross 5.37% Net 6.82% AER
Monthly: 6.62% Gross 5.30% Net 6.82% AER

Jason Robinson, Director of Savings Operations at Birmingham Midshires, said: “Birmingham Midshires continues to offer savers consistently high rates on their savings. We are delighted to announce the extension of our savings product portfolio to include two new products which not only offer good rates of returns but also guarantee to beat the rates of a key competitor.

Fixed rate bonds are a great option for savers who would like to protect their savings against fluctuations in interest rates for the full term of the investment.”

To open an account, visit askbm.co.uk