Birmingham Midshires increases Direct Savings Account rate

Birmingham Midshires has today increased the rate on its Direct Savings Account to a competitive 5.50% Gross/AER.

Last year, Birmingham Midshires shook up the savings market with the launch of the Direct Savings Account, guaranteed to consistently beat ING’s Direct Savings Account by a minimum 0.25%.

But from today, February 1, the rate on BM's market-leading account will be an impressive 0.75% above ING's product as it failed to pass on the BBR to customers last year and shows no sign of passing on last month's increase. This leaves ING's account paying just 4.75%

Richard Brown, head of products at Birmingham Midshires, said: “The Birmingham Midshires Direct Savings Account is fantastic news for savvy savers. With this account we are ensuring that our customers are consistently getting a competitive rate."

The Birmingham Midshires Direct Savings Account has a minimum investment of just £1 and maximum of £2 million. Savers can open up to 10 accounts and they can be managed either via the telephone or online. Savers are given full flexibility with unlimited deposits and withdrawals permitted.