Birmingham Midshires launches new online savings account

Top UK direct savings provider, Birmingham Midshires, this week launches a new online savings account offering long-term savers a market-leading rate. The account is aimed at savers who are looking to lock their money away to attract a higher rate of interest but like the comfort of knowing they can access the money should an urgent need arise.

Key Points:

The product completes the suite of savings products on offer from BM and fills the gap between instant access accounts and fixed rate bonds.

Money can be accessed instantly, but no interest will be paid on the balance during any calendar month in which a withdrawal is made.

The BM Online Saver Account will be available from Friday 1st Juneand will offer 6.05% Gross/AER.

Other features of the account include:

Minimum investment of £1
Maximum investment of £250,000
All transaction instructions must be made online
Interest is credited on a monthly basis, either to the Online Saver Account or to a linked bank account
Deposits/withdrawals must be made through a linked bank account

Richard Brown, head of savings products at Birmingham Midshires, said: “People save for many different reasons and for varying lengths of time. Therefore, choice is extremely important. Online Saver is aimed specifically at savers who are relatively confident that they won’t need to access their savings but like to know that they could withdraw money in the event of a financial emergency."