MoneyExpert.com: Birmingham Midshires Egg-beating savings account

Sean Gardner, Chief Executive MoneyExpert.com said: “With Birmingham Midshires launching an account guaranteed to be 0.5% above Egg’s best offer the knives are clearly coming out in the savings market. It’s been common practice for providers to tie their savings rates to those decided by the Bank of England but guaranteeing to outdo a rival is pretty punchy.

“Mind you, they haven’t exactly latched on to the pick of the bunch. At a rate of 5%, Egg’s saving account is far from the best, meaning that the initial rate of the Birmingham Midshire’s account, 5.5%, only really hovers in the middle of the best buy tables.

“Though savers need to be wary of the bonuses expiring, better deals can be found with the likes of Alliance & Leicester, Abbey, and even Northern Rock.”