Birmingham Midshires seeks to get Britain saving

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Birmingham Midshires seeks to get Britain saving

Mon 16th Apr 2007

Birmingham Midshires is hoping to convince Britain to get saving with the launch of a new fixed rate bond.

The "market-leading" bond offers a rate of interest 0.91 per cent above the Bank of England base rate and can be opened with a minimum balance of just £1.

"Birmingham Midshires is proud of its reputation as a leading provider in fixed rate products," said Jason Robinson, the lender's director of savings and investments.

"Our research has shown that one in five (19 per cent) over-45s – our target customer base – who have opened a savings account over the past three months have opted for a fixed bond.

"As a provider, we are consistently reacting to the needs of customers in achieving excellent fixed rates of interest. Savvy savers should move quickly to grab this market-leading rate," he added.

With interest rates on the rise, many Brits will be worried about the cost of their mortgages, credit cards and other debts.

But higher interest rates are good news for savers as long as the provider passes on any increases in the base rate.

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