People looking to start saving money in the next few months have been put on alert after banking solutions provider Birmingham Midshires announced it has increased its savings rates.
Effective from the beginning of February 2007, the financial services provider is now offering 5.5 per cent gross interest on its direct savings accounts.
Commenting on the move, the institution pointed out that its savings accounts now offer savings rates that are 0.75 per cent higher than their equivalent at ING Direct, which is the world's largest direct savings account provider.
Richard Brown, head of products at Birmingham Midshires, said that the revamped savings rates represent positive news for customers.
"The Birmingham Midshires direct savings account is fantastic news for savvy savers," he said.
"With this account, we are ensuring that our customers are consistently getting a competitive rate."
The move comes on the back of the decision by the Bank of England's monetary policy committee to raise the base rate to 5.25 per cent in January.
The next meeting of the committee is scheduled to take place on February 8th.
Birmingham Midshires increases savings rates
Birmingham Midshires increases savings rates
Tue, 06 Feb 2007
Recommended links
Competitive savings rates currently available, analyst suggestsUK savings market changing, analyst claims
Birmingham Midshires raises savings bar
Birmingham Midshires boosts savings rate
Compare saving accounts
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton launches new savings bonds - Wed, 19 Nov 2008 |
| Take out a fixed savings account now, expert urges - Mon, 17 Nov 2008 |
| Credit unions offer good savings accounts, CEO claims - Fri, 14 Nov 2008 |
| More News |
