Birmingham Midshires Savings

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Birmingham Midshires no longer provide any savings...
Birmingham Midshires
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Reviews related to Savings

Recommended by tattygrass

Fixed at just over 4% last year for 2 years so was pleased to get his rate. Moved my money from the Nationwide who had cut their savings rates.

Good interest 5.15% for up to 5 years
If withdraw, is (only) a 90 day interest penalty
Recommended by smithd

I invested in this Birmingham Midshires Bond in 2009, with a fixed rate of 5.15% for 5 years. However, my money is NOT tied-up and inaccessible - rather I can make a withdrawal at any time with only a 90-day interest penalty on the amount withdrawn. Thus even if I withdraw it all now, I would still get well over 2 years at 5.15% (less the 90 days interest). A pretty fair deal in the present financial climate !
Withdrawals are only allowed by post.

good service and interest rates
Recommended by Fenton!

Birmingham Midshires offer fixed rate bonds at very competitive interest rates. Its easy to open on the internet and they are very helpful if you need to ring them.

In 2009 I invested in BM's 3 year trigger guaranteed equity bond which was due to mature last month. I received a letter from BM enclosing a maturity instruction form and a pre-paid reply envelope. There were several options listed on the form to re-invest the funds in BM's own 2, 4 and 5 year fixed rate bonds or into an existing BM savings account. I required the money for a large purchase so I completed the account closure instructions, asking for my funds to be sent to my linked account (another bank),all details listed, signed and dated the form and sent it in their reply paid envelope.

A week later when I checked my bank account, the funds had not been transferred, so I 'phoned BM who said they had not received any maturity instruction from me. I am very dubious about this as this would make it easy for them to dump my funds in a default BM account that pays a pitiful rate of interest. A cautionary tale for investors, to keep on top of their maturing funds and not be suckered by a building society in this manner.