Birmingham Midshires 7.11% 1 Year Fixed Rate Bond

mike1821

Hello, I have a bit of money to put into a yearly savings account. Birmingham Midshires 7.11% 1 Year Fixed Rate Bond (http://www.askbm.co.uk/savings/i/fixed/product.asp?id=162) is looking good but I really don't know much about it. Does that still provide 100% security with up to £35,000? Does anyone have any advice on it, as 7.11% seems too good to be true…
Also, is that THE HIGHEST interest rate savings account available? Or is there something better I need to be aware of?
Thanks for your help and your time!!!

nilrem_2

It appears to be one of the best rates at the moment, your money would be safe anyway but is guaranteed to be so up to a max of £35.000. if you open a joint account then it's 2 x £35,000.
Personally I would not worry about the £35,000 guarantee, people are just edgy since the NR issue and even then no saver lost any cash.

I might consider this one myself TBH.

mike1821

Thanks for your help! I'll probably open the account soon!

YorkshireBoy

BM are part of HBOS so far as the FSCS is concerned, so if you already have money in Halifax etc you might want to limit your total exposure (bearing in mind your "100% security" comment).

sham63

As an alternative, the Post Office and West Brom both currently offer 1yr Bonds fixed at 7.05%

Geoffo_M

I think Principality are paying 7.15%

sham63

Geoffo_M wrote: »

I think Principality are paying 7.15%

Only for the over 50s - counts me out!!

johng_uk

Geoffo_M wrote: »

I think Principality are paying 7.15%

I wonder what the rate will be in 22 years time when I'm eligable:)

mike1821

I'm below 50, so I'm out as well...
I only have a bit of money in NatWest and that's about it. So I guess I'll be ok with Birmingham Midshires.