Birmingham Midshires Online Extra - easy access, 3.2% interest on £50,000+

Special_Saver2

I don't think anybody has mentioned this account yet and it is not on Martin's top savings account page yet.

Birmingham Midshires Online Extra (Issue 1)

It pays 3.2% gross p.a. variable interest on £50,000 to £1 million. Payments out can be made by Faster Payments to your nominated current account. Payments in can be made by direct debit but this may take up to 4 days. I cannot tell from the BM website whether Faster Payments in can be made - if you are given the sort code and account number then it should be possible. The interest rate drops to 0.5% after the first 12 months. There is no monthly interest option. Unlimited penalty-free withdrawals.

I have used BM in the past and found their customer service to be quite good. If you are worried about the safety of your savings, be aware that BM shares a banking licence with the rest of the Halifax Bank of Scotland group.

SS2

Glen_Clark

Looks Good.
I also like the fact this is under the Birmingham Midshires Brand Name, not the AA which they also run, because I have a non 0845 number for Birmingham Midshires switchboard 01902 325504. If you ring them on that number about an AA account they talk as though Birmingham Midshires is nothing to do with the AA and refer you to the 0845 number.

fgmuir

Special_Saver2 wrote: »

I cannot tell from the BM website whether Faster Payments in can be made - if you are given the sort code and account number then it should be possible.

From '3. PUTTING MONEY INTO YOUR ACCOUNT' under the 'Account Conditions' tab:

3.2 After your first payment in by cheque (referred to in condition 2.2) any payment in must be made by direct debit from your linked account and deposits by cheque will not be allowed.