This comparison simply includes all savings accounts.
BM Savings Accounts
Why we like it: 5.00% interest for 12 months on balances up to £2,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Must be aged 18 or older.
Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.
Why we like it: Free withdrawals and no notice period. Deposit from £100. Includes a fixed bonus of 0.95% gross fixed for the first 12 months. Quick and easy online application
Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected
Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected
Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected
Why we like it: £1,000 minimum deposit, £250,000 maximum. Interest paid on maturity. No withdrawals permitted. FSCS Protected
Why we like it: Save from £1,000 to £1,000,000. No withdrawals before the end of the term. RCI Bank are protected up to a total of €100,000 by the FGDR (Fonds de Garantie Dépôts et de Résolution), the French deposit protection scheme. Apply online.
Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Minimum deposit £1,000. Interest paid monthly or annually. Apply online. Eligible deposits covered by UK FSCS.
Compare Birmingham Midshires savings accounts
Part of the Lloyds Banking Group, Birmingham Midshires are specialist providers of financial products for savings and mortgages. They offer a number of savings accounts for customers to choose from. Finding the best match for your savings needs can be tough, so it’s important to make sure you have a thorough understand of the different options on offer.
Instant Access Savings Accounts
The most basic and easy to use kind of savings account, an instant access savings account (sometimes known as an easy access savings account) allows you to put money in and take money out whenever you like.
You will often be given a card to use at cash machines, or otherwise you may have to go into a branch to take money out. You usually also have the option to make transfers online or over the phone. Some instant access savings accounts only allow you to make a limited number of withdrawals each year without paying a penalty.
Fixed Rate Bonds
If you have a lump sum that you have no immediate use for, locking it away for a set period in a fixed rate savings bond can net you a good return. In exchange for agreeing not to touch your money for a period of time (usually 1-5 years) you will get a guaranteed interest rate. These rates are usually attractive, and will tend to be higher the longer you agree to lock you money away for.
If you do need to withdraw your funds early, some fixed rate bond providers will allow you to do this, but you will have to pay a penalty. This generally takes the form of an amount equivalent to a certain number of months’ interest.
Cash ISAs
If you are a UK tax payer it is often worth putting at least part of your savings into a cash ISA. These let you earn interest tax free on a set amount each year. This amount is decided by the government and changes regularly. For the 2017/18 tax year it is £20,000.
The two most common types of ISAs are instant access cash ISAs and fixed rate cash ISAs. Instant access ISAs allow you to put in and take out money as often as you need to, whereas fixed rate ISAs act like fixed rate bonds. This means you get a guaranteed rate of return, but cannot access your money for the lifetime of the ISA.
Fixed rate cash ISAs offer better interest rates than instant access cash ISAs in most cases, although the rate on an instant access ISA is variable, so it can go up as well as down.
Find the best Birmingham Midshires savings account for you
Everyone wants to get the best deal on their savings account, but with so many products and providers to select from, it can be hard to know where to start. Our savings account comparison tool (see the top of the page) allows you to look at some of the best deals from across the market to see which is right for you. We make sure to keep these deals up to date, so make sure to check back in regularly for all the latest deals.
