Is a Birmingham Midshires fixed rate bond right for you?
Savings accounts usually offer the best rates of interest on smaller sums, but these rates only apply up to a certain balance and/or have limit on the maximum balance permitted in the account.
If you want to see a return on larger deposits, fixed rate bonds can provide an ideal way to do this. By transferring the portion of your savings not currently earning interest into a fixed rate bond, you can ensure that you are getting the most out of your money.
Fixed rates bonds, like those provided by Birmingham Midshires, offer a dependable return for the life of the bond. This helps prevent your savings from losing their value relative to inflation and means their real world value should increase over the life of the bond.
Commonly, fixed rate bonds have a term of 1 year, 2 years, 3 years or 5 years. The longer the bond runs for, the higher interest rate you will usually be offered. Although some accounts will allow you to take money out of your bond before it matures, you will likely incur a penalty for this in the form of lost interest payments.
One key advantage of fixed rate bonds is that they allow you to earn a return on the whole of your savings while still keeping your existing current account. This makes the process relatively hassle-free as it offers no disruption to your regular banking.
Why choose a Birmingham Midshires fixed rate bond?
Birmingham Midshires are part of the Lloyds Banking Group and specialise in savings and mortgages.
Starting a fixed rate bond with Birmingham Midshires offers the following advantages:
Accounts can be accessed online, by phone or by post
Interest can be paid monthly or at maturity on most bonds
Compare Birmingham Midshires fixed rate bonds
Birmingham Midshires provide very little specific information about their fixed rate bonds on their website, so you will need to contact them directly for details of their current offers. Alternatively, you may wish to look at alternate providers such as Aldermore.
Getting the best deal on fixed rate bonds
The market for fixed rate bonds changes all the time and providers are always updating their interest rates and other features of their bonds to reflect this. It can be hard, therefore, for consumers to stay on top of which deals are currently the best for them.
Our fixed rate bond comparison table at the top of this page is regularly updated with the latest and best fixed rate bond deals. This makes it the perfect place to keep track of exactly what is currently on offer.
When considering which fixed rate bond to go for, make sure to carefully reflect on your own personal needs and circumstances as this can help ensure you find the best deal for you.
