Birmingham Midshires

 

History

In 1986, Birmingham Midshires Building Society was formed as a result of a merger between Birmingham and Bridgewater Building Society and Midshires Building Society. However, the roots of this institution go back much further to the merging of a variety of building societies in the UK in 1849. This means that Birmingham Midshires brings a wealth of financial history and experience to the UK financial market, despite the fact that its official name has only been around for several decades.

Current Information

In 1999, Birmingham Midshires became a part of Halifax, which in turn was taken over by the Bank of Scotland in 2001. Now Birmingham Midshires is a separate division of the Bank of Scotland, offering a host of savings and mortgage options to its customers.

Along with basic savings accounts, Birmingham Midshires offers a variety of cash ISA options. Current savings balances for Birmingham Midshires stand at about £12 billion, and mortgage assets total approximately £32 billion.

Cash ISAs Available

Birmingham Midshires offers a wide range of cash ISA products, allowing customers to tailor their savings options to their unique needs and financial goals. Customers can apply for accounts online or by telephone. Cash ISAs can be broken down into the following two categories:

  • Fixed-Rate Cash ISAs – These accounts require a minimum opening deposit of £500 and come in two or five-year terms. Customers can opt to have interest paid out on a monthly or annual basis. Rates are competitive, and all the fixed-rate accounts offered at this time are allowed transfers from other ISA vehicles. If customers leave their money on deposit for the full term, they can enjoy guaranteed rates of return for the full two or five years. Withdrawals made during the term are subject to an interest penalty.
  • Variable-Rate Cash ISAs – A variable rate account has an interest rate that is subject to change periodically. Variable-rate accounts offered by Birmingham Midshires provide easy access to funds, with penalty-free withdrawals allowed anytime. Accounts require a minimum opening deposit of £500 and account holders can choose to have interest paid out monthly or annually. Currently, Birmingham Midshires offers just one variable-rate cash ISA, with monthly or annual interest payment options available.

Because Birmingham Midshires currently restricts its business to savings and mortgage products, the institution does not offer any stocks and shares ISAs at this time. However, as a part of the Bank of Scotland, customers are sure to find referrals to banks under the Bank of Scotland umbrella that do offer a variety of investment products for consideration. Ask a Birmingham Midshires representative for more information about other options available through the Bank of Scotland.

Birmingham Midshires offers a good range of cash ISA products that are a good fit for the needs and financial goals of the majority of their customers today. With a good selection of ISA products and the backing of the Bank of Scotland, many customers are finding Birmingham Midshires is a good place to enjoy tax-free savings with one of the many ISA products available.

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

www.isa.co.uk is a trading style of Fair Investment Company Limited, which is authorised and regulated by the Financial Services Authority (FSA). Fair Investment Company Limited is entered on the FSA register (www.fsa.gov.uk) under reference number 192852. Registered in England no. 3980180. Registered address: Kings House, 14 Orchard Street, Bristol, BS1 5EH.

The information and content of this website is subject to the UK regulatory regime and is therefore intended for UK consumers.


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