UK savings market seems to be turning
UK savers have taken a significant battering over the last few months with a number of savings accounts offering near 0% interest at a time when cash is king. However, Close Brothers , a London-based bank, and Birmingham Midshires may well be about to shake up the savings market with a couple of interesting introductions which are sure to catch the eye of savers around the UK.
Close Brothers is offering a three-year fixed-rate account with a 4.75% interest rate payable annually although the minimum investment is £10,000. There is also a two-year version of the scheme which pays a fixed 4.5% interest rate although both accounts, due to close on 3 July or before, do not permit any early withdrawals. This would indicate that Close Brothers expects UK base rates to increase substantially over the next two or three years otherwise they would not be offering such an attractive rate.
However, for those looking for an instant access account the Birmingham Midshires 3.15% telephone extra account looks interesting, although the full 3.15% includes a 2.65% bonus for funds untouched for at least a year. This particular scheme starts with a minimum deposit of just one pound and is expected to receive significant interest from investors.
Share this..
Related stories
MPs pay no tax on second home allowance
It has been revealed in the weekend press that MPs in the UK have managed to secure an extension from taxation on the significant benefits they are able to claim from the UK taxpayer. Using a little known law from the 1970s, which was passed by MPs themselves, it has been revealed that MPs do not pay any taxation on expenses received in the line of duty.
This is in direct contrast t...
UK investors shun ISA allowances
In the run-up to the end of the tax year it has been revealed that many UK investors are ignoring their ISA allowances which could see them invest £7200 tax-free for the future. For many investors the short-term potential to utilise their full capital gains tax allowance is a remote possibility never mind the apparent short-term attractions of their ISA allowance. However, in many cases there is...
Read MoreDavid Miles raises hopes for UK economic recovery
David Miles, the new incoming member of the Monetary Policy Committee (MPC) at the Bank of England, would appear to have hit the ground running with a suggestion that signs are emerging that the UK recession could be over. This announcement follows the recent upbeat theme of late from the Bank of England, the UK government and a number of reports on the UK economy. But are we started to get carrie...
Read MoreIncrease in middle-class housing problems
It has been revealed that there has been a significant increase in middle-class homeowners seeking advice after falling into financial trouble. This is the latest area of the UK housing market to be affected by the ongoing recession with income becoming tighter and tighter and everyday living expenses rising month by month. The fact this is hitting the area of the market where houses cost in exces...
Read MoreFour in Ten Britons could be hit by swine flu
As the government's Cobra emergency committee gathers in London there are serious concerns that the ongoing outbreak of swine flu could impact upon four in ten Britons if it becomes a pandemic. The situation in the UK has worsened over the last few hours with possible new cases in Wiltshire, Derbyshire, Yorkshire and Wales not to mention a flurry of other cases overseas.
However, be...