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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.

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