New Birmingham Midshires Account Targets ING Direct
New savings account guarantees to pay more interest than its rival
2nd August 2006
A new easy access savings account from Birmingham Midshires has been launched, specifically targetting rivals ING Direct with a promise to better the interest rate on their direct savings account by 0.25% until August 2008.
The account is available in two flavours, telephone or internet operated, and both pay a respectable 4.75% interest at the time of writing. The accounts can be opened with just £1, and there are no access restrictions - all in all, the accounts are very reminiscent of ING's offering, with the addition of the rate guarantee.
While the ING account doesn't pay the highest rate of interest available, it was a pioneer of high interest direct savings accounts and enjoys wide brand recognition after a series of high profile advertising campaigns, and BM's account is being seen by some as an attempt hitch a ride on their rival's success. Nonetheless, higher rates can only be good for savers, especially when guaranteed for such a long period.
|
More ING Direct News : ING Breaks £1.5bn Interest Payment Barrier |
Home - Banking - Savings Accounts
