Birmingham Midshires
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Birmingham Midshires, a division of Bank of Scotland (part of Lloyds Banking Group), is headquartered at Pendeford Business Park, Wolverhampton, England, and has 67 offices across England. Before being a commercial bank, Birmingham Midshires was a building society known as Birmingham Midshires Building society.[br]
The merger of Birmingham, Bridgwater and Midshires building societies resulted in Birmingham Midshires in 1986. Birmingham Midshires is a separate division within Bank of Scotland plc, and specializes in mortgages and savings products. Its real growth happened in April 1999 when the bank joined the Group and doubled its savings balances to £12 million and trebled its mortgage assets to £32 billion.
Birmingham Midshires: Products and Services
Specializing in two products, savings and mortgage, Birmingham Midshires offers a choice of savings accounts that can be managed through multiple mediums, and mortgages that offer the choice of fixed rates to flexible and tracker rates.
· Saving accounts
o Internet savings: These online managed accounts give the freedom of accessing accounts anytime throughout the year. They have three sub categories namely Easy Access Internet, ISAs, Fixed rate bonds. Each of them offers specific benefits ranging from fixed interest amounts annually to monthly interest amounts. Internet accounts have been recognized as the best online and best savings account provider by Your Money Awards 2009.
o Telephone accounts: Giving consumers the flexibility of using savings accounts, telephone accounts offer monthly as well as yearly interests. A simple interactive IVR makes round the clock access possible.
o Postal savings: With ISAs and fixed rate bonds, a consumer gets to know the returns from his invested money from the beginning. These accounts can be managed through post.[br]
· Mortgage
o Fixed: Fixed mortgage comes with a fixed interest rate of 7.39% for five years
o Flexible: This mortgage charges an interest of 3.84%.
o Other sub-categories include tracker, capped and variable.
Birmingham Midshires also offers additional borrowing to its customers. Consumers who have completed six months of mortgage are eligible for this facility. Birmingham Midshires is also known to promote healthy borrowing habits through its policies, and offers enough choice for people with different kinds of paying capabilities.
