Gain more pounds! (Birmingham Midshires)

Name: anwar7

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Product:	Birmingham Midshires
Date:	07/06/07 (488 review reads)
Rating:

Advantages: see review

Disadvantages: see review

My relationship with the Birmingham midshires first began in 2000 when our financial advisor recommended them as having the best fixed rate mortgage deal at the time. Applying to transfer our mortgage was relatively easy even though we found Birmingham Midshires a bit fussier than the Bradford and Bingley, our previous provider. Birmingham midshires initially told us we would have to pay off a credit card even though I had a very low rate of interest on it and was earning more on a savings account. They eventually agreed to wave this request. Given that we had never defaulted on any payments and had a good income I did find this a bit over the top and was pleased that they saw sense! The fees for taking out our mortgage were very competitive although I can;'t remember exactly how much they were.

When our 2-year fixed rate term was due to end I telephoned and managed to negotiate another good deal. My experience of the Birmingham Midshires as a mortgage provider has been a positive one.

Like many people I am keen to check on a regular basis that my hard earned savings are attracting the best interest rates possible. I like comparing interest rates offered on various sites such as moneysupermarket, and Martin Lewis’s web site. I have noticed the Birmingham Midshires are often very near the top for savings interest rates. At the moment they have a 1 year fixed rate bond paying 6.35% gross making it the market leader.

The company.
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Birmingham Midshires can trace its roots back to 1849 and is the result of the merger of over 50 building societies. In 1999 Birmingham Midshires became part of the Halifax group and in 2001 The Halifax and the bank of Scotland merged to form the formidable HBOS group.

The Birmingham Midshires started a programme of branch closure in 2005 and by 2006 had closed 48 of its 68 branches. The remaining branches have now been converted to Halifax branches.

Although it is part of the Halifax the Birmingham Midshires does have its own identity and offers a range of unique products.

The head office is based in Wolverhampton and Birmingham midshires is the largest private employer in that area.

Birmingham Midshires are keen to emphasis that they are a responsible, caring business and support many local charities and good causes, for example the Wolverhampton marathon.

Products on offer.
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I don’t intend to tell you about every product that the Birmingham Midshires offers as this information can be found on their web site-www.askm.co.uk. In any case financial products offered change frequently. I think it more useful to give you a snapshot of what’s on offer.

In addition to offering mortgages to first time buyers and those re-mortgaging, Birmingham Midshires specialise in buy to let mortgages, sub-prime mortgages for those who have experienced financial difficulty and self-certificated mortgages for the self-employed. Their rates have always been very competitive. Just before our fixed rate deal was due to end I telephoned and asked what they could offer to retain our business, I was offered another very good deal, again fixed for 2 years.

Savings products.
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Birmingham Midshires offers a range of savings products including postal savings accounts, Internet savings accounts and telephone savings accounts.

If you are looking for an instant access account paying a high rate of interest then I recommend their direct telephone savings account currently paying 5.75% gross. With this account you can either use the automated telephone service or if like me you prefer to speak to an operator this is also an option. With this account you will be sent a pin number and password to access your account.

If you prefer an Internet account then there is a web saver account offering a good 5.95 % gross. As the name implies this account is only available on line. Birmingham Midshires guarantee to beat the interest rate offered by Ing bank by at least 0.25%. Again you will be sent a pin number and password in your welcome pack with instructions of how to log in to your account. Once logged in to your account you will be told how to change your pin number and password ones of your choice.

With this particular account you will need to have a linked bank account. I have always found transferring money either in or out of this account very straightforward. A statement of your transactions is available on a separate screen to view.

In addition it is possible to speak to an operator if you experience any problems.

If you are interested in applying for their 1 year fixed rate bond I mentioned then you will need to hurry as this is a limited addition and can be withdrawn at any time. This is a postal account although an application form can be downloaded from their website.

Birmingham Midshires also offer isa’s but for some reason these rates are not that attractive. For example they are offering 4.15% on their postal isa at present compared to 5.9 % with the Kent Reliance building society.

If you are interested in looking at their savings products but unsure which one is right for you then you may find it helpful to visit their website and use the savings selector available. Birmingham Midshires will then select the best savings account for your needs- brilliant!

How safe is your money?
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Birmingham Midshires offer the best encryption technology on its web site so you should have no problems. When accessing your account you will be asked different preset security questions that aim to ensure your money is safe.

Birmingham Midshires is a member of the financial compensation scheme so in the unlikely event of it going pear shaped you would be covered up to £30,000. However with £12 billion in its savings account accounts and over £32 billion of mortgage asserts I think you consider your money safe!
The verdict.
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I have had several accounts now with the Birmingham Midshires and would be happy to recommend them. Our mortgage account has been problem free and on the occasions I have needed to speak to an advisor I have been connected quickly and dealt with by knowledgeable staff based in Wolverhampton.

As for my experience as a saver with Birmingham Midshires again this has been very positive. Not only do they offer really good rates of interest but their customer service is very good too. It is worth noting that money awards voted the Birmingham Midshires best online savings provider in 2004.2005 and 2006.

I have always found my savings accounts easy to operate and when I have had problems they have been quickly resolved.

Their web site is easy to navigate and if you have any questions then there is a phone number to call to speak to an advisor.

As you have guessed I would highly recommend the Birmingham Midshires both for its great rates, its ease of account operating and its customer service.

Summary: bank offering good rates of interest and good customer service