Birmingham Midshires has announced the launch of new four and five-year fixed rate bonds.

The bonds, which are available from 28th October 2005, require a minimum investment of just £1.

The products pay an interest rate of 5.05 per cent annual equivalent rate (AER) and there is also a one year fixed rate bond available that was launched earlier this month.

Richard Brown, head of savings products at Birmingham Midshires, said: "We believe that these new products will prove popular with customers and accompanied by our existing range of fixed rate bonds, we feel that we have plenty to offer customers wanting to earn a guaranteed competitive rate of interest."

Research from Birmingham Midshires reveals that fifty per cent of the savings providers in the best buy table require a minimum investment of £500 for their products, in contrast with the £1 minimum investment required for its new fixed rate bonds.

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