A New Savings Account to give members a fix
With a further cut to base rate likely on 14th July when the Bank of England’s Monetary Policy Committee are due to meet, the short term prospects for savers continues to look bleak.
The referendum outcome means that action has to be taken to avoid the economy falling into recession. The Chancellor’s efforts to encourage savers in recent budgets have been undermined and further quantitative easing will keep high street banks awash with cash.
Bira Bank always attempts to provide bira members with market leading rates on both savings and loans. In recent times, the Bank has introduced new savings products to give members greater choice and these have included a 366 day fixed rate account, a 185 day notice account and a 12 month fixed rate Cash ISA with the latter marking the Bank’s 60 year anniversary in 2015.
To extend the offering to members seeking to place money on deposit, the Bank has introduced a 2 year fixed rate Cash ISA on 1st August 2016 to provide further variety and choice for members, paying 1.4% AER.
Bira Bank is continually on the look-out for new depositors especially as it does not have access to the cheap government money referred to above. Despite the pressures placed on lending margins because of this, the Bank does its best to keep both savers and borrowers from across the membership as happy as it can.
If you are interested in placing money by way of deposit with your Trade Association Bank, go the website at birabank.co.uk or give one if the team a call on 0121-446-6688.