New savings bonds, offering fixed savings rates, have been launched by Birmingham Midshires.

The new fixed rate savings bonds offer terms of four or five years and also take most of the top spots in the best buy tables for fixed rate savings products.

A market leading savings interest rate of 5.1 per cent gross is on offer by the savings provider.

In contrast with some of its competitors, these savings bonds can be opened with a minimum investment of a pound and still receive the competitive savings interest rate.

Birmingham Midshires continually strives to offer the best possible savings products, says Richard Brown, head of savings products.

We're delighted to have taken the top three best buy positions with our fixed rate bonds, he says.

Mr Brown says the savings provider is looking forward to welcoming new customers and seeing them benefit from our market leading savings products.

The savings provider points out that it has launched more best buy savings products that offer fixed rates over the last month than any other.

A competitive one-year fixed rate savings bond was also launched by Birmingham Midshires last month.