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New market linked deposit accounts launched

16 June 2011

New market linked deposit accounts launched

We recently launched two new market linked deposit accounts.

The 3 year trigger market linked deposit (issue 1) & 5 year trigger market linked deposit (issue 2) are deposit based accounts, and use the performance of the FTSE 100 Index to determine the return on your savings. You'll receive a fixed return as long as the FTSE 100 Index reading is the same or higher at the end of the account term, than it was at the beginning.

You can save from just £500 up to £1 million for each customer (£2 million for joint account holders).  Should you make a withdrawal during the term a charge of 1.50% will apply on the amount withdrawn and this charge will be debited from your account balance before the withdrawal is made. If you're unable to commit to a 3 or 5 year term or require access to your savings, these accounts aren't the right accounts for you.

These accounts have a limited amount of money that can be deposited in them. The issue will close on 31 August 2011 or earlier if the limit is reached.

Also, don't forget inflation may reduce what you can buy in the future with your deposit.

Information correct as at 17th May 2011.

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Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

NET rates are illustrative only, allowing for the deduction of income tax at 20%. If you are a higher rate tax payer, you may have a further amount to pay. If we deduct more tax than you have to pay this can be reclaimed from HMRC.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

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Birmingham Midshires is a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered in the FSA's Register and its Register Number is 169628. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh, EH1 1YZ.
To contact the FSA Consumer helpline, please ring 0300 500 5000 or visit www.moneyadviceservice.org.uk/.