Ten-year plan from Midshires

BIRMINGHAM Midshires Building Society has teamed with Sun Life to produce a 10- year savings plan. Minimum investment is pounds 25 a month.

After 10 years the proceeds can be taken as a tax-free lump sum or as annual income. Sun Life pays tax on the investment funds into which premiums are paid. Those taking out the plan before 10 December will be rewarded with a pounds 15 Marks & Spencer voucher.

The third issue of National & Provincial Building Society's Escalator Options savings account pays gradually rising fixed rates until 1998. Savers choose how long they wish to stay on the escalator.

For balances of at least pounds 25,000 savers are offered 6.25 per cent gross until September next year. Those investing for longer earn more in each of the following four years, rising to 8 per cent gross.