Birmingham Midshires locks in investors

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The Independent Online
Birmingham Midshires locks in investors

Birmingham Midshires Building Society will automatically close all new accounts opened from 1 May once any money is withdrawn. The move to lock in all new investors was taken to discourage speculators hoping to cash in if the society decides to convert to being a bank or is taken over. The minimum to open a membership account is pounds 1,000 but more than 3,000 of the 100,000 new accounts this year have quickly been reduced to pounds 100, the minimum for retaining membership.

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