Bradford and Bingley launches new savings account

Tue, 24 Jun 2008

Bradford and Bingley has launch a new range of savings accounts which will pay 0.25 per cent more than the Bank of England base rate for life.

According to the firm, the savings accounts should appeal to people who want to be sure that they will always be earning an attractive rate of interest .

There are three versions of the Rate for Life savings account - a branch, online and postal version.

No notice is required for withdrawals and customers can put a maximum of £500,000 in the savings accounts.

However, Kevin Mountford, head of savings at moneysupermarket.com, questioned how attractive the savings accounts actually are.

Mr Mountford said: "I do not feel that 5.25 per cent will be enough to attract many people's attention, especially if you are a basic-rate tax payer - the net return would only just keep up with inflation, which is the most important factor savers should be considering in this environment."

The savings accounts might appeal to people who are not inclined to shop around for the best deal, he added.
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