Bradford and Bingley launches new savings account

Thu, 08 May 2008

Bradford and Bingley have launched a new savings account which offers interest rates of up to 6.3 per cent.

The Internet Saver Notice savings account offers 6.1 per cent on balances between £1,000 and £49,999.99 and 6.2 per cent on amounts from £50,000 and £249,999.99.

Balances up to £2,000,000 will receive a rate of 6.3 per cent. All three interest rates are variable .

People will be able to withdraw their money from the savings account without penalty as long as they give 30 days notice.

Paul Whitlock, head of savings at Bradford and Bingley, said: "From our research, we discovered that there was a gap in the market for notice accounts, which have been largely overshadowed by the demand for instant access accounts and fixed rate bonds in recent years."

Yesterday, Sainsbury's claimed that its internet saver is the only savings account to have consistently offered above base rate interest on balances over £1 for the last three years.
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