Bradford & Bingley launches new Internet-only savings account

Source: Bradford & Bingley

Bradford & Bingley has responded to demand from cyber savers and launched Internet Saver 2, an internet only account with no gimmicks, no hidden catches. Just a simple, straightforward, easy to access, superb online rate.

The limited edition, market-leading Internet Saver 2 Account provides a best buy rate of 6.40% p.a. gross/AER*, (5.12% net p.a.) variable, as well as offering savers easy access to their money without penalty.

The Internet Saver 2 Account requires a minimum deposit of just £1.00 (one pound) with a maximum balance extending to £250,000. Customers can open and operate the account online. No notice is required for withdrawals, which can be made on a penalty-free basis via BACS transfer to the customer's nominated bank account.

The Internet Saver 2 account has been launched in response to the ever increasing demand for internet-only products, with take up of Bradford & Bingleys online savings having increased by 50% since October 2007**.

Paul Whitlock, head of savings at Bradford & Bingley, said: "In a competitive market customers need to ensure they choose a product which offers them transparency and flexibility as well as a competitive rate. We think our Internet Saver 2 Account offers customers the best of both worlds and is perfect for 'cash rich, time poor' customers who want to manage their money at a time that is convenient for them."

*AER stands for Annual Equivalent Rate. This shows the notional rate assuming interest was paid and compounded yearly. As every savings product advertisement (which quotes an interest rate) must show the AER, this lets you compare products more easily.

** Based on figures from Bradford & Bingley Group's own customer data.

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