Bradford & Bingley launches Rate for Life account

Bradford & Bingley launches three new innovative savings products that guarantee to match the Bank of England's Base Rate plus 0.25% p.a. for life.

These new style products, the first of their kind in the market, are ideal for those who want peace of mind that their accounts will always earn an attractive rate of interest, with no restrictions.

Rate for Life has been designed to appeal to savers who are looking for no-nonsense accounts that promise to offer excellent long-term value. They launch with a competitive variable rate of 5.25% p.a. gross/AER (4.20% net p.a.), guaranteed to be 0.25% p.a. above Bank of England's Base Rate for the life of the accounts.

There are branch, online and postal versions of this unique product, so savers can select the type of account which suits them best. All have minimum opening balances of £1,000, extending to a maximum of £500,000.

Additions are permitted and no notice is required for withdrawals.

Customers who would prefer their interest to be credited on a more regular basis can take advantage of a competitive monthly interest rate of 5.13% gross p.a. (4.10% net p.a.).

Customers can open a Rate for Life account by visiting bradford-bingley.co.uk.

Paul Whitlock, head of savings at Bradford & Bingley, said: "Our Rate for Life savings products are the first of their kind in the market offering excellent, transparent long-term value. The launch rate is competitive and is guaranteed to remain so for the life of the accounts, with no hidden catches or gimmicks. In a fast changing market, savers can be assured that their money will always earn an attractive rate of interest for life."