MoneyExpert comment on B&B's Rate for Life account

Sean Gardner, director at MoneyExpert.com, said: "When it comes to financial products, whether it's our mortgage, pension or investments it's clear most of us like security, we want to be clear about what we're going to get out at the end and B&B's latest offer caters to this - up to a point. Of course if the Bank of England cuts rates the Bradford & Bingley rate will do down.

"By offering a guarantee of 0.25% interest above the Base Rate savers know what they're in for and unlike many of the other savings accounts on the market which have spectacular headline rates but only on smaller balances, this rate is guaranteed right the way up to £500,000.

"With almost 60 accounts on the market currently paying 6% AER savers need to consider whether their money will be served best by the B&B account over the short and long term."