Bradford & Bingley launches eSavings account

Bradford & Bingley has launched eSavings4, an online savings account, that boasts a market-leading annual ‘bonus’ rate of 6.01% p.a. gross/AER for the first 12 months, designed to appeal to customers looking for easy and penalty-free access to their money.

eSavings4, available to savers with a minimum deposit of £1,000, pays a bonus rate for the first 12 months from the anniversary of the account opening. The annual gross interest rate thereafter is guaranteed to at least match the Bank of England’s base rate until 30 June 2009.

For customers who want their interest to be credited on a monthly basis, a special bonus interest rate of 5.85% p.a. gross is also available. This rate will apply for the first 12 months from the anniversary of the account opening, after which it will change to 5.37% p.a. gross.

Customers can open and operate their eSavings account by clicking onto bradford-bingley.co.uk. 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.

Ian Cornelius, director of savings at Bradford & Bingley, said: “Our new eSavings account offers customers looking for ‘no notice’ easy access to their savings a highly competitive interest rate. It is ideal for ‘cash rich, time poor’ customers who want to manage their money at a time that is convenient for them.”