Bradford & Bingley’s new easy access account

Commenting on Bradford & Bingley’s new easy access account paying 6.4 per cent, Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "While there has been a great deal of focus on providers cutting savings rates since December's Bank of England decision, it's great to see a new product paying over six per cent.

“Bradford & Bingley ran a couple of competitive products during the final quarter of 2007 and should now attract even more savers with this new easy access account. Pleasingly, B& B has avoided building in any short-term bonuses or withdrawal penalties.

" It also has a base rate guarantee although in reality this offers very little benefit. Let's face it, if this product dropped from its headline rate of 6.4 per cent to the Bank of England rate of 5.5 per cent, it would be a relatively poor deal."