Savings - How much does 'What If'?' pay

Bradford & Bingley has announced the launch of the 'What If? Saver Account' - the no notice account paying a variable rate of 5.50% p.a. gross, which includes a bonus equivalent to 0.50% p.a. gross for 180 days, before reverting to 5% p.a. gross.

For customers who want their interest to be credited on a monthly basis, an initial bonus rate of 5.37% p.a. gross is available, which reverts to 4.89% p.a. gross after 180 days

The bonus will only be paid for the days that customers have at least £2,000 in their account. This will be paid on top of their interest.

The branch-based account is available to savers with a minimum deposit of £2,000. If the balance in an account falls below £2,000, the rate of interest payable will be the base rate on the bank's Timesaver account.

Customers can make withdrawals of £250 or more from their account at any time without giving notice and can carry out up to 4 withdrawals in a year without losing any interest.

If they make more than 4 withdrawals during the first 180 days, they will lose 30 days of the bonus interest on the amount withdrawn (in addition to any basic interest lost). Any bonus due will be included with the interest payment.

Customers who close their What If? account cannot open another one for six months from the date of account closure. They also cannot pay their salary into this account.

06 July 2007 © Moneyextra.com

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