A new savings product from Bradford & Bingley offers investors a double guarantee on their interest rate.
Savers are promised that they will never receive less than 5.25 per cent annual equivalent rate (AER) and that the interest rate will never fall below the bank's base rate either.
Antony Lupton, head of savings product development for B&B, noted: "This one-year product, that guarantees to never pay less than 5.25 per cent gross pa/AER, offers the best of both worlds for customers who want a great rate with the advantage of benefiting if the Bank Base rate goes above this during the term."
Consumers are able to place between £2,000 and £250,000 in the one-year product. After the account is opened investors are permitted to make one penalty free withdrawal (as long as the account balance does not fall below £2,000) and make one other contribution (of between £500 and £50,000).
The bank has also released a three year fixed rate bond offering 5.35 per cent, as well as a three-year double guarantee investment product with 5.04 per cent AER.To read more about investment bonds, click here.
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