Bradford & Bingley 5.5% 'What If?' savings account

Bradford & Bingley has released a "What If? Saver Account" savings account paying 5.50% pa gross.

This account is instant-access and includes a 0.50% pa gross bonus.

The minimum investment is £2,000 and customers can make withdrawals of £250 or more without giving notice and can make up to four withdrawals a year without losing interest.

The "What If?" account pays 5.50% pa gross for the first 180 days, the interest rate then drops to 5% p.a. gross.

For monthly interest, the rate drops to 5.37% pa for the first 180 days then 4.89%.

"Savers who choose an account that allows them easy access to their money are too often punished for this with an uncompetitive interest rate," Ian Cornelius, director of savings at Bradford & Bingley.

"The 'What If?' account has been designed with the needs of such savers in mind.

"It not only offers customers a highly attractive interest rate but also the ability to withdraw their money without notice if they want to, giving them the freedom to use their savings how and when they like."