The branch-based account requires a minimum deposit of GBP2,000 and offers savers the freedom to withdraw their money without having to give notice. Customers can make withdrawals of GBP250 or more from their account at any time without giving notice and can carry out up to four withdrawals in a year without losing any interest.
The account also offers a competitive rate of 5.5% per annum gross, which includes a bonus equivalent to 0.5% per annum gross for the first 180 days from account opening. After this period, the interest rate will revert to 5% per annum gross.
Customers requesting interest to be credited on a monthly basis will be granted an initial bonus rate of 5.37% per annum gross, which will revert to 4.89% per annum gross after the 180 days.
Ian Cornelius, director of savings at Bradford & Bingley, said: Savers who choose an account that allows them easy access to their money are too often punished for this with an uncompetitive interest rate. 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.
