Bradford & Bingley - a cheeky catch in the T&C???

wywywywy

Hi all,

I think most of you know about Bradford & Bingley's saving accounts (easy access or ISA), and obviously they have some very attractive interest rates.

I think there however might be a catch?

The minium openning balance is £ 1000, which is fine. But the T&C says that only the balance over £ 1000 pays 4.85%, the balance below £ 1000 only pays a nominal 0.5%.

So let's say I have £ 3000 in the B&B saving account. Would it be that...
1. The first £ 1000 earns 0.5% interest
2. The rest £ 2000 earns 4.85% interest

If thats the case, the account isn't attractive at all!

Or is it that as long as the balance is over £ 1000, then the ENTIRE balance earns 4.85%?

The T&C is not very clear, so what do you reckon?

Thanks.

grumbler

I am quite sure that full £3000 balance earns 4.85% ...

wywywywy

I'd hope so, but the exact wording in the T&C is:

"5.4 Please note that balances below £1,000 (the minimum Account balance) will earn a nominal rate of interest."

Which I think implies that the first £1000 in the account will only earn 0.5%.

Speculator

No...it means if you have less than £1000 in your account, it will earn 0.5% but if you have £1000 or over, it will earn 4.85%.

cloud_dog

wywywywy wrote:

I'd hope so, but the exact wording in the T&C is:

"5.4 Please note that balances below £1,000 (the minimum Account balance) will earn a nominal rate of interest."

Which I think implies that the first £1000 in the account will only earn 0.5%.

I think the word "balance", i.e. the sum of your account, is the giveaway

wywywywy

If thats the case, I'll go apply now

Thank you guys!

Stonk

Other posters seem to be "quite sure" and to "think", so just to confirm this beyond doubt ... As one of the rare obsessives who checks their interest payments, I can guarantee to you in cast-iron that if you maintain a balance over £1000, then they pay the higher rate on the whole balance.