Bradford & Bingley eSavings rates

StanDerMan

Having just opened an Internet Savings account with B&B, I was a bit puzzled by the difference between the 6.4% rate advertised on their site (and on here), and the 6.26% rate listed after you log into your account.

Can anyone with an account confirm I'm not seeing things, or is the new rate just not showing up yet? Also it's saying the 6.26% is including bonus for £1000+ balances, not the advertised £1.

bristolleedsfan

StanDerMan wrote: »

Having just opened an Internet Savings account with B&B, I was a bit puzzled by the difference between the 6.4% rate advertised on their site (and on here), and the 6.26% rate listed after you log into your account.

Can anyone with an account confirm I'm not seeing things, or is the new rate just not showing up yet? Also it's saying the 6.26% is including bonus for £1000+ balances, not the advertised £1.

monthly income rate is 6.22% that may have u, ive not got an account so havent logged in is it possible that monthly income is only available on 1000.00 + balances. :cool:

Newly_retired

I'm puzzled too StanDerMan. I've just accessed my newly set up account - after much trying on the webist itself I have only succeeded by clicking a link from THIS site - and I've got exactly the same information as you. The eBond is 6.40 for 6 months or 6.5 for 1yr though. My Direct Debit has not gone through yet either. So I may go elsewhere -All I want to do is reduce my savings account to below £35000 in one place.

DRS1

The 6.26 rate including a bonus is the e savings 4 account, isn't it? The Internet saver is a different account. If you do have the other one you just need to open up the Internet Saver account and move the money across.

DRS1

I think I know what has happened. If you go to the Account Interest Rates page from your account summary you get a page showing rates at 10 September 2007. I think the Internet saver was introduced after that. If instead you go the Savings home page you will see it there as paying 6.4%.

PauliPauli

Showing that it was definitely a "rushed to market product".

Not surprising really, as they must be eager to get the monies in for the coming storm, IN NEXT FEW MONTHS, of hedge fund shorters etc.. when the buy-to-let market figures get worse and/if their approx 50% exposure to money markets has any detrimental effect if liquidity tightens up again

equitydealer

Yes, even if interest rates fall the likes of B&B and A&L will keep their rates high as they need access to cash and do not want to rely too much on the inter-bank lending market (Northern Rock )

PauliPauli

Because B&B and A&L are between a rock and a hard place where the only winners will be savers ..... and force rest of industry to up their interest rates too !! Their profit's will take a hit so can't see their share prices going anywhere over next two years or so (always an outside chance though they might buckle in medium term depending how rest of economy goes)

StanDerMan

Newly_retired wrote: »

I'm puzzled too StanDerMan. I've just accessed my newly set up account - after much trying on the webist itself I have only succeeded by clicking a link from THIS site - and I've got exactly the same information as you. The eBond is 6.40 for 6 months or 6.5 for 1yr though. My Direct Debit has not gone through yet either. So I may go elsewhere -All I want to do is reduce my savings account to below £35000 in one place.

Thanks Newly. Glad I'm not seeing things. I opened the account as an opportunity to consolidate several smaller, lower paying accounts into one higher payer - still below 35K. As others have intimated, I guess they haven't yet published the latest rate.

StanDerMan

Just checked the B&B account and it is now showing the correct rate (6.4%) - maybe B&B read this forum.