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BBI increases interest rates on two savings accounts

Banking group Bradford & Bingley International has increased the interest rate on two of its offshore internet savings accounts, the eSaver and eIncome.

eSaver is a no notice sterling savings account which is offering 6.4% and includes a 0.5% premium if no more than three withdrawals are made between April 1, 2007 and March 31, 2008. eIncome is a monthly interest, no notice savings account that pays up to 6% per annum.

The increases in the interest rate come despite a 0.25% reduction by the Bank of England to the UK base rate.

Bradford & Bingley International’s internet savings accounts are only available online and provide predominantly British expatriates with competitive offshore interest rates and the convenience of internet banking.

Lynette Byrne, acting managing director, said: The rate increase is great news for existing eSaver and eIncome customers. It is important to us that we continue to provide competitive and convenient savings products.