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Bradford & Bingley to launch fixed rate ISAs

Bradford & Bingley has announced that it will launch a one-year fixed rate individual savings account and one-year fixed rate eISA, both at a rate of 6.25% tax-free pa/AER, on April 6, 2008.

The minimum and maximum opening investment for these new ISAs is GBP3,600. Interest will be paid annually on the anniversary of the date the account was opened and no withdrawals are permitted until the account matures.

Paul Whitlock, head of savings business at Bradford & Bingley, said: Our new ISAs are ideal for savers who want to shore up their cash ISA allowance for the 2008/9 tax year in an account with a market-leading rate. In times of economic uncertainty, with potential base rate falls on the horizon, locking into a best buy rate which is fixed for one year gives investors crucial peace of mind.