Private banking: News
Bradford and Bingley savings safe despite British interest rate increase 17/08/2006
Author: Lianna Brinded
Bradford and Bingley International has responded to the bank of England's 0.25% increase in interest rates , by directly augmenting the interest rates paid on their Tracker 120 account with effect from 9th August 2006.
The account is designed to track the Bank of England base rate levels, which is annually reviewed on 31st March. Balances of between £10,000 and £24,999 are paid interest at Base Rate, £25,000 to £99,999 are paid interest at Base Rate plus 0.15% and Balances of £100,000 and above are paid interest at Base Rate plus 0.25%. Following a change in Bank of England Base Rate the Tracker 120 interest rates are guaranteed to change within 5 working days.
John Sheath, Managing Director commented. "We are delighted to announce this increase in Tracker 120 rates which came about completely unexpectedly when the Bank of England increased the Base Rate by 0.25%. I think most people were surprised by the decision this time around, which is a year on since the last Bank of England change. Existing customers of tracker accounts which are no longer available may also wish to note that their rates went up on 9 August 2006 as well."
The next meeting of the Bank of England Monetary Policy Committee is scheduled for 7th September 2006.
