Bradford & Bingley ISA Easy Saver recommended for savers

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Bradford & Bingley ISA Easy Saver recommended for savers

The Bradford & Bingley ISA Easy Saver and online Esavings ISA could offer customers greater savings, the finances group claims.

Research for the company suggests that while 61 per cent of people in the UK have a savings account, only 25 per cent are taking advantage of the tax-free savings allowance, which runs until April 5th 2006, with a tax efficient product such as an ISA.

Bradford & Bingley reports that the difference between an ordinary savings account and an ISA could be up to £78 per year.

"Making sure you're getting the most out of your money should be a top priority for savers. However, as our research demonstrates, people are still missing a trick," said Steve Potter, head of savings at Bradford & Bingley.

The Bradford & Bingley ISA Easy Saver requires an opening balance of £10 and has an interest rate of 4.3 per cent per year, while the Esavings ISA pays 5 per cent per year and requires an initial investment of £1000.

Penalty and notice-free withdrawals are allowed on the accounts, and savers can choose to have their interest paid on a monthly or annual basis.

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