Bradford&Bingley has launched eSavings5, a competitive internet-only savings account with no restrictions, designed to appeal to both large and small investors.

The eSavings5 account will pay a competitive rate of 6.20% pa gross/AER and it will offer savers an easy access to their money without penalty. The eSavings5 account is available to savers with a minimum deposit of GBP1,000 with a maximum balance extending to GBP2 million. Customers can open and operate the account by clicking onto company’s website.

Paul Whitlock, head of savings at Bradford&Bingley, said: In a competitive market, customers need to ensure they choose a product which offers them transparency and flexibility as well as a strong rate. Our new eSavings5 offers customers all of this and is perfect for savers wanting ‘no notice’ easy access to their savings. It is ideal for ‘cash rich, time poor’ customers who want to manage their money at a time that is convenient for them.