B&B open for new accounts

By WAYNE ASHER
Updated: 19:00 EST, 11 July 1999

Bradford & Bingley has reopened its doors to new savers with a range of new accounts including a cash Isa paying an impressive 6.75%. However this account, like all those available to new customers, will be deposit accounts, and as such, will not qualify the holder for a windfall when the building society floats on the stock exchange.

The building society brought down the doors on new account openings when its members voted overwhelmingly to convert the society into a stock-market quoted bank.

Rates on existing savings accounts have been cut by an average of 0.25% following the recent Base Rate cut.

But savers who are also borrowers will pay the price - the society is keeping its standard mortgage rate at 6.6%, although this is admittedly below those charged by the banks.

• Chelsea Building Society is cutting its base mortgage rateby 0.15% to 6.69%. The change comes into effect, for both new and existing borrowers, from August 1.