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Efficiency in basic reading processes can be discussed in terms of accuracy and speed. In this longitudinal study, the development of accurate and fast reading processes was studied in a group of 66 children learning to read simultaneously in English, their first language (L1), and Hebrew, their second language (L2). Children's speed and accuracy were compared in Grade 1 and Grade 2 on parallel L1 and L2 tasks of letter naming, reading isolated words and the same words in text. Results indicated that corresponding accuracy and speed across the two languages are highly correlated. Despite differences in language familiarity and different orthographies, accuracy and speed rates of isolated word reading in L1 and L2 were highly similar. Yet, in L1, children were more efficient (faster and more accurate) in reading text than isolated words, but in early stages of L2 reading acquisition, text reading was not more …