Northern Rock Launches Another Market Leading Online Savings Account
Northern Rock has announced the launch of another market leading online savings account, to compliment customers' existing e-savings.
NEWCASTLE, ENGLAND, December 12, 2010
Northern Rock has added a new online easy access savings account to its range, e-saver (Issue 4). The account pays 3.00% gross* per annum for deposits from GBP10,000 to GBP100,000.E-saver (Issue 4) includes a bonus of 2.00% gross for the first 12 months from opening. Account holders can choose to have their interest paid either annually or month (monthly AER** is 2.74%).
This product compliments Northern Rock existing online savings offer, e-Saver (Issue 3), which pays a flat 2.50% gross without any introductory bonus on balances of only GBP1.
Withdrawals from E-saver (Issue 4) can be made via a nominated bank or building society account without notice or charge (there is a GBP35 fee if customers choose to transfer via CHAPS). The minimum withdrawal is GBP1 for BACS transfers and GBP250 for withdrawals by CHAPS. Customers are able to view their transaction history online.
Additional savings deposits can be made up to the maximum balance of GBP100,000 by electronic transfer from other bank accounts, a transfer from other Northern Rock accounts or by cheque. E-saver (Issue 4) is strictly a limited issue and will be withdrawn without notice.
Where the balance falls below GBP10,000, interest will be earned at the prevailing basic savings rate, currently 0.10% gross p.a.
Full product details can also be found at www.northernrock.co.uk.
Notes to Editors:
*GROSS is the rate of interest paid to eligible non-taxpayers without deduction of tax. Please note interest will be paid net of tax unless customers are eligible to receive interest gross and submit the required registration form to Northern Rock.
**AER stands for Annual Equivalent Rate and shows what the interest rate would be when interest is paid and added to the capital balance each year.
The new E saver issue 4 interest rate is effective from 9th December 2010 with a maximum balance per account of GBP100,000 and minimum of GBP10,000.
About Northern Rock:
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It offers savings accounts to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.
Northern Rock continues to operate within the compensatory measures agreed with the EC as part of the State Aid approval announced in October 2009.
Northern Rock plc - Registered in England and Wales (Company No. 6952311).
Authorised and regulated by the Financial Services Authority.