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back to newsroom07/07/2010 Northern Rock launches 2.75% (gross/AER) fixed rate account for regular savers
- 2.75% gross p.a. fixed until 1 September 2011
- Notice-free access
- Maximum investment of £3,500 over a 14-month period
Northern Rock today launches a new Regular Saver account, offering customers flexibility and notice-free access to their savings, with a competitive interest rate of 2.75% gross p.a. fixed for one year.
The new limited issue fixed rate Regular Saver (issue 2) will be available to open via Northern Rock’s branch network from today (5 July), with a minimum initial deposit of just £1. Customers can choose to open their account by cash, cheque or internal transfer from an existing Northern Rock account (subject to terms and conditions).
Deposits are flexible, so customers can save whatever they choose, up to a maximum of £250 per month. Interest will be paid annually on 31 October and will be added to the account. Customers can choose between a passbook or statement-based account, depending on how they wish to make their monthly deposits – by cash, cheque or internal transfer from an existing Northern Rock account, or by a monthly standing order.
Should the need arise, notice-free withdrawals (up to one per business day) can be made from a Northern Rock branch. To keep the account open, it must maintain a minimum balance of £1.
Regular Saver (issue 2) is a limited issue product, which will be withdrawn without notice once fully subscribed
Northern Rock’s Marketing Director Anthony Mooney commented: "This is another exciting addition to our savings range and hopefully it will be welcomed by customers who want to put money aside each month, but don’t want to incur a notice charge if they need to make withdrawals."
Fixed Rate Regular Saver - Issue 2 - Fixed until 1 September 2011
| Amount Invested | Issue 2 | |
|---|---|---|
| % Annual | ||
| Gross*/AER** | ||
| £1 - £3,500 | 2.75% | |
*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 you are eligible to receive interest gross and submit the required registration form to us.
**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.
Information packs can be obtained by telephoning 0845 600 4466. Lines are open 8am to 8pm business days, 8am to 4pm Saturday and 10am to 3pm Sunday. Calls are charged at your service provider’s prevailing rate and may be monitored and recorded.
Further product details and application forms are also available on Northern Rock’s website www.northernrock.co.uk/savings
Notes to Editors
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It holds and services around £19 billion of savings balances and £10 billion of mortgage accounts. It offers new savings and mortgage products.
Media Contacts
Jule Wilson
Nigel Charlesworth
Tel: 0191 279 4676
Fax: 0191 279 8988
E-mail: press.office@northernrock.co.uk
Northern Rock plc Registered in England and Wales under company number 6952311. Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL. Authorised and regulated by the Financial Services Authority.