Northern Rock Adds Online Options to its Growing Cash ISA PortfolioBy Northern Rock, PRNE
Sunday, February 20, 2011
NEWCASTLE UPON TYNE, England, February 21, 2011 - Northern Rock is launching a range of brand new online ISAs to complement
its competitive portfolio of branch, postal and online savings accounts.
The new e-ISA account offers those who prefer to operate their accounts
via the internet, an online option for their tax-free* savings. e-ISA is
available either as an instant access account, or as a fixed rate cash ISAs
(www.northernrock.co.uk/savings/isas/), set at a competitive rate of
interest over a choice of one, two or three years.
Northern Rock's Customer and Commercial Director Andy Tate said: "Our
customers want options. They want to be able to choose the best account to
meet their individual needs, whether that be tax-free or not, and variable or
"They also want to be able to choose the most convenient method by which
to operate their account - by telephone, post, in branch or online. Northern
Rock is proud to be able to offer fixed and variable rate savings
(www.northernrock.co.uk/savings/) accounts, as well as fixed or
variable tax-free options, via every one of the available channels with the
launch of our new e-ISA.
"This demonstrates we are committed to listening to our customers and
giving them what they want, a bank that works for them."
The e-ISA account provides a variable rate of interest, and easy access
to funds. With no minimum opening deposit, e-ISA (instant access) pays a
competitive flat rate of 2.65% tax free*/AER** pa on balances of GBP1+
(balances falling below GBP1 will earn Northern Rock's prevailing rate of
interest, 0.10% gross***/AER** pa).
The product welcomes additional deposits and transfers in within HM
Revenue and Customs limits (GBP5,100 pa from April 2010). Interest, which can
be added to the account or paid into another savings account (
www.northernrock.co.uk/savings/), is paid annually on 11 March
(available the next business day or within three business days if sent by
BACS to another account).
Notice-free withdrawals (minimum GBP1 by BACS, minimum GBP250 by CHAPS)
can also be made from the account (there is a GBP35 fee for transfers via
CHAPS). Notice-free transfers, which require a signature, can also be made
(these may take up to five days to process).
For those who prefer to earn a fixed rate of interest on tax-free*
savings, a range of Fixed Rate e-ISAs can be opened with no minimum initial
Notes to Editors:
*The tax-free rate is the contractual rate of interest payable where
interest is exempt from income tax.
**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.
***GROSS is the rate of interest paid to eligible non-taxpayers without
deduction of tax.
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, such as
ISA savings (www.northernrock.co.uk/savings/isas/), to customers in
the UK and Ireland and mortgages (www.northernrock.co.uk/mortgages/)
to UK borrowers. New products are offered through both direct channels -
including a national branch network - and mortgage intermediaries.
Media Contact: Jule Wilson Northern Rock House Gosforth Newcastle upon Tyne NE3 4PL +44(0)191-279-4676
Media Contact: Jule Wilson, Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL, +44(0)191-279-4676
Tags: England, February 21, Newcastle Upon Tyne, Northern Rock, United Kingdom