Northern Rock Increases Interest Rates and Term for its Market-Leading e-BondBy Northern Rock, PRNE
Tuesday, November 30, 2010
NEWCASTLE UPON TYNE, England, December 1, 2010 - Northern Rock has launched two new issues of its new market-leading
e-bond account, providing competitive interest rates for those savers who
wish to operate their accounts online. E-bond (Issues 3 and 4) were launched
on Friday, 26 November.
With a minimum deposit of just GBP1, customers can benefit from a
competitive fixed rate of interest until 20 January 2012 on e-bond issue 3
which pays 3.15% gross*/AER** annually, or choose e-bond issue 4
which pays 4.00% gross*/AER** pa, fixed until 20 January 2014. Monthly
interest rate options are also available for both products. Accounts must be
opened and operated online and initial deposits can be made online by
electronic transfer from another bank or building society.
Account holders can choose to have their interest paid annually (interest
is calculated daily) on 5 August, or monthly (the monthly interest rate is
0.30% below the gross* annual rate) on the 7th of the month (available next
Additional deposits to the bonds can be made during the offer period up
to a maximum of GBP250,000 per customer. E-bonds (Issues 3 and 4) are
non-redeemable and neither issue allows any withdrawals or closure during its
respective fixed rate period. The bonds are offered on a strictly limited
issue basis and will be withdrawn without notice once fully subscribed. Once
withdrawn, no further deposits will be accepted.
Full product details are available at Northern Rock's website at
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.
About Northern Rock:
Northern Rock plc is a new bank, authorised by the FSA as a
deposit taker and mortgage (www.northernrock.co.uk/mortgages/) 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
Northern Rock continues to operate within the compensatory measures
agreed with the EC as part of the State Aid approval announced in October
Media Contact: Jule Wilson Communications Manager Northern Rock House Gosforth Newcastle upon Tyne NE3 4PL +44(0)191-279-4676
Media Contact: Jule Wilson, Communications Manager, Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL, +44(0)191-279-4676
Tags: December 1, England, Newcastle Upon Tyne, Northern Rock, United Kingdom