Northern Rock Launches Issue 2 of the Little Rock Fixed Rate BondBy Northern Rock, PRNE
Thursday, August 19, 2010
GOSFORTH, England, August 20, 2010 - Northern Rock has launched a new issue of its Little Rock Fixed Rate Bond
to help children save for their future following the unprecedented popularity
of the Little Rock Fixed Rate Bond (Issue 1) that was launched in early
The new 3 Year Little Rock Fixed Rate Bond (FRB) (Issue 2) offers a
competitive rate of interest for a minimum deposit of only GBP1. And once
again, every 'little rocker' who opens an account will receive a choice of
free gifts from their new friend, Little Rock. The account can be opened
through Northern Rock's branch network and by post from 2pm today (Wednesday
18 August 2010).
The Little Rock Fixed Rate Bond (FRB) Issue 2 (
-bond_issue2/) is available to customers aged under 16, with an appropriate
adult named on the account as trustee.
(Due to the length of this URL, it may be necessary to copy and paste
this hyperlink into your Internet browser's URL address field. Remove the
space if one exists.)
The account offers 4.00% gross* p.a., fixed until 1 October 2013, with
interest paid annually on 31 August. This can be added to the account or paid
into another account, or that of another bank or building society. A monthly
interest option is also available.
Strictly a limited issue, the non-redeemable Little Rock FRB (Issue 2)
can be opened by cash, cheque or by transfer. The account has a maximum
balance limit of GBP20,000, and no withdrawals are permitted before the
account reaches maturity on 1 October 2013. The Bond may be withdrawn without
notice once fully subscribed, and after this time, no further deposits into
the Bond will be accepted.
The Little Rock instant access account, offering instant access
children's savings (
instant-access/) with a 3.00% gross* p.a. remains available for UK residents
under 16 years of age.
In keeping with Northern Rock's commitment to providing openness,
transparency, and fair treatment of customers, full product details for
Northern Rock accounts are available on application in the Terms and
Notes to Editors:
Little Rock Fixed Rate Bond:
*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
**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.
Northern Rock Savings Pledge:
Northern Rock's Savings Pledge continues to ensure that its savers are
kept fully informed of any changes to their accounts. Northern Rock writes to
its savers every time it changes the interest rate on their account. In
addition, if the account is a notice account and rates are to be reduced, the
advance notice will be at least the same as the notice period.
About Northern Rock:
Northern Rock (www.northernrock.co.uk/) 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 GBP19 billion of savings balances and
GBP10 billion of mortgage accounts. It offers new savings (
www.northernrock.co.uk/savings/) and mortgage products.
Northern Rock plc Registered in England and Wales under company number
Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne,
Authorised and regulated by the Financial Services Authority.
Media Contact: Jule Wilson Communications Manager Northern Rock House Gosforth Newcastle upon Tyne NE3 4PL +44(0)191-279-4676. www.northernrock.co.uk
Media Contact: Jule Wilson, Communications Manager, Northern Rock House, Gosforth, Newcastle upon Tyne , NE3 4PL, +44(0)191-279-4676.
Tags: August 20, England, Gosforth, Northern Rock, United Kingdom