Northern Rock Launches Two New Account Options for Savvy Savers

NEWCASTLE UPON TYNE, England, November 15, 2010 - Northern Rock has launched two new variable rate savings options for
customers who want access to their funds, but don't want to compromise on the
interest they'll receive.

Rainy Day Saver (
www.northernrock.co.uk/savings/branch-and-postal-accounts/rainy-day-saver/)
is a new 120-day notice account, paying 2.90% gross/AER pa variable,
which includes a 1.50% gross/AER pa bonus payable for 12 months from account
opening. Longer term, the interest rate is also guaranteed to be no less than
the Bank of England base rate until 30th June 2013. Rainy Day Saver is
available to open by post or telephone with a minimum initial deposit of
GBP5,000, and can be operated by post.

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Rainy Day Saver allows charge-free withdrawals and transfers (minimum
withdrawal is GBP500 unless closing the account) provided 120-days notice is
given (there is a GBP35 fee for transfers via CHAPS). Withdrawals and
transfers cannot be made from the account before the expiry of the 120-day
notice period.

The account has a minimum balance of GBP5,000 and the interest rate will
fall to Northern Rock's prevailing rate of interest (currently 0.1%) for the
duration of any period the balance of the account falls below GBP5,000.

Additional deposits (GBP500 minimum) and transfers can be made to the
Rainy Day Saver, up to a maximum of GBP2 million per customer. Interest,
which can be added to the account or paid into another account, is paid
annually on 30 June, or for those who prefer a monthly option, on the last
day of the month (available first business day of the following month).

Save Up is a new postal savings account (
www.northernrock.co.uk/savings/branch-and-postal-accounts/) which
allows charge-free and notice-free access of one withdrawal (GBP1 minimum)
per calendar month (there is a GBP35 fee for withdrawals via CHAPS). It pays
2.60% gross/AER pa variable, which includes a 1.50% gross/AER pa bonus
payable for 12 months from account opening. Longer term, the interest rate is
also guaranteed to be no less than Bank of England base rate until 30th June
2013.

Save Up is available to open by post or telephone with a minimum initial
deposit of GBP1, and can be operated by post.

Additional deposits (GBP1 minimum) and transfers can be made into Save
Up, up to a maximum of GBP2 million per customer. Interest, which can be
added to the account or paid into another account, is paid annually on 31
December (available three business days later if sent by BACS to an external
account), or for those who prefer a monthly option, on the last day of the
month (available first business day of the following month or three business
days later if sent by BACS to an external account).

Northern Rock's Customer and Commercial director Andy Tate said: "Both
Save Up and Rainy Day Saver offer customers the best of both worlds by
providing them with access to their savings without losing out on a leading
rate of interest.

"We expect these latest additions to our expanding variable rate product
range to prove extremely popular."

Notes to Editors:

About Northern Rock: (www.northernrock.co.uk/)

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 (
www.northernrock.co.uk/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).

Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne,
NE3 4PL.

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