Northern Rock Significantly Improves Rates on FRISAsBy Northern Rock, PRNE
Wednesday, November 24, 2010
Northern Rock has Announced it is Improving its Rates on Fixed Rate Cash ISAs, Offering Tax-free Savings Over a Choice of One, Three or Five Years.
NEWCASTLE UPON TYNE, England, November 25, 2010 - Northern Rock has launched three new issues of its fixed rate cash ISA,
offering competitive tax-free* interest rates coupled with low access
charges. The new accounts, which are fixed over a choice of either one, three
or five years, are available now with a minimum initial deposit of GBP500.
Strictly limited issues, the fixed rate cash ISAs (
www.northernrock.co.uk/savings/isas/fixed-rate-isa_issue150/ ) (issues
150, 151 and 152) allow transfers from other providers and FRISA 150 tops the
market for short-term fixed rate savings. The products can be opened either
by post or through Northern Rock's branches and additional deposits (GBP250
minimum) can be made to the cash ISAs (
www.northernrock.co.uk/savings/isas/), within HM Revenue and Customs
limits (GBP5,100 pa from April 2010) up to 30 days after the product is
withdrawn. After this time, no further deposits will be accepted and all
three issues may be withdrawn without notice once fully subscribed.
Interest, which can be added to the account or paid into another account,
is paid annually on 30th November. Minimum withdrawals of GBP250 can be made
from the account, subject to a charge equivalent to 60 days' loss of interest
on the amount withdrawn (Issue 150), 120 days' loss of interest on the amount
withdrawn (Issue 151), or 180 days' loss of interest on the amount withdrawn
Issue 150 of the cash ISA is fixed to 15 January 2012 and offers 3.05%
tax free p.a. Issue 151 is fixed to 15 January 2014 and offers 3.5% tax free
p.a. while issue 152 offers 4.10% tax free p.a. The AER** of all issues is
the same as the tax free interest.
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.
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
accounts (www.northernrock.co.uk/savings/) 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
Northern Rock plc - Registered in England and Wales (Company No.
6952311). Authorised and regulated by the Financial Services Authority.
Media Contacts: Jule Wilson Communications Manager Northern Rock House Gosforth Newcastle upon Tyne NE3 4PL +44(0)191-279-4676 www.northernrock.co.uk
Media Contacts: Jule Wilson, Communications Manager, Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL, +44(0)191-279-4676
Tags: England, Newcastle Upon Tyne, Northern Rock, November 25, United Kingdom