NEWCASTLE UPON TYNE, England, September 1, 2011 /PRNewswire/ --
Northern Rock has launched a new competitive Online Reward account, adding further options to its flexible savings range.
For those who prefer the convenience of the Internet with which to manage their savings, Online Reward, which is available to open with a minimum deposit of £5,000, pays a competitive interest rate of 3.11% gross* pa/AER** variable on balances over £5,000, which includes a bonus rate of 1.61% gross* for the first 12 months from account opening. (Balances falling below this rate will receive Northern Rock's prevailing rate of interest which is 0.10% gross* pa/AER** variable).
Those who prefer a monthly interest option can choose to receive 3.07% gross* variable (3.11% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.
Interest can be paid annually on 11 March. Alternatively, interest can be paid monthly on the 10th day of the month (available next business day or three days following this if the funds are sent via BACS to an external account).
Withdrawals from Online Reward can be made via a nominated bank or building society account without notice or charge (there is a £35 fee if customers choose to transfer via CHAPS). The minimum withdrawal amount is £1.
To apply for Online Reward, interested parties can visit http://www.northernrock.co.uk, or for more information regarding Northern Rock's other savings products, call 0845 631 5151 (calls are charged at the service provider's prevailing rate and may be monitored and recorded).
Notes to Editors:
Online Reward offers instant access savings at a highly competitive rate of 3.11% gross* pa/AER**
Up to six notice-free withdrawals are permitted each year - including account closure
*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 to us.
**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 bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It offers savings accounts and an isa to customers in the UK and Ireland and mortgages to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries. Northern Rock also offers an online mortgage calculator to its customers.
Northern Rock continues to operate within the compensatory measures agreed with the EC as part of the State Aid approval announced in October 2009.
In June 2011, Northern Rock was awarded a national Big Tick Award in Business in the Community's Awards for Excellence, in the category of Building Stronger Communities.
Northern Rock House
Newcastle upon Tyne
SOURCE Northern Rock