NEWCASTLE UPON TYNE, England, September 29, 2011 /PRNewswire/ --
Northern Rock has launched three new online issues of its Fixed Rate Cash e-ISA to complement its competitive portfolio of internet-based savings accounts.
e-ISA offers those who prefer to operate their accounts via the internet an online option for their tax-free* savings. e-ISA is a cash ISA set at a competitive fixed rate of interest over a choice of one, two or three years and can be opened with no minimum initial deposit.
Interest, which can be added to the account or paid into other savings accounts, is paid annually on the first business day following 5 August on minimum balances of £500 (balances which fall below this amount will earn Northern Rock's prevailing rate of interest, 0.10% tax free* pa /AER**).
Strictly limited issues, the Fixed Rate Cash e-ISAs (issues 22, 23 and 24) allow transfers in from other providers and additional deposits can be made to the cash ISAs, within HM Revenue and Customs limits (£5,340 per tax-year from 6 April 2011) within 30 days after the product is withdrawn (excepting postal applications to transfer in from other banks and building society ISA accounts, which must be received while the product remains on sale).
30 days following the products withdrawal, no further deposits will be accepted and all three issues may be withdrawn without notice once fully subscribed.
Notes to editors:
3.20% tax-free* pa /AER** fixed until 24 October 2012 (Fixed Rate e-ISA Issue 22)
3.55% tax-free* pa /AER** fixed until 24 October 2013 (Fixed Rate e-ISA Issue 23)
3.80% tax-free* pa /AER** fixed until 24 October 2014 (Fixed Rate e-ISA Issue 24)
*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:
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, fixed rate bonds and mortgages 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.
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