Northern Rock offers new children's account
Following the successful introduction of the Little Rock Instant Access Account in April 2010, Northern Rock has added a new member to its family of children’s savings accounts.
The new Fixed Rate Bond offers a market leading rate of interest for a minimum deposit of only £1. As well as a great rate, 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 today (2 August 2010).
The Little Rock Fixed Rate Bond (FRB) is available to customers aged under 16, with an appropriate adult named on the account as trustee.
The account offers 5.00% gross* p.a., fixed until 1 September 2013, with interest paid annually on 31 July. 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 to provide a regular income should that be required.
Strictly a limited issue, Little Rock FRB (Issue 1) can be opened by cash, cheque or by transfer. The account has a maximum balance limit of £20,000, and no withdrawals are permitted before the account reaches maturity on 1 September 2013.
Northern Rock’s Marketing Director Anthony Mooney said: “Little Rock received a fantastic reception when we introduced it back in April, and this Little Rock Bond for children is a great addition to the range.
“It will give parents even more of what they want – a simple, straightforward product with a competitive rate, to help their children save for their future.”
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 Conditions.
Little Rock Fixed Rate Bond (Issue 1) £1-£20,000 GROSS*/(AER**)
Monthly GROSS* Monthly (AER**)
5.00% (5.00%) 4.70% 4.80%
*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.
Information packs can be obtained by telephoning 0845 600 4466. Lines are open 8am to 8pm business days, 8am to 4pm Saturday and 10am to 3pm Sunday. Calls are charged at your service provider’s prevailing rate and may be monitored and recorded.
Further product details and application forms are also available on Northern Rock’s website: northernrock.co.uk/savings