Northern Rock launches Monthly Saver account for regular savers

Northern Rock has launched a new savings account to complement its existing savings range, the competitively priced Monthly Saver account, paying 4.00% gross pa/AER, including a 3% bonus for 12 months, fixed for a year from account opening.

The new limited issue variable rate Monthly Saver (Issue 1) is available to open via Northern Rock’s branch network, with a minimum initial deposit of just £1. Customers can choose to open their account by cash, cheque or internal transfer from an existing Northern Rock account (subject to terms and conditions). The new account will only be available to those customers who already have or open an ISA with Northern Rock with a balance of £1,000 or more and maintain that balance during the Monthly Saver bonus period.

Deposits are flexible, so customers can save whatever they choose, up to a maximum of £250 per calendar month. Interest will be paid annually on 31 October and will be added to the account. Customers can choose between a passbook or statement-based account, depending on how they wish to make their monthly deposits; by cash, cheque or internal transfer from an existing Northern Rock account, or by a monthly standing order.

Should the need arise; withdrawals are subject to a loss of 30 days interest and must be made via the originating channel. To keep the account open, it must maintain a minimum balance of £1.

Monthly Saver Issue 1 maybe withdrawn without notice at any time.

Monthly Saver Issue 1 - Fixed for a year from account opening.

For more information, visit northernrock.co.uk.