Northern Rock launches exclusive Online Reward instant access account

Northern Rock has launched a second issue of its competitive Online Reward account, Online Reward Exclusive, adding further options to its flexible savings range. The product is exclusively available through moneysupermarket.com.

For those who prefer the convenience of the internet with which to manage their savings, Online Reward Exclusive, which is available to open with a minimum deposit of £1 from 2pm today (29 November), pays a competitive interest rate of 3.16% gross pa/AER variable on balances over £5,000, which includes a bonus rate of 1.66% gross for the first 18 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 3.12% gross variable (% 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. Up to 6 withdrawals can be made each year with no penalty.

To apply for Online Reward Exclusive, visit moneysupermarket.com, or for more information regarding Northern Rock’s other savings products, visit northernrock.co.uk.