Northern Rock launches new fixed rate bond issues

Northern Rock is launching two new issues of its fixed rate bond, offering two levels of interest rate, starting from 3.50% gross p.a. over three years to 4.00% gross p.a. over five years. The accounts are available through Northern Rock branches or by post.

Account holders can choose to have their interest paid annually on 31 August, or monthly (the monthly rate is 0.30% below the gross annual rate) on the last day of the month (available first business day of following month).

Additional deposits can be made during the offer period up to a maximum of £2 million per customer. The Fixed Rate Bonds (Issues 409 and 410) are both non-redeemable and neither of the issues allow any withdrawals or closure during their respective fixed rate periods.

Transfers to the bonds are allowed without charge from all Northern Rock variable rate notice and no-notice accounts. The bonds are offered on a limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

In keeping with Northern Rock’s commitment to providing openness, transparency, and fair treatment of customers, full product details are available on application in the terms and conditions.

Further product details and application forms are also available on Northern Rock’s website at northernrock.co.uk/savings