Northern Rock launches new branch-based Easy ISA

Northern Rock is launching a new variable rate cash ISA, offering a competitive tax-free* interest rate from a minimum deposit of just £1.

The new Easy ISA account, which offers a variable rate of 2.50% tax-free*/AER** pa, is available to open now, exclusively through Northern Rock branches.

Additional deposits and transfers can be made in branch to the Easy ISA, within HM Revenue and Customs limits (£5,100 pa from April 2010).

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following 30 November (available the next business day).

Charge free and notice free withdrawals and transfers (minimum £1) can also be made in branch from the account (there is a £35 fee for transfers via CHAPS).

*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.

Further information:

• Available as a cash ISA. Max investment of £5,100 in tax-year 2010-11.
• Charge-free transfers will be allowed from all Northern Rock variable rate accounts, instant access and notice accounts (transfers from Northern Rock internet accounts must be via the nominated bank account). Transfers will also be accepted from other organisations. Transfers by CHAPS will be subject to a fee of £35.
• Transfers out will be subject to five business days processing.
• Minimum withdrawal amount is £1 (or less if closing).
• Interest will be paid on 30 November, and can be accumulated to the account(s), or paid to either another Northern Rock account (subject to the Terms and Conditions of that account) or that of another bank or building society.
• Available and operated only via Northern Rock branches.

For application forms on all products, visit: northernrock.co.uk