Northern Rock increases interest rate for online savers
From tomorrow (Wednesday 13th October), Northern Rock will increase the interest rate on its online easy access savings account, e-saver (Issue 3).
e-saver (Issue 3) will pay 2.50% gross* per annum for deposits from £1 to £100,000 (the minimum deposit by cheque is £250). The higher interest rate will be paid to new account applicants and all existing customers. This further enhances Northern Rock’s online savings range following the successful launch of e-bond (Issue 1), in September, which entered ‘Best Buy’ tables with a market-leading interest rate of 3.00% gross*/AER**.
Unlike many of the highest paying online products available in the current market, e-saver (Issue 3) pays a flat interest rate which does not include an introductory bonus. Account holders can also choose to have their interest paid either annually, on 11 March (available the following business day) or on the 10th of each month (the monthly AER** is also 2.50%).
Should the need arise, withdrawals can be made via a nominated bank or building society account without notice or charge (there is a £35 fee for transfers via CHAPS). The minimum withdrawal is £1 for BACS transfers and £250 for withdrawals by CHAPS. Customers are able to view their transaction history online.
Additional deposits can be made up to the maximum balance of £100,000 by electronic transfer from other bank accounts, a transfer from other Northern Rock accounts or by cheque. e-saver (Issue 3) is strictly a limited issue and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.
Full product details are available on application in the Terms & Conditions. Further product details can also be found at: northernrock.co.uk
• New interest rate effective from 13th October 2010.
• Charge-free and notice-free access via nominated account (subject to £35 charge for CHAPS withdrawals).
• Minimum deposit £1; maximum £100,000
• Minimum withdrawal amount is £1 for BACS transfers and £250 for transfers by CHAPS. (£35 fee for CHAPS transfers).
• Interest paid annually on 11th March or the 10th of each month (the monthly rate is 0.30% below the gross* annual rate).
• Only one account per customer and a maximum of two holders per account.
*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.