Northern Rock Ireland issues Direct Saver Fixed Rate Bond

Northern Rock Ireland has launched a new issue of its Direct Saver Fixed Rate Bond offering a fixed rate of 2.50% gross pa/AER (or 2.50% gross/2.52% AER monthly) fixed until 15 December 2011.

Direct Saver Fixed Rate Bond (FRB) Issue 28 offers the rate on balances from a minimum deposit of €1,000. This strictly limited issue FRB will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

Additional deposits (minimum €1,000) can be made during the offer period up to the maximum limit of €3 million per account holder. Should the need arise, funds can be withdrawn during the fixed rate period, with a charge equivalent to 60 days’ gross* interest on the amount withdrawn.

Interest can be paid annually on 15 December, or monthly, on the last day of the month (available first business day of the following month). Monthly interest is 0.25% lower than the annual return.

Further product details and application forms are also available at Northern Rock’s Ireland website northernrock-ireland.ie.

*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 if interest was paid and added to the capital balance each year.