Northern Rock launches e-bond issue 2

Northern Rock has launched a new issue of its new e-bond account, providing a market leading interest rate for those savers who wish to operate their savings online.

With a minimum deposit of just £1, customers can benefit from a competitive fixed rate of interest until 20 January 2012. E-bond (Issue 2) pays 3.05% gross/AER annually, with a monthly interest rate option also available. Accounts must be opened and operated online. Initial deposits can be made online by electronic transfer from another bank or building society.

Account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross annual rate) on the 7th of the month (available next business day).

Additional deposits can be made during the offer period up to a maximum of £250,000 per customer. E-bond (Issue 2) is non-redeemable and does not allow any withdrawals or closure during the fixed rate period. The bond is offered on a limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

Full product details are available at Northern Rock’s website at northernrock.co.uk.