Northern Rock launches instant access branch saver

Northern Rock is launching a new issue of its instant access savings account designed for savers who wish to operate their account via a branch.

Branch Saver (Issue 4) will pay a market-leading annual interest rate of 2.05% gross*/AER** pa variable. Alternatively, customers may wish to opt for the monthly interest rate of 2.03% gross* variable (2.05% AER**).

The account can be opened and operated through Northern Rock branches from Wednesday 3 February 2011, with a minimum opening balance of £1. Additional deposits can be made up to the maximum balance of £250,000. Only one account per customer per issue is allowed.

Interest can be paid annually on 31 July. Alternatively, interest can be paid monthly on the last day of the month (available first business day of the following month or three days following this if the funds are sent via BACS to an external account).

Unlimited, charge-free withdrawals and transfers are permitted (there is a £35 fee for transfers and withdrawals by CHAPS).

Northern Rock has a network of 74 branches across the UK. A branch locator is available on Northern Rock's website at: northernrock.co.uk

*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.

***NET is the annual rate of interest payable after the deduction of basic rate tax (currently 20%). Interest will be paid net or, subject to the required certification, gross. Where the tax deducted exceeds an investor's tax liability (if any) a claim may be made to HM Revenue & Customs for repayment of tax. For individuals whose income falls within the basic rate band, the tax deducted will match their liability to tax on the interest and they will have no more tax to pay on it. Individuals who are liable at the higher rate(s) of income tax will have to pay additional tax due. For further information please visit: hmrc.gov.uk/individuals/babsi.htm

This information is directed at professionals only and should not be relied upon by any other persons. It is not a financial promotion and should not be displayed as such.
For application forms and more information regarding all Northern Rock savings products, visit northernrock.co.uk.