Northern Rock Ireland issues new Direct Saver Fixed Rate Bond

Northern Rock Ireland has today (18 February) launched a new issue of its Direct Saver Fixed Rate Bond offering a fixed rate of 3.00% gross*/AER** pa/2.25% pa NET*** (or 2.75% gross*/2.78% AER** monthly) fixed until 15 April 2012.

Direct Saver Fixed Rate Bond (FRB) Issue 30 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 This strictly limited issue FRB will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.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 Should the need arise, funds can be withdrawn during the fixed rate period, with a charge equivalent to 60 days’ gross* interest on the amount withdrawn.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 April, 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.

Information packs can be obtained by telephoning 1 850 315 115 (calls are charged at your service provider’s prevailing rate and may be monitored and recorded). 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.

*** NET is the amount payable after deduction of Deposit Interest Retention Tax (DIRT). DIRT is automatically deducted at the standard rate (currently 27%) from interest paid/credited to your Account, unless you are eligible and have registered to receive interest gross by completing a DIRT Exemption Declaration for each account held.