Northern Rock launches improved e-ISA Issue 2

Northern Rock is launching a new issue of its online variable rate ISA to complement its competitive portfolio of branch, postal and online savings accounts.

e-ISA Issue 2 offers those who prefer to operate their accounts via the internet, an online option for their tax-free savings. e-ISA is a variable rate Cash ISA set at a competitive rate of interest.

Northern Rock’s Customer and Commercial Director Andy Tate said: “Our customers want options. They want to be able to choose the best account to meet their individual needs, whether that be tax-free or not, and variable or fixed rate.

“We are pleased to increase our e-ISA rate today, as the previous issue was well received by our customers and the market as a whole.”
e-ISA (Issue 2)

For customers who prefer to earn a variable rate of interest on their tax-free savings, variable rate e-ISA can be opened with no initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following the 11 March and available the next business day on minimum balances of £1.00 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free/AER pa).

e-ISA (issue 2) allow transfers in from other providers and additional deposits can be made to the Cash ISAs, within HM Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the product is withdrawn.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account. There is a £35 fee for transfers out via CHAPS.

e-ISA – Issue 2
Amount Invested Issue 2
Annual %
Tax-free p.a. AER
£1.00+ 2.80% 2.80%

The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

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.

For further information, visit northernrock.co.uk.