Northern Rock launches new issue of Save Up accounts

Northern Rock has launched the second issue of its Save Up Savings accounts for customers who want easy access to their funds, but don’t want to compromise on the interest they’ll receive.

Save Up is a new postal account which allows charge-free and notice-free access of one withdrawal (£1 minimum) per calendar month (there is a £35 fee for withdrawals via CHAPS). It pays 2.75% gross/AER pa variable, which includes a 1.50% gross/AER pa bonus payable for 12 months from account opening. Longer term, the interest rate is also guaranteed to be no less than Bank of England base rate until 30th June 2013.

Save Up Issue 2 is available to open from today (Wednesday, April 13, 2011) by post or telephone with a minimum initial deposit of £1, and once opened must only be operated by post.

Additional deposits (£1 minimum) and transfers can be made into Save Up, up to a maximum of £100,000 per customer. Interest, which can be added to the account or paid into another account, is paid annually on 31 December (available three business days later if sent by BACS to an external account), or for those who prefer a monthly option, on the last day of the month (available first business day of the following month or three business days later if sent by BACS to an external account).

Northern Rock’s Customer and Commercial Director Andy Tate said: “Save Up offers customers the best of both worlds by providing them with access to their savings without losing out on a leading rate of interest.

“We expect this latest issue of Save Up which forms part of our expanding variable rate product range, to prove extremely popular.”

Includes a 1.50% gross/AER pa bonus payable for 12 months from account opening.
Interest rate guaranteed to be no less than Bank of England base rate +0.25% until 30th June 2013.

For more information, visit northernrock.co.uk.