Northern Rock launches new issue of easy access online saver

Northern Rock has launched a new issue of its easy access savings account for customers wishing to manage their funds exclusively online. e-saver (Issue 5) is available from today (Thursday 28th April 2011) and pays 3.01% gross*/AER** pa.

It can be opened with an initial investment of £1,000 and E-saver (Issue 5) allows subsequent deposits from as little as £1. The interest rate includes a bonus of 1.50% gross* pa variable for the first 12 months from account opening.

The account allows a balance of up to £100,000 and account holders can choose to have their interest paid either annually on 11 March or monthly (on 10th of the month. Monthly gross* is 2.97% pa variable).

Withdrawals from e-Saver (Issue 5) can be made via a nominated bank or building society account without notice or charge (there is a £35 fee if customers choose to transfer via CHAPS). The minimum withdrawal is £1 for BACS transfers and £250 for withdrawals by CHAPS. Customers are able to view their transaction history online.

Additional deposits can be made up to the maximum balance of £100,000 by electronic transfer. E-saver (Issue 5) is strictly a limited issue and will be withdrawn without notice.

Full product details can be found 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.