Northern Rock adds new savings accounts to its portfolio
Northern Rock has launched three new competitive instant access savings accounts, adding further options to its flexible savings range. To make it easier to navigate to the relevant product pages on its award-winning website, Quick Response (QR) codes have also been introduced on selected new product adverts.
Everyday Access
For those who are looking for a straightforward, instant-access savings account which can be operated in branch, by post or by phone, Everyday Access offers the attractive interest rate of 2.05% gross pa/AER variable on balances over £1, with no bonus rate attached. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross pa/AER 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 from 2pm today (17 August) with a minimum 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 25 June. 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 (£1 minimum unless closing the account) are permitted (there is a £35 fee for transfers and withdrawals by CHAPS).
Everyday Access Online
For those who prefer the convenience of the internet with which to manage their instant-access savings, Everyday Access Online, which is also available to open with a minimum deposit of £1 (or £250 by cheque) from 2pm today, pays a competitive interest rate of 2.75% gross pa/AER variable on balances over £1. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross pa/AER variable).
Those who prefer a monthly interest option can choose to receive 2.72% gross variable (2.75% AER), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.
Interest can be paid annually on 11 March. Alternatively, interest can be paid monthly on the 10th 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 (minimum £1 unless closing the account) are permitted (there is a £35 fee for transfers and withdrawals by CHAPS and the minimum withdrawal amount by CHAPS is £250).
Saver Reward
For those looking for an instant access account which they can manage by post from the comfort of their own home, Saver Reward offers a market-leading rate and can be opened with a minimum deposit of £1,000 from 8am today. The account can be opened by post or by telephone (a nil balance is permitted if opening by telephone prior to an electronic transfer) but once opened the account must be operated via the postal channel.
The account pays 3.11% gross pa/AER on balances from £1,000 to £100,000, which includes a bonus rate of 1.50% gross for the first 12 months from account opening. (Balances which fall below £1,000 will receive Northern Rock’s prevailing rate of interest which is 0.10% gross pa/AER variable.)
Account holders can choose to have their interest paid either annually, on 31 December, or monthly on the last day of the month (monthly interest rate is 3.07% gross pa/3.11% AER and interest will be available the first day of the following month or three days following this if the funds are sent via BACS to an external account).
Withdrawals from Saver Reward 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 amount is £1.
As part of the launch of Saver Reward, Northern Rock will also be introducing Quick Response (QR) codes to its advertising. These codes will allow consumers to navigate straight to the relevant product page of the Northern Rock website using their smartphone.
For more information, visit northernrock.co.uk.