Northern Rock improves new Monthly Saver for ISA savers

Northern Rock’s popular new regular saver is now available to open via the post or by phone, following its successful launch to the bank’s branch network last month. Monthly Saver pays 4.00% gross pa/AER, including a 3.00% bonus for 12 months from account opening.

Customers can choose to open their account by cash, cheque or internal transfer from an existing Northern Rock account (subject to terms and conditions). The new account will only be available to those customers who already have or open a Northern Rock ISA with a balance of £1,000 or more, and maintain that balance during the Monthly Saver bonus period.

Deposits are flexible, so customers can save whatever and whenever they choose, up to a maximum of £250 per calendar month. Interest will be paid annually on 31 October and will be added to the account. Customers can choose between a passbook or statement-based account, depending on how they wish to make their monthly deposits (by cash, cheque or internal transfer from an existing Northern Rock account, or by a monthly standing order).

Should the need arise, withdrawals are subject to a loss of 30 days interest and must be made via the originating channel. To keep the account open, it must maintain a minimum balance of £1 and the product may be withdrawn from sale without notice at any time.

For more information, visit northernrock.co.uk.