Northern Rock launches new eBond issues 20-21

Northern Rock has launched two new issues of its new online fixed rate e-bond account, providing competitive interest rates for those savers who wish to operate their accounts online.

With a minimum deposit of just £1, customers can benefit from a competitive fixed rate of interest until 20 January 2013 on e-bond issue 20, which pays 3.00% gross/AER annually. Alternatively, they can choose e–bond issue 21, which pays 3.25% gross/AER pa, fixed until 20 January 2015. Monthly interest rate options are also available on both products. Accounts must be opened and operated online and initial deposits can be made online by electronic transfer from another bank or building society.

Account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross annual rate) on the 7th of the month (available next business day).

Additional deposits to the bonds can be made during the offer period up to a maximum of £500,000 per customer. e-bonds (issues 20 and 21) are non-redeemable and none of the issues allow any withdrawals or closure during their respective fixed rate periods. The bonds are offered on a strictly limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

Full product details are available at Northern Rock’s website at northernrock.co.uk.