(PRWEB) February 12, 2011
Northern Rock has launched a new issue of its instant access savings account designed for savers who wish to operate their account via a branch.
The Branch Saver (Issue 4) savings accounts (http://www.northernrock.co.uk/savings/ ) will pay a market-leading annual interest rate of 2.05% gross*/AER** pa 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 through Northern Rock branches with a minimum opening 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 31 July. 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 are permitted (there is a £35 fee for transfers and withdrawals by CHAPS).
Northern Rock has a network of 74 branches across the UK. A branch locator is available on Northern Rock's website.
This information is directed at professionals only and should not be relied upon by any other persons. It is not a financial promotion and should not be displayed as such.
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Notes to Editors:
*Gross is the rate of interest paid to eligible non-taxpayers without deduction of tax. Interest will be paid net of tax unless account holder is 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.
About Northern Rock:
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage (http://www.northernrock.co.uk/mortgages/ ) lender from 1 January 2010. It offers a range of savings (http://www.northernrock.co.uk/savings/ ) accounts to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.
Northern Rock continues to operate within the compensatory measures agreed with the EC as part of the State Aid approval announced in October 2009.
Northern Rock plc - Registered in England and Wales (Company No. 6952311).
Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL.
Authorised and regulated by the Financial Services Authority.
Northern Rock House
Newcastle upon Tyne
0191 279 4676