(PRWEB) February 25, 2011
Northern Rock is launching a range of brand new online ISAs to complement its competitive portfolio of branch, postal and online savings accounts.
The new e-ISA account offers those who prefer to operate their accounts via the internet, an online option for their tax-free* savings. e-ISA is available either as an instant access account, or as a fixed rate cash ISAs (http://www.northernrock.co.uk/savings/isas/ ), set at a competitive rate of interest over a choice of one, two or three years.
Northern Rock's Customer and Commercial Director Andy Tate said: "Our customers want options. They want to be able to choose the best account to meet their individual needs, whether that be tax-free or not, and variable or fixed rate.
"They also want to be able to choose the most convenient method by which to operate their account - by telephone, post, in branch or online. Northern Rock is proud to be able to offer fixed and variable rate savings (http://www.northernrock.co.uk/savings/ ) accounts, as well as fixed or variable tax-free options, via every one of the available channels with the launch of our new e-ISA.
"This demonstrates we are committed to listening to our customers and giving them what they want, a bank that works for them."
The e-ISA account provides a variable rate of interest, and easy access to funds. With no minimum opening deposit, e-ISA (instant access) pays a competitive flat rate of 2.65% tax free*/AER** pa on balances of £1+ (balances falling below £1 will earn Northern Rock's prevailing rate of interest, 0.10% gross***/AER** pa).
The product welcomes additional deposits and transfers in within HM Revenue and Customs limits (£5,100 pa from April 2010). Interest, which can be added to the account or paid into another savings account (http://www.northernrock.co.uk/savings/ ), is paid annually on 11 March (available the next business day or within three business days if sent by BACS to another account).
Notice-free withdrawals (minimum £1 by BACS, minimum £250 by CHAPS) can also be made from the account (there is a £35 fee for transfers via CHAPS). Notice-free transfers, which require a signature, can also be made (these may take up to five days to process).
For those who prefer to earn a fixed rate of interest on tax-free* savings, a range of Fixed Rate e-ISAs can be opened with no minimum initial deposit.
Notes to Editors:
*The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.
**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.
***GROSS is the rate of interest paid to eligible non-taxpayers without deduction of tax.
About Northern Rock:
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It offers savings accounts, such as ISA savings (http://www.northernrock.co.uk/savings/isas/ ), to customers in the UK and Ireland and mortgages (http://www.northernrock.co.uk/mortgages/ ) to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.
Northern Rock House
Newcastle upon Tyne
0191 279 4676