Northern Rock Launches New Fixed Rate E-Bond
Released on: October 01, 2010, 3:02 pm
Northern Rock has launched a new e-bond account, providing a
competitive interest rate for those savers who wish to operate their
With a minimum deposit of just £1, customers can benefit from a fixed rate of
interest for one year. e-bond (Issue 1) pays 3.00% gross*/AER** pa until 20 October
2011. Accounts must be opened and operated online. Initial deposits can be made
online by electronic transfer from another bank or building society, or from an
existing Northern Rock account.
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 can be made during the offer period up to a maximum of £250,000
per customer. e-bond (Issue 1)
is non-redeemable and does not allow any withdrawals or closure during the fixed
rate period. The fixed rate bond is offered on a limited
issue basis and will be withdrawn without notice once fully subscribed. Once
withdrawn, no further deposits will be accepted.
In keeping with Northern Rock’s commitment to providing openness, transparency, and
fair treatment of customers, full product details are available at Northern Rock’s
website at www.northernrock.co.uk/savings.
Notes to Editors
Northern Rock e-bond – Issue 1
*GROSS is the rate of interest paid to eligible non-taxpayers without deduction of
tax. Please note interest will be paid net of tax unless you are 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.
No closure or withdrawals are permitted before maturity.
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 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
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