Northern Rock Adopts QR Technology As It Adds Three New Accounts
Released on: August 25, 2011, 3:12 pm
Northern Rock has launched three new competitive instant
access savings accounts, adding further options to its flexible savings
range. To make it easier to navigate to the relevant product pages on
its award-winning website, Quick Response (QR) codes have also been
introduced on selected new product adverts.
For those who are looking for a straightforward, instant-access savings account
which can be operated in branch, by post or by phone, Everyday Access offers the
interest rate of 2.05% gross* pa/AER** variable on balances over £1, with no bonus
rate attached. (Balances falling below this rate will receive Northern Rock's
prevailing rate of interest which is 0.10% gross* pa/AER** variable). Alternatively,
customers may wish to opt for the monthly interest rate of 2.03% gross* variable
The account can be opened and operated with a minimum 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.
For those who prefer the convenience of the internet with which to manage their
instant-access savings, Everyday Access Online, which is also available to open with
a minimum deposit of £1 (or £250 by cheque) and pays a competitive interest rate of
2.75% gross* pa/AER** variable on balances over £1. (Balances falling below this
rate will receive Northern Rock's prevailing rate of interest which is 0.10% gross*
Those who prefer a monthly interest option can choose to receive 2.72% gross*
variable (2.75% AER**), and additional deposits can be made up to the maximum
balance of £100,000. Only one account per customer per issue is allowed.
Finally, for those looking for an instant access account which they can manage by
post from the comfort of their own home, Saver Reward offers a market-leading rate
and can be opened with a minimum deposit of £1,000. The account can be opened by
post or by telephone (a nil balance is permitted if opening by telephone prior to an
electronic transfer) but once opened the account must be operated via the postal
As part of the launch of Saver Reward, Northern Rock will also be introducing Quick
Response (QR) codes to its advertising. These codes will allow consumers to navigate
straight to the relevant product page of the Northern Rock website using their
Notes to Editors:
*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.
***NET is the annual rate of interest payable after the deduction of basic rate tax
(currently 20%). Interest will be paid net or, subject to the required
certification, gross. Where the tax deducted exceeds an investor's tax liability
(if any) a claim may be made to HM Revenue & Customs for repayment of tax. For
individuals whose income falls within the basic rate band, the tax deducted will
match their liability to tax on the interest and they will have no more tax to pay
on it. Individuals who are liable at the higher rate(s) of income tax will have to
pay additional tax due.
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 and a cash isa to customers in the UK and Ireland
and mortgages to UK borrowers. It also
offers fixed rate bonds. 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
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