Northern Rock Partners with moneysupermarket.com to Offer Exclusive Online ISA
Released on: August 31, 2011, 3:16 pm
Northern Rock is offering a top-paying online cash ISA to
complement its competitive portfolio of branch, postal and online
savings accounts. This ISA is exclusively available through
moneysupermarket.com and pays 3.05% tax-free* pa/AER** variable, with
no bonus rate attached.
The exclusive Online ISA offers those who prefer to operate their accounts via the
internet an instant access option for their tax-free* savings, and can be opened
with no minimum initial deposit.
Kevin Mountford, head of banking at moneysupermarket.com, said: "If you're a UK
taxpayer then it is important to make full use of your annual tax free allowance so
you can make the most of your money.
"Not only is it important to make sure you find the best deal for your current
savings needs, but you should always remember existing savings invested in ISAs
elsewhere, which could be languishing on a poor rate.
"Moving existing savings into an account, such as Northern Rock's Online ISA which
allows transfers of existing funds, can be beneficial but make sure you follow the
proper ISA transfer procedures otherwise you will lose the tax free status on your
Interest, which can be added to the account or paid into another account, is paid
annually on 11 March on minimum balances of £1 (balances which fall below this
amount will earn Northern Rock's prevailing rate of interest, 0.10% tax free* pa
Strictly a limited issue, the variable rate Online ISA allows transfers in from
other providers and additional deposits can be made to the cash ISA, within HM
Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the
product is withdrawn.
After this time, no further deposits will be accepted and this issue may be
withdrawn without notice once fully subscribed.
Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account;
however the customer will lose the tax free status on the amount withdrawn. There is
a £35 fee for transfers out via CHAPS.
Notes to Editors:
Details of the online ISA:
Instant access, variable rate tax-free* account
No bonus rate attached
3.05% tax-free* pa /AER** variable
Exclusively available through moneysupermarket.com
*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.
- ENDS -
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 to customers in the
UK and Ireland and mortgages to UK borrowers. New products are offered through both
direct channels - including a national branch network - and mortgage intermediaries.
Northern Rock also offers an online mortgage calculator to its customers.
Northern Rock continues to operate within the compensatory measures agreed with the
EC as part of the State Aid approval announced in October 2009.
In June 2011, Northern Rock was awarded a national Big Tick Award in Business in the
Community’s Awards for Excellence, in the category of Building Stronger Communities.
The BITC Awards identify and celebrate companies having a positive impact on the
community, environment, marketplace and workplace. The Big Tick winners demonstrate
significant impact and high quality management of their responsible business
practices and can show a positive impact both on society and on the business. Now in
their 14th year, they are the UK's leading awards for responsible business
Business in the Community stands for responsible business. More information can be
found at www.bitc.org.uk
Northern Rock House
Newcastle upon Tyne
0191 279 4676
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