Northern Rock Launches New Fixed Rate e-ISAs
Released on: September 29, 2011, 5:50 pm
Northern Rock has launched three new online issues of its
Fixed Rate Cash e-ISA to complement its competitive portfolio of
internet-based savings accounts.
e-ISA offers those who prefer to operate their accounts via the internet an online
option for their tax-free* savings. e-ISA is a cash ISA set at a competitive fixed rate of
interest over a choice of one, two or three years and can be opened with no minimum
Interest, which can be added to the account or paid into other savings
accounts, is paid annually on the first
business day following 5 August on minimum balances of £500 (balances which fall
below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax
free* pa /AER**).
Strictly limited issues, the Fixed Rate Cash e-ISAs (issues 22, 23 and 24) allow
transfers in from other providers and additional deposits can be made to the cash
ISAs, within HM Revenue and Customs limits (£5,340 per tax-year from 6 April 2011)
within 30 days after the product is withdrawn (excepting postal applications to
transfer in from other banks and building society ISA accounts, which must be
received while the product remains on sale).
30 days following the products withdrawal, no further deposits will be accepted and
all three issues may be withdrawn without notice once fully subscribed.
Notes to editors:
3.20% tax-free* pa /AER** fixed until 24 October 2012 (Fixed Rate e-ISA Issue 22)
3.55% tax-free* pa /AER** fixed until 24 October 2013 (Fixed Rate e-ISA Issue 23)
3.80% tax-free* pa /AER** fixed until 24 October 2014 (Fixed Rate e-ISA Issue 24)
*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.
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, fixed rate bonds and mortgages to UK borrowers. New products are
offered through both direct channels - including a national branch network - and
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.
Northern Rock House,
Newcastle upon Tyne,
0191 279 4676
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