Home » Personal Finance Articles » Northern Rock Significantly Improves Rates on FRISAs
Northern Rock Significantly Improves Rates on FRISAs
Northern Rock has announced it is improving its rates on fixed rate cash ISA's, offering tax-free savings over a choice of one, three or five years.
NEWCASTLE, ENGLAND, November 27, 2010 /Personal Finance PR News/ -- Northern Rock has launched three new issues of its fixed rate cash ISA, offering competitive tax-free* interest rates coupled with low access charges. The new accounts, which are fixed over a choice of either one, three or five years, are available now with a minimum initial deposit of GBP500.
Strictly limited issues, the fixed rate cash ISAs (issues 150, 151 and 152) allow transfers from other providers and FRISA 150 tops the market for short-term fixed rate savings. The products can be opened either by post or through Northern Rock's branches and additional deposits (GBP250 minimum) can be made to the cash ISAs, within HM Revenue and Customs limits (GBP5,100 pa from April 2010) up to 30 days after the product is withdrawn. After this time, no further deposits will be accepted and all three issues may be withdrawn without notice once fully subscribed.
Interest, which can be added to the account or paid into another account, is paid annually on 30th November. Minimum withdrawals of GBP250 can be made from the account, subject to a charge equivalent to 60 days' loss of interest on the amount withdrawn (Issue 150), 120 days' loss of interest on the amount withdrawn (Issue 151), or 180 days' loss of interest on the amount withdrawn (Issue 152).
Issue 150 of the cash ISA is fixed to 15 January 2012 and offers 3.05% tax free p.a. Issue 151 is fixed to 15 January 2014 and offers 3.5% tax free p.a. while issue 152 offers 4.10% tax free p.a. The AER** of all issues is the same as the tax free interest.
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.
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 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). Authorised and regulated by the Financial Services Authority.
Website: http://www.northernrock.co.uk/
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Press Release Contact Information:
Jule Wilson
Northern Rock
Communications Manager
Northern Rock House
Gosforth, Newcastle upon Tyne
United Kingdom NE3 4PL
Voice: 01912794676
Website: Visit Our Website |
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