NEWCASTLE UPON TYNE, England, Oct. 8 /PRNewswire/ -- Northern Rock has improved the variable rate cash ISA account, which offers a competitive tax-free* interest rate for a minimum deposit of just 1 pound Sterling. The improvements follow the success of Northern Rock's recently launched Easy ISA.
Easy ISA can now be opened and administered by post, as well as in branch. It can also be opened over the telephone from the comfort of customers' home.
The improved Easy ISA account provides a variable rate of interest, and offers easy access to funds. A minimum deposit of only 1 pound is needed to open the ISA, which offers a competitive flat rate of 2.50% tax free*/AER** pa, and the option to transfer across existing Cash ISAs.
The product welcomes additional deposits and transfers within HM Revenue and Customs limits (5,100 pounds pa from April 2010). Interest, which can be added to the ISA account or paid into another account, is paid annually on 30 November (available the next business day).
Charge-free and notice-free withdrawals and transfers (minimum 1 pound) can also be made from the account (there is a 35 pounds fee for transfers via CHAPS).
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.
Application forms for all products are available by phone on 0845 631 5151, or through the website www.northernrock.co.uk (Calls are charged at the service provider's prevailing rate and may be monitored and recorded.)
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).
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
SOURCE Northern Rock