Northern Rock Launches Issue 2 of the Little Rock Fixed Rate Bond

GOSFORTH, England, Aug. 20 /PRNewswire/ -- Northern Rock has launched a new issue of its Little Rock Fixed Rate Bond to help children save for their future following the unprecedented popularity of the Little Rock Fixed Rate Bond (Issue 1) that was launched in early August.

The new 3 Year Little Rock Fixed Rate Bond (FRB) (Issue 2) offers a competitive rate of interest for a minimum deposit of only 1 pound. And once again, every 'little rocker' who opens an account will receive a choice of free gifts from their new friend, Little Rock. The account can be opened through Northern Rock's branch network and by post from 2pm today (Wednesday 18 August 2010).

The Little Rock Fixed Rate Bond (FRB) Issue 2 is available to customers aged under 16, with an appropriate adult named on the account as trustee.

The account offers 4.00% gross* p.a., fixed until 1 October 2013, with interest paid annually on 31 August. This can be added to the account or paid into another account, or that of another bank or building society. A monthly interest option is also available.

Strictly a limited issue, the non-redeemable Little Rock FRB (Issue 2) can be opened by cash, cheque or by transfer. The account has a maximum balance limit of 20,000 pounds, and no withdrawals are permitted before the account reaches maturity on 1 October 2013. The Bond may be withdrawn without notice once fully subscribed, and after this time, no further deposits into the Bond will be accepted.

The Little Rock instant access account, offering instant access children's savings with a 3.00% gross* p.a. remains available for UK residents under 16 years of age.

In keeping with Northern Rock's commitment to providing openness, transparency, and fair treatment of customers, full product details for Northern Rock accounts are available on application in the Terms and Conditions.

Notes to Editors:

Little Rock Fixed Rate Bond:

*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.

Northern Rock Savings Pledge:

Northern Rock's Savings Pledge continues to ensure that its savers are kept fully informed of any changes to their accounts. Northern Rock writes to its savers every time it changes the interest rate on their account. In addition, if the account is a notice account and rates are to be reduced, the advance notice will be at least the same as the notice period.  

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 holds and services around 19 billion pounds of savings balances and 10 billion pounds of mortgage accounts. It offers new savings and mortgage products.

Northern Rock plc Registered in England and Wales under company number 6952311.

Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL.

Authorised and regulated by the Financial Services Authority.

SOURCE Northern Rock