Category Archives: Bonds

Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Introduces New Online Reward Instant Access Account For Savers

Northern Rock has launched a new competitive Online Reward account, adding further options to its flexible savings range.

For those who prefer the convenience of the internet with which to manage their savings, Online Reward, which is available to open with a minimum deposit of £5,000, pays a competitive interest rate of 3.11% gross* pa/AER** variable on balances over £5,000, which includes a bonus rate of 1.61% gross* for the first 12 months from account opening. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable).

Those who prefer a monthly interest option can choose to receive 3.07% gross* variable (3.11% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.

Interest can be paid annually on 11 March. Alternatively, interest can be paid monthly on the 10th day of the month (available next business day or three days following this if the funds are sent via BACS to an external account).

Withdrawals from Online Reward can be made via a nominated bank or building society account without notice or charge (there is a £35 fee if customers choose to transfer via CHAPS). The minimum withdrawal amount is £1.

To apply for Online Reward, interested parties can visit www.northernrock.co.uk, or for more information regarding Northern Rock’s other savings products, call 0845 631 5151 (calls are charged at the service provider’s prevailing rate and may be monitored and recorded).

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Northern Rock Partners with moneysupermarket.com to Offer Exclusive Online ISA

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 savings.”

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 /AER**).

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.

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Northern Rock Adopts QR Technology As It Adds Three New Accounts

Northern Rock has launched three new competitive instant access savings accounts, adding further options to its flexible savings range. To make it easier to navigate to the relevant product pages on its award-winning website, Quick Response (QR) codes have also been introduced on selected new product adverts.

For those who are looking for a straightforward, instant-access savings account which can be operated in branch, by post or by phone, Everyday Access offers the interest rate of 2.05% gross* pa/AER** variable on balances over £1, with no bonus rate attached. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable). Alternatively, customers may wish to opt for the monthly interest rate of 2.03% gross* variable (2.05% AER**).

The account can be opened and operated with a minimum balance of £1. Additional deposits can be made up to the maximum balance of £250,000. Only one account per customer per issue is allowed.

For those who prefer the convenience of the internet with which to manage their instant-access savings, Everyday Access Online, which is also available to open with a minimum deposit of £1 (or £250 by cheque) and pays a competitive interest rate of 2.75% gross* pa/AER** variable on balances over £1. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable).

Those who prefer a monthly interest option can choose to receive 2.72% gross* variable (2.75% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.

Finally, for those looking for an instant access account which they can manage by post from the comfort of their own home, Saver Reward offers a market-leading rate and can be opened with a minimum deposit of £1,000. The account can be opened by post or by telephone (a nil balance is permitted if opening by telephone prior to an electronic transfer) but once opened the account must be operated via the postal channel.

As part of the launch of Saver Reward, Northern Rock will also be introducing Quick Response (QR) codes to its advertising. These codes will allow consumers to navigate straight to the relevant product page of the Northern Rock website using their smartphone.

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Northern Rock Reduces Mortgage Rates by Up to 0.90%

Northern Rock has reduced rates across its mortgage range by up to 0.90% and extended its £500 cash back incentive to include all Buy to Let (BTL) products with percentage fees.

Northern Rock’s 2-Year Everyday fixed rates with a £995 product fee now start from 2.67% for purchase and re-mortgage customers with a 30% deposit (70% LTV), a reduction of 0.32%. For those who wish to keep their costs as low as possible however, 2-year Everyday fixed rates with no product fees, start from 3.19% at 70% LTV.

Northern Rock remains committed to assisting those with smaller deposits, including First Time Buyers. It has therefore reduced selected mortgage rates across its products at 80% LTV (20% deposit required), 85% LTV (15% deposit required) and 90% LTV (10% deposit required). A 2-Year Everyday fixed rate mortgage at 90% LTV exclusively for purchase customers, is now available from just 5.25% with a £995 product fee. Customers will also qualify for £500 cash back. Or for those who choose our Fee Saver Option, the same term is available at just 5.45%.

Following demand from BTL customers who welcomed Northern Rock’s recent limited period offer of £750 cash back across the BTL range, the lender has also extended its £500 cash back incentive on selected residential products, to include all BTL products with a percentage fee.

Selected fixed rates in the Intermediary Exclusive range of mortgage products have also been reduced by up to 0.30%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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Northern Rock launches new fixed rate e-ISAs

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 initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following 5th 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 19, 20 and 21) 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) up to 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).

To guarantee funds are accepted into a new account, Northern Rock advises all funds to be deposited within 30 days from the account opening date. Any deposits received after 30 days may be returned to customers. This includes any funds transferred in from an existing cash ISA, therefore customers should ensure that they initiate any Cash ISA transfers in as soon as they receive their new Cash ISA details. Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that customers subscribe to this Cash ISA, even if they have not used your full annual allowances(s).

30 days following the products withdrawal, no further deposits will be accepted and all three issues may be withdrawn without notice once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account, subject to a charge equivalent to 60 days’ loss of interest on the amount withdrawn (Issue 19), 90 days’ loss of interest on the amount withdrawn (Issue 20), or 120 days’ loss of interest on the amount withdrawn (Issue 21). There is a £35 fee for transfers out via CHAPS.

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Northern Rock Launches Second Annual Branch Contest For Kids

Northern Rock is helping to keep kids entertained this summer holidays by holding a nationwide competition.

The contest, which started on the first day of the school break, focuses on the theme of superheroes in an effort to spark kids’ imaginations, and all of Northern Rock’s 74 branches are taking part.

For a chance at winning £100 in High Street vouchers, children have the option to draw their own superhero, colour in a template design supplied by Northern Rock, or dress up as a superhero and send a photograph of themselves in costume to their local branch.

The competition is split into three age categories – up to four years, five to nine years and ten to 16 years of age. An independent representative at each branch will choose a winner from each age group, each of whom will win a High Street voucher worth £25. All branch winners will then progress to the national judging and their chance to win a High Street voucher worth £100.

To enter, interested parties can visit any of Northern Rock’s branches and pick up an entry form, which can either be completed in branch or taken away and returned no later than 3rd September 2011. All winners will be notified by 24 October 2011. Full terms and conditions are available in branches.

Launched in April last year, the Little Rock’s top-paying access account at 3.00% gross* pa/AER**, is available through Northern Rock’s branch network, and by post, to customers aged under 16. It must be opened with an appropriate adult named on the account as a trustee.

Little Rock can be opened by cash, cheque or by transfer from an existing Northern Rock account. There is a maximum balance limit of £10,000, and all trustees are required to sign for any withdrawals. All withdrawals are notice free.

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Northern Rock Launches New Cashback Incentives And Cuts Selected Rates

Northern Rock has launched a new range of mortgages which offer cashback on completion in order to help customers cover the costs associated with moving home or taking a new mortgage.

The range has been designed to appeal to a wide variety of customers and whether they are setting up home for the first time, moving up the property ladder or even becoming a landlord, a cash incentive is likely to be appreciated. With up to £750 Cashback on completion*, the new incentive is available on selected residential and Buy to Let mortgages.

Northern Rock is committed to helping people buy their first or next home. The Company understands that it is an expensive time and wants to help as much as possible. That is why it is offering £500 Cashback on selected residential Everyday fixed rates at 80% LTV, 85% LTV and 90% LTV. The lender has also reduced interest rates on some of these deals by up to 0.30%.

For a limited time only, £750 Cashback is available on all Northern Rock Buy to Let mortgages. The range includes two, three and five year products up to 70% LTV with flat fees, percentage fees and fee free options available.

Northern Rock has also made improvements to its mortgage porting policy following feedback from customers and intermediaries. All new customers completing a mortgage from 25th July 2011 will be able to port their existing mortgage balance or a reduced balance (subject to any applicable ERC if a customer chooses to reduce their balance), and if they need additional borrowing to purchase their next property they will be able to apply for a new product for the additional amount on the terms of the purchase product range available at that time.

Northern Rock has also reduced rates on its 2-Year Everyday Tracker with a £995 product fee, now available at 2.38% up to 70% LTV, or at 2.48% up to 75% LTV. Both of these deals are available to purchase and remortgage customers.

The recent changes are part of a raft of improvements Northern Rock has made to its mortgage proposition over the course of 2011 to simplify its processes and increase consumer choice.

Lloyd Cochrane, Northern Rock’s Head of Lending Products, said: “We are delighted to add our new cashback incentive to Northern Rock’s mortgage proposition, increasing choice and flexibility within the mortgage market, and providing a further helping hand to customers looking to buy their first or next home.

“We continue to listen to what our customers and our intermediary partners tell us. The addition of cashback products to our range and the changes we are making to our porting policy are more evidence of us delivering what our customers and partners want. You can expect to see further improvements from Northern Rock as we continue to build our business and respond to customers and brokers.”

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Northern Rock Cuts Mortgage Rates Across Its Range

Northern Rock has reduced mortgage rates both across its core residential and Buy To Let ranges, and its selection of Intermediary Exclusive products.

First time buyers will benefit from many of the changes as Northern Rock continues to offer support to those with smaller deposits. 2-year Everyday fixed rate mortgages at 85% LTV (15% deposit required) with no product fee are now available from just 4.38%.

The lender has also made a number of reductions to its ‘with fee’ products, for customers who choose to pay a product fee in order to access a lower interest rate. 2 Year Fixed rates with a £995 fee start from 2.99% up to 70% LTV (30% deposit).

For borrowers who are looking to fix their interest rate over a longer period Northern Rock also offers competitively priced 3-Year and 5-Year Fixed rates. 5 Year Fixed rates start at 3.99% with £995 fee up to 70% LTV (30% deposit).

Northern Rock also continues to offer Fee Saver Option (FSO) products for consumers who are looking to keep their fee costs as low as possible. The lender has simplified the pricing on its Fee Saver Options, with standardised premiums of 0.45% on 2-year products, 0.40% on 3-year products and 0.35% on 5-year products. Remortgage customers will also benefit from Northern Rock’s incentive of a free basic valuation and free standard legal costs.

Northern Rock has made several improvements to its BTL product range in recent weeks, and has now made rate reductions of up to 0.70% on its BTL Fixed rates and Trackers.

Buy to Let Fixed rates for customers choosing to pay a £1,995 product fee start from 3.89% at 60% LTV (40% deposit). Borrowers with a 30% deposit (70% LTV) can opt for a 2-Year Everyday Fixed rate mortgage with a £1,995 fee at 4.10%.

Alongside the changes to its core product range, the lender has also improved the Fee Saver Options within its range of mortgage products available exclusively through Northern Rock’s intermediary partners. A 2-year FSO exclusive to brokers at 70% LTV (requiring a 30% deposit) is now available from 3.25%, while the equivalent 3-year product is available at 3.64%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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Northern Rock Highly Commended For Responsible Business Practice

Northern Rock was given a prestigious national award from The Prince of Wales’ Business in the Community (BITC) charity, for its work to help tackle financial exclusion.

Last month, BITC awarded Northern Rock with a ‘Big Tick’ for its on-going project to help rebrand, relaunch and support Bridges Community Bank, formerly South Tyneside Credit Union. Judges were so impressed with the nomination that Northern Rock was also selected as one of only two North East organisations to be shortlisted for the coveted title of ‘Example of Excellence’ in their respective categories.

Last night, representatives from the bank including Executive Chairman Ron Sandler, were highly commended in BITC’s ‘Building Stronger Communities’ for 2011, at a gala event sponsored by Unilever at The Royal Albert Hall.

The national ‘Big Tick’ award is the first level of award available to entrants of the national BITC Awards for Excellence, which recognises inspirational programmes that have a positive impact on the community, the environment or wider society. Northern Rock was one of six companies to achieve it this year before being highly commended in the category of the UK’s Example of Excellence in Building Stronger Communities.

Northern Rock’s contribution involved a team of employee volunteers skilled in a number of disciplines helping Bridges Your Community Bank. It continues to support Bridges as part of its flagship community programme which focuses on assisting those in financial difficulty.

Mr Sandler said: “We are honoured to have received this additional commendation, and to have been shortlisted as Business in the Community’s Example of Excellence 2011, for our important work in the local community, in this instance for our work with Bridges Your Community Bank.

“Our Big Tick Award is proudly displayed in Northern Rock’s head office so that our colleagues and visitors alike can see what has been achieved due to the hard work and dedication of our employees. I look forward to adding this additional tribute and hope it acts as a source of real inspiration and pride for everyone connected with Northern Rock.”

Stephen Howard, Chief Executive of Business in the Community said: “I congratulate Northern Rock on achieving its Big Tick. It is a challenging time for business, but this is a sign that companies are not losing their focus and are transforming their businesses to make a positive impact on people and society; and are prepared to lead by example. That’s what Business in the Community’s Awards for Excellence is all about – celebrating responsible business, the leadership that makes it happen and the benefits to the business and society of doing so.

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Northern Rock Adds Helpful Savings Video Guide To Its Website

Northern Rock has added another helpful video guide to its interactive savings website to help consumers with their savings choices.

The video – Northern Rock’s Guide to Savings – is the third guide in the series recently introduced by the bank to add a further dimension to its award-winning website. Existing videos include Northern Rock’s Guide to ISAs and First Time Buyers Guide, which can be viewed on the Northern Rock website alongside the new addition.

The newest guide is designed to help customers make the most of their money in an accessible way, by highlighting the need to consider debt and budgeting as well as the benefits of the wide range of competitively priced savings products on offer at Northern Rock.

The colourful video guide, which is also available via the bank’s YouTube channel, covers key areas such as planning for emergencies and saving for a rainy day.

Northern Rock offers a range of variable and fixed rate savings products, including online savings accounts, instant-access products and tax-free savings options. Northern Rock also offers customers a free savings review.

Further detail about Northern Rock’s range of savings products is available on the website, which is populated with useful advice and information for different savings customer groups, financial planning information and at-a-glance guides to help people choose between different types of savings account.

The site also includes a range of interactive tools such as a jargon buster and budget planner to help take the complexity out of selecting the right savings product for a customer’s own individual circumstances, and a product calculator for each of Northern Rock’s products, such as a mortgage calculator and a calculator for its Cash ISA, to help work out the estimated return on investment.

Northern Rock customers also benefit from the bank’s unique savings promise. This is a commitment to its customers that it will provide a minimum of two months’ written notice of any reduction to the interest rate on their account. Where customers have a notice period for access to their funds of greater than two months, Northern Rock will give them that equivalent notice period of any reduction to their interest rate. Northern Rock will also write to all savings customers at least once a year with details of all its available variable rate savings accounts. And it will give savings customers a minimum of two months’ written notice of any changes to the terms and conditions of their account.

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Northern Rock Cuts Mortgage Rates

Northern Rock has reduced mortgage rates, making its range even more competitive. As well as reducing selected rates across its core mortgage range by up to 0.50%, it has improved its 2-Year Fixed rate deal available exclusively through Northern Rock’s intermediary partners. The product is now available at 2.99% for those with a 30% deposit (70% LTV).

All of the remaining reduced deals are available to both purchase and remortgage customers, the latter benefiting from Northern Rock’s usual incentive of a free basic valuation and free standard legal costs.

Northern Rock has reduced rates for customers with a 25% deposit. A 2-Year Everyday Fixed rate deal with a £995 product fee is available at 3.19% for those with a 25% deposit (75% LTV). The same deal is available without a product fee, priced at 3.65%.

Alternatively, those with a 25% deposit (75% LTV) can choose a 3-Year Fixed rate mortgage with a £995 product fee at 3.93%, and a 5-Year deal with a £995 product fee is 4.59% up to 75% LTV. Those who choose not to pay a product fee, can secure the same product at 4.79%.

Competitive Buy to Let rates start from 3.39% for a 2-Year Everyday Fixed rate mortgage with a 3.5% product fee, up to 60% LTV. Those preferring a flat fee of £1,995 can choose a 2-Year Fixed rate up to 60% LTV, priced at 4.79%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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Northern Rock Wins Prestigious National Big Tick Award

Northern Rock has been heralded among the most responsible businesses in the UK after receiving Business in the Community’s (BITC) coveted national Big Tick for its work to tackle financial exclusion in partnership with credit unions.

The Big Tick award is the first level of award available to entrants of the national BITC Awards for Excellence, which recognises inspirational programmes that are making a positive impact on the community, the environment or wider society.

Northern Rock’s contribution, which involved volunteers skilled in a number of disciplines, helping to rebrand and relaunch South Tyneside Credit Union as Bridges Your Community Bank, has also been shortlisted for consideration for the title of Example of Excellence – the overall winner for the Building Stronger Communities category.

The final results will be announced at the BITC Awards for Excellence Gala Event, sponsored by Unilever, which will be held at the Royal Albert Hall on 5 July.

Northern Rock’s Customer and Commercial Director Andy Tate said: “We are absolutely delighted to receive this Big Tick in recognition of our important work in the local community, in this instance for our work with Bridges.

“We are also honoured to have been shortlisted for the overall Example of Excellence and we are very proud of what has been achieved through the dedication of our staff.”

Stephen Howard, Chief Executive of Business in the Community said: “I congratulate Northern Rock on achieving its Big Tick. It is a challenging time for business, but this is a sign that companies are not losing their focus and are transforming their businesses to make a positive impact on people and society; and are prepared to lead by example. That’s what Business in the Community’s Awards for Excellence is all about – celebrating responsible business, the leadership that makes it happen and the benefits to the business and society of doing so.

“Communities and consumers need to see that businesses are proactive, visible and engaged on the big issues of the day, as Northern Rock has demonstrated.”

Representatives from Northern Rock will be presented with the Big Tick award at a regional celebration event at the Gateshead Hilton at the end of June.

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Assets, Banks, Bonds, Business, Financial, Investment, Money

Cainvest Acquired Sul America International Bank

Cainvest controlled by the Cohab/Aboulafia family from Brazil has announced the acquisition of the totality of shares of Sul America International Bank (Cayman) Ltd. for an undisclosed amount. Cainvest announced an investment of US$ 30 million and renamed the acquired Bank to Cainvest International Bank Ltd.

“We were very impressed with the high level of regulation from the Cayman Islands Monetary Authority and the number of top-of-class service providers with physical presence in the Island. We understand now why the country ranks as the fifth-largest banking center in the world and look forward for a long lasting presence in the country.” states Charles Aboulafia, co-founder and managing director of Cainvest.

The Cohab/Aboulafia family owns an asset manager specialized in Latin American Corporate Eurobonds and a boutique Investment Bank in Brazil. The family also controls Trisoft Group, a conglomerate of manufacturing companies leader in the non-woven industry in Brazil.

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Northern Rock Launches Improved E-bonds

Northern Rock has launched two new improved issues of its online fixed rate e-bond account, providing competitive interest rates for those savers who wish to operate their accounts online. E-bond (Issues 7 and 8 ) will be available from April 2011.

With a minimum deposit of just £1, customers can benefit from a competitive fixed rate of interest until 20 May 2012 on e-bond issue 7, which pays 3.10% gross*/AER** annually, or choose e–bond issue 8, which pays 4.10% gross*/AER** pa, fixed until 20 May 2014. Monthly interest rate options are also available for both products. Accounts must be opened and operated online and initial deposits can be made online by electronic transfer from another bank or building society.

E-Bonds account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross* annual rate) on the 7th of the month (available next business day).

Additional deposits to the fixed rate bonds can be made during the offer period up to a maximum of £250,000 per customer. E-bonds (Issues 7 and 8 ) are non-redeemable and neither issue allows any withdrawals or closure during its respective fixed rate period. The bonds are offered on a strictly limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

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Northern Rock has announced the launch of its Easy ISA Issue 2

Following the success of its recently launched Easy ISA, 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.

Easy ISA can now be opened and administered by post, as well as in branch.

The Easy ISA Issue 2 account provides a variable rate of interest, and easy access to savings funds. With a minimum deposit of £1, a competitive flat rate of 2.65% tax free*/AER** pa, and the option to transfer across any existing Cash ISAs, Easy ISA makes sense. Balances below £1.00 will earn the basic savings rate of 0.10% tax free* per annum and deposits into the Variable Rate Easy ISA will be allowed from all Northern Rock variable rate accounts, instant access and notice accounts. Transfers from online accounts must be made via the nominated bank account. Transfers in from other organisations are allowed.

The product welcomes additional deposits and transfers within HM Revenue and Customs limits (£5,340 pa from 6 April 2011). Interest, which can be added to the account or paid into another account, is paid annually on 30 November and will be available the next business day.

Charge-free and notice-free withdrawals and transfers (minimum £1) can also be made from the account (there is a £35 fee for transfers via CHAPS).

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Northern Rock Launches Improved e-ISA Issue 2

Northern Rock has launched a new issue of its online variable rate ISA to complement its competitive portfolio of branch, postal and online savings accounts.

e-ISA Issue 2 offers those who prefer to operate their savings accounts via the internet, an online option for their tax-free* savings. e-ISA is a variable rate Cash ISA set at a competitive rate of interest.

Northern Rock’s customer and commercial director Andy Tate said: “Our customers want options. They want to be able to choose the best account to meet their individual needs, whether that be tax-free or not, and variable or fixed rate.

“We are pleased to increase our ISA rates, as the previous issue was well received by our customers and the market as a whole.”

For customers who prefer to earn a variable rate of interest on their tax-free* savings, variable rate e-ISA Issue 2 can be opened with no initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following the 11 March and available the next business day on minimum balances of £1.00 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free*/AER** pa).

e-ISA Issue 2 allow 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.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account.
There is a £35 fee for transfers out via CHAPS.

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Northern Rock Plc Launches New Savings Website

Northern Rock plc has launched a new interactive savings website to make it easier for customers to find a Northern Rock savings product from the competitive range available.

The new savings website follows the introduction of Northern Rock’s award-winning Mortgages website, which was launched in April 2010.

The new site offers helpful advice and practical information, as well as full details on Northern Rock’s savings products.

For those customers thinking about investing their savings, at-a-glance guides are available to help them choose which savings product, such as savings accounts or anISA; best suits their needs; whether they’re new to Northern Rock or an existing Northern Rock customer. For those customers who are not sure which savings product they wish to use there is an in depth learning section explaining what Northern Rock’s products are all about, and offering helpful advice and practical information. Customers will also be able to make use of a budget planner to help them plan their finances.

For those looking more closely into applying for a savings product, such as a Cash ISA, the new website contains information about Northern Rock’s entire suite of savings accounts and a selector tool to help narrow down and filter their selection as well as a range of tools which help customers cut through the jargon. Customers will also have the option of being able to use a product calculator for each of Northern Rock’s products to help work out their estimated return on investment.

Northern Rock has also made it easier for its existing customers to find their existing accounts and any supporting information they might need to manage them.

Customers can now select a suitable savings product, which they can save and come back to at a later date, or begin their application online. Or if they feel they need further information, customers can call the dedicated Northern Rock savings team at their UK based contact centre to find out more.

Andy Tate, customer and commercial director at Northern Rock said: “The new website is a fantastic tool, developed for our customers, with the aim of improving the whole process of evaluating and applying for a savings product.

Via EPR Network
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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Further Improves Its Award-Winning Mortgage Website

Northern Rock has further enhanced its mortgage website, less than six months after scooping a prestigious award for ‘best use of digital’, with the addition of a new video guide, to help home-buyers through the exciting but sometimes daunting journey of buying their first property.

Northern Rock’s mortgage website was launched in April 2010, and in September won the ‘best use of digital’ accolade at Communicate Magazine’s Digital Impact Awards 2010, held to celebrate excellence in digital stakeholder communications. The site was also named among the contenders for the Financial Services category of the British Interactive Media Association (BIMA)’s annual awards last year, and highly commended for best use of technology at the Mortgage Finance Gazette Awards.

A brand new, animated video guide has now been added to the website, to help steer customers step-by-step through the house-buying process. Using a simple 10-step format, each of the segments covers a different area of the house purchase journey, from setting an affordable budget at the outset, right through to exchange and completion.

The video guide adds a new dimension to the site which is already populated with useful advice and information for different mortgage customer groups. The site also includes a range of interactive tools such as a jargon buster, budget planner and overpayment calculator to help take the complexity out of selecting a mortgage and buying a home. The new guide should prove essential viewing for anyone facing the daunting prospect of looking for a first time buyer mortgage.

Via EPR Network
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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Cuts Everyday Mortgage Rates

Northern Rock has improved its Everyday mortgage range, offering lower rates which will make it more affordable for those looking to buy a new property or remortgage their home. The new Everyday fixed rates start from just 3.09%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.

The news comes just weeks after it reduced its application fee for purchase customers to just £99.

Until Saturday 23 October 2010, all successful mortgage applicants on any Northern Rock purchase product who complete by 31st January 2011 will be entered into a prize draw with the chance of winning a home ‘makeover’. This prize will include a personal consultation with an interior designer to help them plan the change, and gift vouchers from retailer John Lewis.

Lloyd Cochrane, Head of Mortgage Products at Northern Rock said: “Buying a new house can be very exciting, but making your new house your home can also be expensive. Northern Rock understands this and so, as well as making rate cuts across our Everyday range of mortgages, we are offering one lucky mortgage customer the chance to win a fantastic new home makeover which we hope will help things along a little.”

Northern Rock continues to offer a choice of Fee Saver options across its Everyday and Flexible product ranges for customers who are looking to keep their costs as low as possible. And there is also a competitive range of Buy-to-Let mortgages available.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full details of the entire mortgage product range offered by Northern Rock are included for information.

Via EPR Network
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