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to the cash ISA, within HM Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the product is withdrawn.
After this time, no further deposits will be accepted and this issue may be withdrawn without notice once fully subscribed.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BACS and £250 by CHAPS can be made from the account; however the customer will lose the tax free status on the amount withdrawn.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.
*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.
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 mortgages to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries. Northern Rock also offers an online mortgage calculator to its customers.
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.
The BITC Awards identify and celebrate companies having a positive impact on the community, environment, marketplace and workplace. The Big Tick winners demonstrate significant impact and high quality management of their responsible business practices and can show a positive impact both on society and on the business. Now in their 14th year, they are the UK's leading awards for responsible business practice.
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