Northern Rock launches new online saving accountSavers can get 3% in their first year

20 December 2010

Northern Rock logo

Northern Rock is offering consumers 3.00% interest on their savings, whilst still allowing customers easy access to their funds.

To qualify for the Northern Rock E-saver (Issue 4), you must have a deposit of between £10,000 and £100,000.

How does Northern Rock’s new savings account work?

For the first year of the account you will earn 3% on your savings, and each year after that will get a return of 1%.

The interest rate will only apply if your account balance remains above £10,000. If the balance falls below this figure, the interest rate falls substantially to the basic savings rate, currently 0.10%.

Where else can you get a decent easy access savings rate?

If you don’t have enough funds to qualify for this account, other options include the Post Office Online Saver, which allows you to earn 2.90% in the first year, with an initial deposit of just £1.

Similarly, the Norwich and Peterborough Building Society E–Saver (Issue 4) account pays 2.80% in the first year, and demands an initial deposit of just £1.

Use our new Savings Booster tool

Recent research carried out by Which? found that savers are missing out on £12 billion a year by keeping their money in accounts that pay miserly rates. But don't despair - you can take action today to claim your share of the £12bn and force banks into action.

Our free Which? Savings Booster will show you the rate you're currently earning on your savings, as well as how much extra you could be getting with a Best Rate account.

Use the Savings Booster now - just enter how much you've got in your savings account, choose your provider and account name from the dropdown menus and find out how much extra interest you could be earning. With direct links from the savings booster tool to the best savings providers, you can set the switching ball rolling today.

pound coins

Which? Money when you need it

You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.

Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.

Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast

For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.