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Northern Rock matches best fixed-rate savings

New bond offers 3 to 4.5% depending on term length

Northern Rock logo

Northern Rock has launched four new bond issues paying between 3% and 4.5% gross/AER, matching the top fixed-rate savings deals available elsewhere.

The new range of fixed-rate bonds offers four levels of interest starting from 3% fixed for one year to 4.5% over five years with the option to receive interest annually or monthly. 

Which? savings expert Jo Langenhan commented ‘With the Bank of England base rate still at a record low of 0.5%, an account paying 3%, fixed until 1 July 2011 is a good deal and one worth taking as long as you are able to tie your money up for a year.’

Rates in detail

The accounts are available to new customers and for existing customers with savings accounts that mature from 1 July and can be opened and operated through Northern Rock branches or by post. Interest is paid annually on 31 May or paid monthly on the last day of the month. The interest rate tiers are:

  • 3.00% fixed until 1 July 2011 (issue 394)
  • 3.50% fixed until 1 July 2012 (issue 395)
  • 4.00% fixed until 1 July 2013 (issue 396)
  • 4.50% fixed until 1 July 2015 (issue 397)

Which? Best Rate savings accounts

Which? compares savings accounts based on stringent criteria in order to help you make the most of your money. We look at standard savings accounts as well as fixed rate savings accounts and cash Isas.

For more information on savings accounts and how to choose the right one for you, read the Which? advice guide.

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