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.
Sign up now to watch the Which? Money 2010 emergency budget liveblog
Chancellor of the Exchequer George Osborne will deliver the government’s emergency budget on Tuesday 22 June, and you can follow his speech as it happens on the Which? Money 2010 emergency budget liveblog.
Sign up now for an email reminder to join us for the Chancellor’s budget speech, and come back to www.which.co.uk/emergencybudget on the day to get the Which? Money take on the budget and to add your questions and comments.
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.