Northern Rock has launched a new issue of its Little Rock Fixed Rate Bond to help children save for their future following the unprecedented popularity of the Little Rock Fixed Rate Bond (Issue 1) that was launched in early August.

The new 3 Year Little Rock Fixed Rate Bond (FRB) (Issue 2) offers a competitive rate of interest for a minimum deposit of only £1. And once again, every ‘little rocker’ who opens an account will receive a choice of free gifts from their new friend, Little Rock. The account can be opened through Northern Rock’s branch network and by post from 2pm today (Wednesday 18 August 2010).

The Little Rock Fixed Rate Bond (FRB) Issue 2 is available to customers aged under 16, with an appropriate adult named on the account as trustee.

The account offers 4.00% gross* p.a., fixed until 1 October 2013, with interest paid annually on 31 August. This can be added to the account or paid into another account, or that of another bank or building society. A monthly interest option is also available.

Strictly a limited issue, the non-redeemable Little Rock FRB (Issue 2) can be opened by cash, cheque or by transfer. The account has a maximum balance limit of £20,000, and no withdrawals are permitted before the account reaches maturity on 1 October 2013. The Bond may be withdrawn without notice once fully subscribed, and after this time, no further deposits into the Bond will be accepted.

Via EPR Network
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