Northern Rock has launched a new issue of its online variable rate ISA to complement its competitive portfolio of branch, postal and online savings accounts.

e-ISA Issue 2 offers those who prefer to operate their savings accounts via the internet, an online option for their tax-free* savings. e-ISA is a variable rate Cash ISA set at a competitive rate of interest.

Northern Rock’s customer and commercial director Andy Tate said: “Our customers want options. They want to be able to choose the best account to meet their individual needs, whether that be tax-free or not, and variable or fixed rate.

“We are pleased to increase our ISA rates, as the previous issue was well received by our customers and the market as a whole.”

For customers who prefer to earn a variable rate of interest on their tax-free* savings, variable rate e-ISA Issue 2 can be opened with no initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following the 11 March and available the next business day on minimum balances of £1.00 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free*/AER** pa).

e-ISA Issue 2 allow 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to the Cash ISA, within HM Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the product is withdrawn.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account.
There is a £35 fee for transfers out via CHAPS.

Via EPR Network
More Financial press releases