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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Virgin Money Launches New Fixed Rate ISAs And Fixed Rate Bonds

Virgin Money has launched new issues of its popular fixed rate bond and fixed rate cash ISA range. The accounts offer customers a competitive rate, combined with certainty of returns for either one or three years. Accounts are available through Northern Rock branches, online, by post and over the telephone, and interest rates are the same through all distribution channels. ISA customers receive the same rates as those with a non-ISA account.

The Virgin fixed rate ISA offers customers a rate of 3.30% for one year (issues 9 &13) and 3.60% for three years (issues 10 & 14) respectively. This matches the rate available for a non-ISA savings account and savers also benefit from the tax-efficiency of the ISA wrapper. These accounts allow transfers in from existing ISAs. Customers can withdraw subject to a charge equivalent to 60 and 120 days’ loss of interest respectively.

The one year Virgin fixed rate bonds offer customers a fixed rate of 3.30%, while the three year Bond pays 3.60% per annum. Accounts can be opened with a minimum deposit of just £1, and additional deposits can be made into the bonds during the offer period, up to a maximum of £2 million per customer. Interest can be paid annually, or for those who prefer a monthly option, on the last day of the month (available first business day of the following month). Customers choosing to receive their interest monthly receive the same AER as those receiving annual interest.

The Bonds are non-redeemable and do not allow any withdrawals or closure during their respective fixed rate periods. They are strictly limited issues and may be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits can be made into existing accounts. Upon maturity the account will become a no notice matured bond account and investors will be notified in writing upon maturity of the interest rate payable.

More information on Northern Rock’s savings range is available at www.northernrock.co.uk/savings

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Video Investigates Money Worries

Northern Rock’s latest video has put consumers in the spotlight as they reveal that by far their biggest money worry is paying the mortgage each month.

The bank took to the streets to find out what concerns people most about their finances, and the overwhelming majority of consumers confirmed their mortgage payment was their biggest financial worry.

As recent research undertaken by Northern Rock showed, many UK mortgage borrowers coming to the end of their fixed rate deal could be better off if they took a mortgage with Northern Rock. The bank is confident it can help reduce this concern for customers, and put them back in control of their finances.

Lloyd Cochrane, Head of Lending Products at Northern Rock said: “Fixed rate pricing across the market is at an all-time low and we continue to offer some very attractive deals, as well as our Freedom to Fix option, a Tracker which gives customers the opportunity to fix if interest rates should start to rise.

“We believe we can help many of these consumers to reduce their anxiety over their monthly mortgage payment by helping them find a Northern Rock mortgage that works for them. Whether you’d like the security of knowing what your payment will be for the next two years or you’re looking for more flexibility, we’re sure we have an option to suit you.”

More information on Northern Rock’s current range of mortgages can be found at its award-winning mortgages website, located at
www.northernrock.co.uk/mortgages/putting-you-in-control/.

The site also includes a range of interactive tools, such as a jargon buster, budget planner and mortgage calculator, to help take the complexity out of selecting the right mortgage.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Introduces New Online Reward Instant Access Account For Savers

Northern Rock has launched a new competitive Online Reward account, adding further options to its flexible savings range.

For those who prefer the convenience of the internet with which to manage their savings, Online Reward, which is available to open with a minimum deposit of £5,000, pays a competitive interest rate of 3.11% gross* pa/AER** variable on balances over £5,000, which includes a bonus rate of 1.61% gross* for the first 12 months from account opening. (Balances falling below this rate will receive Northern Rock’s prevailing rate of interest which is 0.10% gross* pa/AER** variable).

Those who prefer a monthly interest option can choose to receive 3.07% gross* variable (3.11% AER**), and additional deposits can be made up to the maximum balance of £100,000. Only one account per customer per issue is allowed.

Interest can be paid annually on 11 March. Alternatively, interest can be paid monthly on the 10th day of the month (available next business day or three days following this if the funds are sent via BACS to an external account).

Withdrawals from Online Reward can be made via a nominated bank or building society account without notice or charge (there is a £35 fee if customers choose to transfer via CHAPS). The minimum withdrawal amount is £1.

To apply for Online Reward, interested parties can visit www.northernrock.co.uk, or for more information regarding Northern Rock’s other savings products, call 0845 631 5151 (calls are charged at the service provider’s prevailing rate and may be monitored and recorded).

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Partners with moneysupermarket.com to Offer Exclusive Online ISA

Northern Rock is offering a top-paying online cash ISA to complement its competitive portfolio of branch, postal and online savings accounts. This ISA is exclusively available through moneysupermarket.com and pays 3.05% tax-free* pa/AER** variable, with no bonus rate attached.

The exclusive Online ISA offers those who prefer to operate their accounts via the internet an instant access option for their tax-free* savings, and can be opened with no minimum initial deposit.

Kevin Mountford, head of banking at moneysupermarket.com, said: “If you’re a UK taxpayer then it is important to make full use of your annual tax free allowance so you can make the most of your money.

“Not only is it important to make sure you find the best deal for your current savings needs, but you should always remember existing savings invested in ISAs elsewhere, which could be languishing on a poor rate.

“Moving existing savings into an account, such as Northern Rock’s Online ISA which allows transfers of existing funds, can be beneficial but make sure you follow the proper ISA transfer procedures otherwise you will lose the tax free status on your savings.”

Interest, which can be added to the account or paid into another account, is paid annually on 11 March on minimum balances of £1 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free* pa /AER**).

Strictly a limited issue, the variable rate Online ISA allows 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.

After this time, no further deposits will be accepted and this issue may be withdrawn without notice once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account; however the customer will lose the tax free status on the amount withdrawn. There is a £35 fee for transfers out via CHAPS.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Cuts Mortgage Rates Across Its Range

Northern Rock has reduced mortgage rates both across its core residential and Buy To Let ranges, and its selection of Intermediary Exclusive products.

First time buyers will benefit from many of the changes as Northern Rock continues to offer support to those with smaller deposits. 2-year Everyday fixed rate mortgages at 85% LTV (15% deposit required) with no product fee are now available from just 4.38%.

The lender has also made a number of reductions to its ‘with fee’ products, for customers who choose to pay a product fee in order to access a lower interest rate. 2 Year Fixed rates with a £995 fee start from 2.99% up to 70% LTV (30% deposit).

For borrowers who are looking to fix their interest rate over a longer period Northern Rock also offers competitively priced 3-Year and 5-Year Fixed rates. 5 Year Fixed rates start at 3.99% with £995 fee up to 70% LTV (30% deposit).

Northern Rock also continues to offer Fee Saver Option (FSO) products for consumers who are looking to keep their fee costs as low as possible. The lender has simplified the pricing on its Fee Saver Options, with standardised premiums of 0.45% on 2-year products, 0.40% on 3-year products and 0.35% on 5-year products. Remortgage customers will also benefit from Northern Rock’s incentive of a free basic valuation and free standard legal costs.

Northern Rock has made several improvements to its BTL product range in recent weeks, and has now made rate reductions of up to 0.70% on its BTL Fixed rates and Trackers.

Buy to Let Fixed rates for customers choosing to pay a £1,995 product fee start from 3.89% at 60% LTV (40% deposit). Borrowers with a 30% deposit (70% LTV) can opt for a 2-Year Everyday Fixed rate mortgage with a £1,995 fee at 4.10%.

Alongside the changes to its core product range, the lender has also improved the Fee Saver Options within its range of mortgage products available exclusively through Northern Rock’s intermediary partners. A 2-year FSO exclusive to brokers at 70% LTV (requiring a 30% deposit) is now available from 3.25%, while the equivalent 3-year product is available at 3.64%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Adds Helpful Savings Video Guide To Its Website

Northern Rock has added another helpful video guide to its interactive savings website to help consumers with their savings choices.

The video – Northern Rock’s Guide to Savings – is the third guide in the series recently introduced by the bank to add a further dimension to its award-winning website. Existing videos include Northern Rock’s Guide to ISAs and First Time Buyers Guide, which can be viewed on the Northern Rock website alongside the new addition.

The newest guide is designed to help customers make the most of their money in an accessible way, by highlighting the need to consider debt and budgeting as well as the benefits of the wide range of competitively priced savings products on offer at Northern Rock.

The colourful video guide, which is also available via the bank’s YouTube channel, covers key areas such as planning for emergencies and saving for a rainy day.

Northern Rock offers a range of variable and fixed rate savings products, including online savings accounts, instant-access products and tax-free savings options. Northern Rock also offers customers a free savings review.

Further detail about Northern Rock’s range of savings products is available on the website, which is populated with useful advice and information for different savings customer groups, financial planning information and at-a-glance guides to help people choose between different types of savings account.

The site also includes a range of interactive tools such as a jargon buster and budget planner to help take the complexity out of selecting the right savings product for a customer’s own individual circumstances, and a product calculator for each of Northern Rock’s products, such as a mortgage calculator and a calculator for its Cash ISA, to help work out the estimated return on investment.

Northern Rock customers also benefit from the bank’s unique savings promise. This is a commitment to its customers that it will provide a minimum of two months’ written notice of any reduction to the interest rate on their account. Where customers have a notice period for access to their funds of greater than two months, Northern Rock will give them that equivalent notice period of any reduction to their interest rate. Northern Rock will also write to all savings customers at least once a year with details of all its available variable rate savings accounts. And it will give savings customers a minimum of two months’ written notice of any changes to the terms and conditions of their account.

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Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock Cuts Mortgage Rates

Northern Rock has reduced mortgage rates, making its range even more competitive. As well as reducing selected rates across its core mortgage range by up to 0.50%, it has improved its 2-Year Fixed rate deal available exclusively through Northern Rock’s intermediary partners. The product is now available at 2.99% for those with a 30% deposit (70% LTV).

All of the remaining reduced deals are available to both purchase and remortgage customers, the latter benefiting from Northern Rock’s usual incentive of a free basic valuation and free standard legal costs.

Northern Rock has reduced rates for customers with a 25% deposit. A 2-Year Everyday Fixed rate deal with a £995 product fee is available at 3.19% for those with a 25% deposit (75% LTV). The same deal is available without a product fee, priced at 3.65%.

Alternatively, those with a 25% deposit (75% LTV) can choose a 3-Year Fixed rate mortgage with a £995 product fee at 3.93%, and a 5-Year deal with a £995 product fee is 4.59% up to 75% LTV. Those who choose not to pay a product fee, can secure the same product at 4.79%.

Competitive Buy to Let rates start from 3.39% for a 2-Year Everyday Fixed rate mortgage with a 3.5% product fee, up to 60% LTV. Those preferring a flat fee of £1,995 can choose a 2-Year Fixed rate up to 60% LTV, priced at 4.79%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

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