NOW CLOSED - Northern Rock - 3% easy access - for those with 10K

SnowMan

Northern Rock have launched e-saver issue 4, paying 3% AER variable for those with 10K to invest.

Includes a 2% bonus for 12 months.

Note 3% AER is for the annual interest option, payable on 11th March (so make sure when applying you select annual rather than monthly which is only 2.74% AER)

Minimum investment 10K. Maximum investment 100K. Don't let balance fall below 10K as nominal 0.1% interest rate applies.

Now showing on the Northern Rock website here.

On line account, apply through their website. This page has link to info on how to open and fund the account.

Interestingly they say in the key product information they will give you 2 months notice of any drop in the interest rate which seems very decent of them.

Don't confuse with the e-saver issue 3 which is still available offering 2.5% AER (with no minimum balance).

Tip: When applying it asks you to choose an account name, you might want to choose something like "bonus ends on....." as an extra reminder.

Act quickly if interested as may not be around for long.

SnowMan

Account is now showing on the Northern Rock website. Have edited the first post with info and a link.

twokcc

Shame just put money into Norwich and Peterborough 2.8% instant access

ultrawomble

Shame, I've got my money in Lloyds Vantage accounts paying 4% instant access :rotfl:

SnowMan

The on line application went very smoothly for me. If you are not an existing Northern Rock saver then you register and apply at the same time. They give you an account number at the end of the process and the sort code for the account. It said I can access the account the next working day. I am guessing that means I was electronically verified.

oldfella

problem is you need to transfer in £10K as a first deposit - I prefer a test deposit first

johnmoney05

oldfella wrote: »

problem is you need to transfer in £10K as a first deposit - I prefer a test deposit first

You can post them a cheque if you like.

oldfella

You can post them a cheque if you like.

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dont like loosing the interest

psychic_teabag

I also prefer to test a transfer first, and don't much like sending enormous cheques around. You can open the account by transferring from another NR account, so I'm pondering opening another online account (eg issue 3), transferring to that, then opening issue 4 as a transfer. Haven't decided yet.

Meant to phone to ask them if it was okay for initial transfer to be less than 10k as long as I promised to make it up to 10k "soon", but didn't get round to it. (Eg perhaps not all banks allow a 10k transfer in one go.)

johnmoney05

oldfella wrote: »

You can post them a cheque if you like.

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dont like loosing the interest

You can post your cheques from your LTSB vantage accounts (3x), how will you lost interest? Of course only if you have accounts.

SnowMan

oldfella wrote: »

problem is you need to transfer in £10K as a first deposit - I prefer a test deposit first

I also prefer to make a test payment of £1 usually.

I opened the account yesterday as a new customer and the account is already up and running and can be accessed through the on line login.

I've just transferred in 10K using faster payments. It took about 3 hours to show up under "uncleared transactions" even through it went immediately from the transferring account and for the 3 hours it was stuck in the ether.

The NR account number is shown when you log into Northern Rock and the FAQ reconfirms the sort code to use for faster payments, so hard to see it go wrong if you are careful and don't mistype the account number or sort code when arranging the transfer.

Apparently from this post on the 'Faster payments who can send and receive' thread, the money can't be accessed for two days. The following day after the transfer it disappears altogether apparently :eek: and on the day after that it finally appears on your statement as a cleared transaction and can be accessed if necessary (Edit 11/12/2010: Having paid in on the Friday it is showing in the account and cleared on the Saturday so obviously things have speeded up since that post).

Faster Payments OUT of the Northern Rock account are not possible so you have to accept a few days lost interest on moving the money out of the account.

Of course payments can be made in by other non Faster Payments methods as per the NR website.