NOW CLOSED - Northern Rock 4% AER, 180 day fixed rate notice account (max term 5 yrs)
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SnowMan
Posts: 3,365 Forumite
This Northern Rock 5 year fixed rate notice bond (issue 2) allows penalty free withdrawals with 180 days notice. See the Northern Rock website.
As a consequence, although it is not competitive as a 5 year bond, it can be run as (say) a market leading 6 month bond by opening an account and then immediately giving notice.
In fact it can be run for any term from 6 months to 5 years by giving notice, and so at 4% AER it is directly comparable and offers a better rate (with better options) than other fixed rate bonds up to about 2 years term.
It appears that you can give the 180 days notice but then choose not to make the withdrawal when the 180 days is up which is a useful option if interest rates remain low.
Note you need to choose the annual interest option (and not monthly) to get the 4% AER.
It is a reincarnation of a previous Northern rock 5 year bond (issue 1) offering 4.3% which is now closed. However see this thread for some of the options on how to use the terms of this account to your advantage.
I’ve created a new thread as I think this account may be overlooked by those say looking for a (non-ISA) 1 year bond.
As a consequence, although it is not competitive as a 5 year bond, it can be run as (say) a market leading 6 month bond by opening an account and then immediately giving notice.
In fact it can be run for any term from 6 months to 5 years by giving notice, and so at 4% AER it is directly comparable and offers a better rate (with better options) than other fixed rate bonds up to about 2 years term.
It appears that you can give the 180 days notice but then choose not to make the withdrawal when the 180 days is up which is a useful option if interest rates remain low.
Note you need to choose the annual interest option (and not monthly) to get the 4% AER.
It is a reincarnation of a previous Northern rock 5 year bond (issue 1) offering 4.3% which is now closed. However see this thread for some of the options on how to use the terms of this account to your advantage.
I’ve created a new thread as I think this account may be overlooked by those say looking for a (non-ISA) 1 year bond.
I came, I saw, I melted
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Comments
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Just to add the previous version of this account wasn't about for long (albeit it offered a 0.3% higher interest rate).
So need to be fairly quick in opening and funding it if interested (additional deposits won't be allowed after the account closes, although they allowed about a week(ish) to get money in after closure on issue 1)I came, I saw, I melted0 -
This Northern Rock 5 year fixed rate notice bond (issue 2) allows penalty free withdrawals with 180 days notice.
[snip]
As a consequence, although it is not competitive as a 5 year bond, it can be run as (say) a market leading 6 month bond by opening an account and then immediately giving notice.
In fact it can be run for any term from 6 months to 5 years by giving notice, and so at 4% AER it is directly comparable and offers a better rate (with better options) than other fixed rate bonds up to about 2 years term.
It appears that you can give the 180 days notice but then choose not to make the withdrawal when the 180 days is up which is a useful option if interest rates remain low.0 -
Thanks have just applied. They will be getting all my Lloyds vantage money!0
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Just bumping this up as not showing in the top savings account article, so this account could be easily missed.I came, I saw, I melted0
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It's now in the weekly email (and in the top savings account article) so you will need to be quick to open and fund before it closes.I came, I saw, I melted0
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All this kind of things going to happen in world.. Their is no way to stop this??0
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The T&C link on the N-Rock website appears to generate their general savings accounts T&C, not the T&C for this bond. Anyone got another link that works please? Thanks.0
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Applied now need to transfer vantage dosh into it lol0
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Charlieboycat, I think that is all there is in terms of information on the account.
The main terms and conditions specific to this account are shown on the main account page
Clicking on summary box and rates on the rights then brings up the pdf summary of the account.
The information from those pages then gels with the general terms and conditions you mention. These contain useful information such as how the 180 days notice works in practical terms (e.g. it explains in section 4 how there is a short window after the 180 days is up to actually withdraw the money).I came, I saw, I melted0 -
Charlieboycat, I think that is all there is in terms of information on the account.
The main terms and conditions specific to this account are shown on the main account page
Clicking on summary box and rates on the rights then brings up the pdf summary of the account.
The information from those pages then gels with the general terms and conditions you mention. These contain useful information such as how the 180 days notice works in practical terms (e.g. it explains in section 4 how there is a short window after the 180 days is up to actually withdraw the money).0
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