Northern Rock raises Silver Savers rate again!

fbrj

Having recently raised the rate to 6.0% (AER) wef from 9 June, the website is showing that this is being increased to 6.1% (AER) wef from 15 June.

https://www.northernrock.co.uk/savings/silver-savings-online/

When you get to the table in the link - press the green tab "future rates"

I am a big fan of this account - can hold between £1 and £2,000,000, no notice withdrawals (or penalties), access it online, transfer funds by either BACS or CHAPS, interest can be paid monthly...and best of all a highly competitive rate of interest! Ohhhhh...and you have to be 50 or over.

TomsMom

Thanks for that fbrj. Mr TomsMom and I have recently opened one of these accounts each after reading about it on here and now it's getting even better :T

barak

Well spotted fbrj :j
I have just switched some cash to my account, but hadn't noticed that Future Rates tab.

emu

Hi all, read the recommendation and looked on Morthern rock site. Looks good... but please could someone explain to me the difference between monthly and annual interest choice, and why the choice?

Jake'sGran

I have one of these accounts and very pleased with it. Monthly or annual has always puzzled me too. I'd always assumed you would get more if you opt for annual interest but then if it is done monthly does it mean that it is compounded, i.e. getting interest on interest as the months go on?

ManAtHome

You'd normally go for monthly interest if you want to draw it for spends. Interest rates (AER%) are normally the same for both, but monthly rate is lower to allow for compounding (if you don't spend it).

Greycrow

One of the few, and very few benefits, of growing old.
I've been moving funds into this account for some weeks and recommend it.
A simple account with a top rate of interest.
However, my natural distrust of banks ask,"what's the catch"?
None.....I hope.

PS
Perhaps something to do with Coventry's new 6.2% rate?
Nothing like a bit of competition.

ManAtHome

Well, NR have a long and "illustrious" history of "drag 'em in and drop the rates" - nothing wrong while they're still at top, but be ready to move...

nilrem_2

ManAtHome wrote: »

Well, NR have a long and "illustrious" history of "drag 'em in and drop the rates" - nothing wrong while they're still at top, but be ready to move...

TBH this is one of the reasons why I have not invested in this one. I suppose if one can move out quickly if needed it's worth using.

chesky369

I've just opened an account with them but I really hate the log-in process and the separate screen business - not at all user friendly.

nap_3

I also hate the login screen - the text is so small and difficult to read. I've been dithering on whether to transfer more money there as I've opened an account ... but I've been round the loop where you think the rate is good, then a few months later it drops and you're back to square one. Newcastle BS also use this trick to lure customers.