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Northern Rock and L&G in reissue of combined account and bond

Northern Rock and Legal & General are teaming up to launch an instant

access savings account offering fixed interest of 7.05 per cent alongside

an investment bond.

The companies say the offer follows the success of previous issues of the

Balance Choices account.

Policyholders are offered a guaranteed return on the instant access

account until July 1, 2002 together with the growth or income opportunities

from an investment in the L&G with-profits income bond.

The product is available through both Northern Rock and L&G. Minimum

opening balance is £5,000 and maximum £500,000 per investor or

£1m for joint applicants.

Savers can choose to invest up to 80 per cent in the L&G with-profits

bond, with the remaining 20 per cent in Northern Rock&#39s instant access

account, or opt for a split to meet their requirements.

Northern Rock says the bond is a low-risk investment designed to provide

the potential for greater returns than the average deposit account but with

less volatility than a direct investment in the stockmarket.

Northern Rock sales and marketing manager Andy Kuipers says: “By giving

increased choice as far as the percentage of funds invested in the

with-profits income bond is concerned, we believe the issue will appeal to

a broader range of savers.

“Customers can enjoy the best of both worlds by committing funds between

saving and investing.”

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