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Northern Rock increases interest rate for savers

Northern Rock is increasing the interest rate for new and existing investors in its limited issue savings accounts.


The move which will take effect from July 24.


The interest rate on its Save Direct Base Rate Tracker, a variable rate account will increase to 5.75 per cent gross for annual interest and to 5.45 per cent gross for monthly interest for balances above £5,000.


These new rates include a bonus rate which has been increased to 0.75 per cent from 0.5 per cent.


The interest on its Fixed Rate Bond Issue VII will increase by 0.35 per cent to 6.25 per cent gross for investments of £2,500 plus and to 6.35 per cent gross for investments of £100,000 plus.


The fixed rates are guaranteed until December 1, 2000.

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