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Northern Rock releases new savings products

Northern Rock is launching a series of limited issue savings products on Thursday including three investment bonds and a combined bond tracker fund.

The three fixed rate bonds include a 4.75 per cent rate fixed until May 1, 2003, a 5.10 per cent fixed until May 1, 2004 and a 5.45 per cent fixed until May 1, 2005.

All three require a minimum balance of £500 and have a maximum of £2m.

There is also a one year fixed rate bond at 10 per cent combined with a five year equity tracker offering a return of 75 per cent of the percentage rise in the FTSE-100 over the term.

There is no management fee or set-up charge on the tracker fund.

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