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Northern Rock rolls out 7% fixed bonds

Northern Rock has launched three new fixed-rate bonds.

The limited-issue bonds, available in one-, two- or three-year terms offer 7 per cent gross annual rate and a minimum balance of £1,000. Additional minimum deposits of £1,000 can be made during the offer period up to a maximum of £2m.

Interest is paid annually on June 30 or monthly on the first working day of the month.

Any withdrawals during the fixed rate period incurs a loss of 60, 90 or 120 days&#39 interest to holders of one-, two- or three-year bonds respectively.

When bonds mature, withdrawals can be made without notice or penalty.

Assistant marketing director Clare O&#39Neill says: “Consumers like the certainty of knowing what the rates are going to be and there is some uncertainty in the market as far as interest rates are concerned. More and more consumers are looking for contractual relationships either on fixed rate or on tracker products and this is becoming the case across all the financial services.”


Standard promotes proactivity

Standard Life Bank is encouraging IFAs to be more proactive in their relationship with clients by organising a series of seminars and consultations.It believes IFAs should help their clients regularly review their investments, mortgage arrangements and other loans.To help in the process, it has identified 2,000 IFAs who are committed to the idea of proactive […]

ABN Amro has best unit trust survey indicates

ABN AMRO&#39s Equity Income Unit Trust is the top performing unit trust in the UK says private client fund managers Principle Premier. The fund is followed by the Newton Higher Income fund and the BWD UK Equity Income fund. Principle Premier has published its “white list” of the 12 top performing unit trusts over the […]


Watchdog extends look into small business lending

The Competition Commission is extending the scope of its look into small business lending practices by banks and building societies. The watchdog is now sending questionnaires to banks and building societies not involved in lending to small business as it attempts to explain why the big four high street banks have such a stranglehold over […]

L&G is encouraged by pre-stakeholder boom

Legal & General says its 25 per cent increase in personal pension business in the first six months of the year indicates its potential in the stakeholder market.The life office says new group personal pension business grew by 25 per cent to £26m from £20.8m.New individual pension and annuity business, including GPPs, increased by 10 […]


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