Northern Rock launches new saver account

British bank Northern Rock has launched a new savings account that is exclusive to online bankers.

The new easy-access e-saver pays three per cent interest per year and accepts deposits of between £10,000 and £100,000.

Northern Rock's new e-saver also offers customers a two per cent interest payment bonus for the first 12 months.

Savers can even choose whether to have the interest payments deposited into their accounts monthly or yearly.

According to the bank, which was propped up with taxpayers' cash last year, "this product complements Northern Rock’s existing online offer, e-saver, which pays a flat 2.5 per cent gross, without any introductory bonus on balances of only £1".

If the balance of a new e-saver account falls below £100,000, however, Northern Rock will only pay the prevailing basic interest rate - which currently stands at 0.10 per cent.

The Bank of England's Monetary Policy Committee recently maintained the base rate at 0.5 per cent.

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2010-12-10 16:30:26 © Moneyextra.com