Northern Rock Savings Guide
There are many different savings accounts to choose from, and potential catches – so do your homework to find the best account for you. If you want access to your cash, an easy access savings account may be suitable, but these don’t always carry the highest rates and can come with short-term bonuses.
If you’re happy to tie up your cash for a certain period, then another option is a fixed-rate savings account. These often pay higher rates than easy access accounts, although they come with restrictions, so aren’t suitable if you’re setting aside an emergency fund, say, that you might need instant access to.
However, before considering your savings account make sure you’ve used up your ISA allowance for the tax year. This is the first place to stash spare cash, offering tax-free interest on your annual ISA allowance.
Before picking any savings product, make sure you’ve read the fine print to ensure it’s suitable for you.
The first £85,000 of any savings held with Northern Rock is protected by the Financial Services Compensation Scheme (FSCS). Remember that this protection applies per bank, not per banking institution, so if you also have savings with Virgin, only the first £85,000 is covered.