Northern Rock yesterday unveiled its Government special savings incentive scheme product pitched at the larger investor.

The British bank will guarantee an interest rate equal to the prevailing European Central Bank rate, but only to customers saving the maximum £200 a month by direct debit.

The ECB rate is currently 4.75 per cent. Investors saving less than £200 will receive interest at one percentage point less than the ECB rate at the time.

Northern Rock is offering the same market leading rate as ACCBank, but the latter will pay the ECB rate on any sum within the permitted range - £10 to £200 a month - on accounts opened before September.