Northern Rock has introduced a direct-saver, fixed-rate bond that offers an annual rate of 4.74 per cent gross until July 2002, and a fixed return on balances from £1,000 (€1,270) for personal customers and £10,000 for business customers.

Annual interest will be paid upon maturity or savers can opt for monthly payments to be credited to another bank or building society account. No withdrawals will be allowed until maturity. Additional deposits can be made during the offer period of the limited-issue bond.