Save Up is a postal savings account that lets the depositor have access to his or her funds notice and fee free one time per month. Access after that first time in any given month will cost you. If you keep your account beyond a year, you are guaranteed an interest rate no lower than the Bank of England base up to the end of June 2013.
Transfers and deposits of up to £2 million per depositor can be deposited into a Save Up account and you can begin with as little as a £1 deposit. Interest can be deposited to your Save Up account or put into a different account. You have the option of choosing yearly interest payments (31 December) or interest payments at the end of every month. Your Save Up account can be managed by telephone or post.
The other Northern Rock savings account is the Rainy Day Saver. This is also a one year account but affords the same interest guarantee as the Save Up plan should you go beyond a year with the account.
Rainy Day Saver is a 120-notice plan. Transfers or withdrawals cannot be made without 120-day prior notice. A £5000 minimum is required with the Rainy Day Saver plan. If your account falls below the minimum, your interest rate will drop with it to just 0.1 per cent until it returns to the £5000 minimum.
Transfers and deposits of as much as £2 million can be put into the Rainy Day Saver account. Interest payments can be deposited to your Rainy Day Save plan or deposited to another account and can be made on the final day of each month or deposited yearly on 30 June.