Higher rate from Rock

NORTHERN Rock Building Society is paying a higher rate of interest on large deposits in its current account. Until now the account has had five rates, with the highest amount payable on sums of pounds 25,000 and over.

Now it has added a sixth tier, paying 5.72 per cent net (7.63 per cent gross) on deposits of pounds 50,000 and above. The society says a relatively large number of customers hold pounds 50,000 within their accounts. A full range of current account facilities is offered.

Bank of Scotland has added a new interest tier to its Money Market Cheque Account. It now pays 5.06 per cent net (6.75 per cent gross) on balances of pounds 250,000.