Northern Rock has extended its savings range for the Irish market with the second issue of a combined fixed-rate bond and equity-linked tracker product. Balances in the limited issue, Direct Saver Double Bond Issue 2, will be split equally between a fixed-rate bond paying 6 per cent gross per annum fixed until December 5th, 2003, and an equity tracker bond. The return on the equity tracker relates to performance of world stock markets without risk to capital.
The funds invested in the equity tracker bond will attract a potential return equivalent to 60 per cent of the average percentage growth, in any in the following indices over a five-year period: the FTSE 100, the Dow Jones Eurostoxx 50, the Standard & Poor's 500 and the Nikkei 225.
The minimum opening balance is £5,000 (€6,353) for personal customers and £10,000 for business accounts.
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