Northern Rock has introduced a Direct Saver Notice Account, with an annual interest rate of 4 per cent gross per annum, including an introductory bonus. The launch rate of the 30-day notice account takes account of the European Central Bank (ECB) base rate change on November 8th.

The underlying gross annual rate is guaranteed to be at least equal to the ECB base rate until January 1st, 2004.

For customers opting for a regular income from the account, the monthly gross rate will always be 0.25 per cent below the underlying gross annual rate. The minimum opening balance for the account is £1,000 (€1,269.74) for personal savers and £10,000 for business accounts.

Thirty days' notice is required for penalty-free withdrawals and customers can have instant access to their funds, subject to paying a charge equivalent to 30 days' gross interest.