Terms of Business

What services do we offer?

Northern Rock plc, Irish branch provides retail savings products to personal and business customers resident or incorporated in Ireland and who are over 18 years of age.

What do we charge?

We may make a charge for the following services:

• special presentation of a cheque;
• copy cheque;
• copy tax certificate;
• copy statement;
• withdrawals by electronic transfer - same day.

For some products we may apply interest charges for early withdrawal (subject to the terms and conditions of the account).

We may increase the amount of any charge or introduce a new charge or change the way in which you have to pay a charge only with prior approval of the Financial Regulator. We will write to you advising you of any amendments to the account charges at least 60 days in advance of the change taking effect. At any time up to 60 days from the date of the notice you may switch your account or close it without providing notice, incurring a charge or loss of interest (excluding Fixed Rate Bonds as applicable).

What if I have a complaint?

We are committed to providing a high standard of service to our customers and our Internal Complaints Procedure is designed to resolve problems and difficulties quickly and easily.

If you have a complaint you should write to: The Customer Service Manager, Northern Rock plc, First Floor, Block 8, Harcourt Centre, Dublin 2, or via email to direct.saver@northernrock-ireland.ie. To raise a complaint by telephone please contact (01) 602 0324*.

We will acknowledge your complaint within 24 hours of receipt and will confirm who is dealing with your complaint. We will investigate and aim to resolve your complaint within five working days, keeping you informed of progress and any potential delays.

If you remain dissatisfied after having completed our Internal Complaint Procedure, you have the right to refer your complaint to the Financial Services Ombudsman, however for business customers, this is dependant upon the size of your business. For further details please refer to our website or ask for a printed copy of our Internal Complaints Procedure to be sent to you.

Conflicts of Interest policy

It is Northern Rock policy to prohibit actual, apparent or potential conflicts of interest. Northern Rock will endeavour to ensure that employees avoid any situation or interest that might interfere with their judgement concerning their responsibilities to Northern Rock.

How your savings are protected

You are protected by a combination of the UK Financial Services Compensation Scheme, and the Irish Deposit Guarantee Scheme.

What is the Financial Services Compensation Scheme?

Northern Rock is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share, so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please contact our Dublin Administration Office, refer to the FSCS website, or call the FSCS on +44 20 7892 7300.

What is the Irish Deposit Guarantee Scheme?

Personal Savers
The UK Financial Services Compensation Scheme provides cover of up to £50,000 per person in each regulated bank or building society. The Irish Deposit Guarantee Scheme increases the total level of cover to €100,000 per customer.

For further details on the scheme and the level of cover provided, please visit www.itsyourmoney.ie.

Business Savers
The UK Financial Services Compensation Scheme provides cover of up to £50,000 per person in each regulated bank or building society. The Irish Deposit Guarantee Scheme increases the total level of cover to €100,000 per depositor.

For further details on the scheme and the level of cover provided, please visit www.itsyourmoney.ie.

Alternative format

If you require this information in an alternative format please contact us by telephone on (01) 602 0324* or by email to direct.saver@northernrock-ireland.ie.