Newcastle Easy Access Online Saver with penalty-free access
Newcastle Building Society (NBS) has launched an Easy Access Online Saver that pays a variable rate of 2.70% (Gross/AER) annually, making it one of the best internet-based accounts.
The Society introduced the ‘Newcastle Online Access Saver’ product specifically for those customers who not only want a competitive rate in the market but also need a simple product.
It also allows easy access without penalty at any time.
Additionally, unlike most best buy easy access accounts, there are no introductory bonuses or special conditions, which often results in the rate defaulting to a much lower rate if customers make too many withdrawals or after a 12 month period.
The account can be opened with a minimum investment of £500 and the maximum amount that can be held is £1 million.
Steve Urwin, Sales and Marketing Executive at NBS, said: “We have a range of competitive savings products already within our portfolio but we were keen to offer something new to customers.
“Our Online Access Saver is ideal for those looking for a best buy access account, which is operated completely online and doesn’t penalise them for wanting to take their money out without notice.
“Our product is a simple no-nonsense tonic to other limiting products in the marketplace with special conditions attached to them that can result in a significant decrease in the interest rate. We’re confident this will prove to be a popular product.”
The product was available to existing and new customers from Friday 21st January. The account can be opened via newcastle.co.uk.
Product information:
Key Product Information
Account Name Newcastle Online Access Saver.
Interest Rates Annually (Variable) Monthly (Variable)
Gross* AER** Gross* AER**
2.70% 2.70% 2.60% 2.63%
Tax Status Interest will be paid after the deduction of income tax at the appropriate rate unless you request otherwise.
Conditions for bonus payment No bonus is applicable.
Withdrawal arrangements Penalty free without notice.
Access Online.
Additional Important Information
Interest Payment Annually Monthly
1st December Last business day
Minimum Balance £500
Maximum Balance £1,000,000