Newcastle promises to hold rates for popular ‘Reward ISA’

With interest rates the lowest on record and the ISA season almost upon us, Newcastle Building Society has today promised to hold the rate of its best selling Reward ISA at 3.00% Gross / AER in response to the Bank of England’s rate reduction.

The UK’s 10th largest building society says demand for its Reward account, which launched earlier this year, is strong due to this attractive variable rate, which includes a 1% bonus for the first 12 months. This product provides the added benefit of being able to accept unlimited transfer funds from existing ISA accounts held elsewhere.

Newcastle is urging consumers to be aware of the end of the tax year and the start of another on 6 April, and intends to launch a whole suite of new ISA accounts over the coming weeks with options providing choice and variation of instant access, notice based access in return for choice of fixed rates versus variable rates. The range offers something for everyone within a range of cash, structured deposit and stock and shares ISA products.

The Society provides full investment planning services across its 36 branches for customers looking to make the most of their annual £7,200 tax free ISA allowances.

Reward ISA and Saver: (Available as BOND also)

Variable rate of 3.00% Gross/AER (2.00% Gross excluding bonus)
1.00% unconditional bonus payable for first 12 months of opening account
ISA transfers allowed (Reward ISA only)
Minimum/Maximum investment £500 - £1,000,000 (ISA limits £3,600 allowance plus any transfers)
Operated by post, branches online and telephone.
Available now

Wendy Lee, Commercial Director at Newcastle Building Society, said: “In the current climate, our Reward account offers a very attractive rate of 3.00%, which we are maintaining to allow even more customer to benefit. Another highlight of this product has to be Reward ISAs ability to accept transfers from other ISAs accounts.

“I believe that this product and the others we will launch over the coming weeks not only confirm our commitment to the ISA market place but they allow us to position ourselves among the market leaders with a range of choices that suit everybody.”

For more information, visit newcastle.co.uk