Newcastle launches new fixed rate savings range

Newcastle Building Society has launched a series of accessible Fixed Rate ISA and Bond products offering investors a guaranteed return of up to 4.00% Gross/AER.

This follows statistics that revealed on average families will have less disposable income by 2013, which highlights the need to save and plan for the future.

The Newcastle’s new products will be available to customers who save any amount from £500 in either an ISA or Bond. Product terms range from one to three-years.

Research by the Office of National Statistics revealed an increase in taxes, National Insurance and utility bills could potentially take out another £1,000 from an average family’s yearly disposable income by 2013.

Savers looking to plan for the future with a fixed return through a safe provider are being offered a 4.00% Gross/AER return for three-years. Unlike many other fixed term products the Newcastle’s range offers access subject to 90 days notice, with no loss of interest as additional peace of mind.

Products with the same access terms are also available for two-years at 3.40% Gross/AER and one-year at 3.00% Gross /AER.

Those looking to make the most of their increased Cash ISA allowance of £5,100 will be able to open a new fixed rate product at 3.50% Gross/AER over three-years, 3.25% Gross/AER over two-years and 2.95% Gross/AER for one-year.  

Steve Urwin, Senior Sales and Marketing Executive at Newcastle Building Society said: “Newcastle Building Society is pleased to launch this series of fixed rate offers, coupled with a monthly income option on the bond versions. Although not best-buy rates they combine a competitive rate with access and simplicity of a traditional Building Society account. They really give choice as to how they would like to plan for the future given the drop many people will see in their disposable income.

“One of the benefits of opening a cash ISA with the Newcastle is that it allows savers to open more than one cash ISA product, giving savers a choice of how they make the most of their cash ISA allowance. We are encouraging savers to consider all options available and to understand that one ISA product does not necessarily have to be the only way of making the most of your tax free savings allowance.”

The new products can be opened online at newcastle.co.uk.