The Newcastle launches two new savings products

Two new savings products have been launched by Newcastle Building Society (NBS) in a bid to continue to offer value and choice to the UK savings market.

Products include the competitive Super ISA, which is a cash ISA and offers a variable rate of 3.00% Gross/AER tax free per annum, which will help customers make the most of their 2011-12 £5,340 tax-free savings allowance. ISA transfers are also allowed to help savers make the most of existing ISA investments

In addition, the Super Saver has also just been launched and can pay up to 3.00% Gross/AER and is available to people who invest a minimum of £1.

NBS believes the products offer savers a simple ‘no-fuss’ opportunity to invest money without any hidden bonuses or complicated purchase conditions.

As Steve Urwin, Sales and Marketing Executive, at NBS said: "With interest rates widely predicted to rise in the coming year some investors may feel a variable rate product is more suitable than a fixed rate, which is why we have added these two products to our saving range.

“For savers who still want to maximise their tax-free returns, our straightforward and competitive Super ISA can help them do just that. Whereas for savers who want to save in a non-ISA product the Super Saver may prove ideal as it can appeal to investors with as little as £1 and as much as £1m, while paying a competitive interest rate.

“It is important savers have choice in the marketplace and Mutuals alone accounted for 36% of the UK ISA balances at the end of 2010. This emphasises the importance of Building Societies continuing to provide access to a good range of competitive products to savers, as more and more people are choosing to invest with this sector.”

For more information, visit newcastle.co.uk.