Newcastle launches fixed rate bond with penalty free access

Newcastle Building Society (NBS) has added a penalty free access bond to its fixed rate product portfolio.

The 3.5% Gross/AER two-year product, called Newcastle Fixed Rate Options Bond (Issue 55), is available now and it offers a simple, straightforward, way of saving that is easy to open via the web or Newcastle’s contact centre.

The attractive penalty-free access feature, coupled with an attractive fixed rate, gives a flexible dimension to this product. It ensures investors can access up to 25% of their capital without notice or penalty at any time, while maintaining the same fixed rate on the remaining amount.

Steve Urwin, Sales and Marketing Executive, NBS, said: “We know from our conversations with customers that they want a combination of competitive rates with the ability to access some of those funds in case of an emergency.

“Our straightforward account offers the attractive combination of good rate with flexibility to access up to 25% of the capital; and importantly this is available without any penalty at any time (before maturity). We expect the product to prove popular on that basis.”

The product can be opened online at newcastle.co.uk.