Newcastle’s Online Easy Saver offers 3%

The easy access savings marketplace has been bolstered this week with the arrival of a new Best Buy online access account launched by the Newcastle.

The Newcastle’s Online Easy Saver offers 3.00 per cent Gross/AER (on interest paid annually). A monthly interest option is available with the product at 2.75% per cent Gross (2.78 per AER).

Saving can start at £1 with a maximum limit of £50,000 and the account is an online-only offering, helping to give savers the chance to manage their account easily themselves.

After placing an investment in the account savers may make unlimited further deposits or withdrawals. It is a limited edition product so it is not expected to be around for long.

The product was offered as the building society acknowledges that a lot of savers may need the flexibility to access their funds without notice as the cost of living rises. As Steve Urwin, Sales and Marketing Executive, at Newcastle Building Society, said: “We have in recent months introduced a wide range of new products into our savings portfolio, to cater for the diverse needs of savers.

“There are some that want the highest rate possible and do not need to access their money, and then there are others that want to save in a competitive product but cannot lock their money away for a fixed period without access.

“Our Online Easy Saver helps with the latter. This is a very ‘clean’ account and really does offer easy access, which additionally does not penalise the saver if they need to withdraw their money. However, we won’t anticipate it being around for long as it is a limited edition with only a limited tranche available so savers should act quickly if they would like to take advantage of this product.”

The account can be opened via newcastle.co.uk.