Newcastle BS introduces cash ISA paying 3.05%

Friday, 07 October 2011 01:16

Newcastle Building Society has launched a new cash ISA, which pays a variable rate of 3.05 per cent gross AER.

The Newcastle Bonus Saver can be opened with just £1 either in branch, online or over the phone.

Up to two withdrawals per year can be made once the account is set up and savers can even transfer money to it from other cash ISA accounts.

Steve Urwin, sales and marketing executive at Newcastle Building Society, said: "Savers, especially in this low interest rate environment, need to have flexibility and choice."

He added that the new ISA, with its generous access facility, means savers can keep their options open.

The initial interest rate is bolstered by an unconditional 0.95 per cent bonus for the first 12 months the account is open. A maximum balance of £5,430 is permitted during the 2011-12 tax year.

Recently, the Bank of Scotland launched an instant access saver account with a rate of 2.5 per cent on balances up to £30,000.

Use the Myfinances.co.uk comparison tables to find the best deal on a new savings account.
 

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