Newcastle BS launches new 50 saver account

Newcastle Building Society's new 50 saver account, is designed for people aged 50 and over you might have guessed from the name. This new passbook, telephone and internet account is available as a direct investment bond or as a mini cash ISA.

It has a fixed rate of 5.35% until 16 November 2007. Thereafter the account is guaranteed not to fall more than 0.50% below the Bank of England base rate.

The direct investment bond offers a monthly interest option. Both versions allow a minimum balance of £1 and a maximum balance of £1million. Withdrawals are subject to 30 days loss of interest during the fixed term period but thereafter the account becomes instant access with no penalties.

No additional deposits may be made after 16 November 2006 until the fixed rate period ends.

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2006-10-10 15:28:42 © Moneyextra.com