Newcastle Building Society launches new savings range

Newcastle Building Society has launched a range of fixed-rate Isa and bond products, which may interest consumers seeking the best interest rates on savings.

The new accounts, which are available to any consumer who saves at least £500 a year, offer a guaranteed return of up to four per cent gross/AER.

Newcastle's one to three-year product range offers access subject to 90 days notice, with no loss of interest.

A one-year account offers three per cent interest and a two-year account offers 3.4 per cent.

Steve Urwin, senior sales and marketing executive at Newcastle Building Society, said the accounts combine "a competitive rate" with access and simplicity of a traditional building society account.

"They really give choice as to how [people] would like to plan for the future given the drop many people will see in their disposable income," he added.

Research published by Virgin Money last week indicated that in the UK people over 50 have increased their Isa savings by around 130 per cent since last October when the tax-free allowance rose to £10,200 per year.

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2010-02-08 13:25:31 © Moneyextra.com