Newcastle Building Society ISA product launched

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Newcastle Building Society ISA product launched

A new ISA product has been launched by Newcastle Building Society.

The Secure ISA has a rate of 6.20 per cent and is being introduced to complement the society's ISA+ (Plus) account.

Available from September 15th, the Secure ISA is available by calling 0845 600 4331.

The minimum investment is £500 while the maximum is £3,600 per current tax year.

ISA transfers are permitted and withdrawals are allowed with 80 days' notice.

The ISA+ offers a variable rate of six per cent for balances of more than £3,000, with the rate guaranteed not to be less than 0.5 per cent above the Bank of England base rate.

The Mirror newspaper suggests that taxpayers should take out a tax-free cash ISA account.

According to its report of a Moneysupermarket.com survey, top rates on such ISAs have stayed steady at around 6.25 per cent.

Barclays and HSBC were reported to offer these rates.

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