Newcastle Building Society: Reward Saver and ISA accounts launched

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Newcastle Building Society: Reward Saver and ISA accounts launched

Newcastle Building Society has announced the launch of a new individual savings account (ISA) offering, aimed at tempting people to put money away to tide them through the recession.

The new Reward Saver and ISA account is available now as a bond or cash ISA and it will allow users to transfer their savings from ISAs held with other providers with a minimum of fuss.

According to Newcastle Building Society, the interest rate offered, which is 3.5 per cent gross with a bonus of one per cent for the first 12 months, ought to appeal to customers given the current economic climate.

Steve Urwin, senior marketing executive at Newcastle Building Society, said: "[The new account] is made available during a period of extremely low interest rates, with a strong likelihood that we will see the base rates falls further to one per cent and possibly even lower."

A recent survey by National Savings and Investments suggested that the credit crunch had not reduced the numbers of people saving.

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