Newcastle Isa Plus launched

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Newcastle Isa Plus launched

Fri 29th Feb 2008

Newcastle Building Society has launched a new cash mini individual savings account (Isa) that can be opened with an investment of £1.

The Newcastle Isa Plus offers an annual equivalent rate (AER) of six per cent gross on balances of £3,000 or more.

Balances of less than £3,000 qualify for a rate of 5.5 per cent gross AER.

Steve Urwin, Newcastle's senior marketing executive, said the six per cent rate was "highly competitive".

"As there are no limits to the transfer amount, it allows those who have been building their Isa pot over the years to transfer all their tax-free savings to one highly attractive rate," he said.

Anyone over the age of 16 can open a Newcastle Isa Plus and operate the account online, via the phone or at a branch.

According to its website, Newcastle Building Society is one of the "strongest mutual building societies" in the UK.

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