Newcastle Building Society's latest saving review has resulted in the release of two new five-year saving accounts; one of which has topped our Moneyfacts charts.
Fixed Rate Options Bond Issue 103 is paying a rate of 2.85% yearly (2.83% monthly) until 24.10.19. Meanwhile, Fixed Rate Options ISA pays the same annual rate of 2.85% or 2.83% monthly; a market-leading rate for its term.
Both accounts require a minimal investment of just £1 and can be operated in branch, by post and online. The bond can only be opened by these channels, but the ISA can also be opened by phone.
Early access is not an option for the fixed bond, but further additions give flexibility to the account.
The ISA does allow withdrawals and early access, but this is subject to a loss of 365 days' interest. However, further additions and transfers in from cash and stocks & shares ISAs are more than welcome.
The ISA in particular boasts an attractive rate, which has seen it streak to the top of the long-term ISA chart. The added wiggle-room provided by early access, albeit subject to a penalty, will be viewed as a bonus by those who are uncertain about locking their funds away. Another bonus is the need for only a small initial investment and the option to transfer in other ISAs.
Four Moneyfacts Stars have been awarded.
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