Founded in 1980, The Newcastle Building Society is the biggest building society in the North East, with more branches than any other society in the region and assets in excess of £3.7 billion.
Newcastle Building Society’s Cash ISA range includes fixed rate ISAs for savers who don’t need fast and easy access to their money, easy access ISAs for those who do, and ISAs designed specifically for first time house buyers:
Easy Saver ISA
The Easy Saver ISA is an easy access tax-free savings account that pays a donation of £1 for each new account opened to the Newcastle Building Society Charity Fund at the Community Foundation. It has a variable rate of interest of 0.25% AER. You can open this account with a minimum investment of just £1, up to a maximum allocation of £20,000.
One Year Fixed Rate ISA
The One Year Fixed Rate Cash ISA allows you to save up to £20,000 and transfer-in any existing ISAs to earn tax-free interest. The interest rate for this account is fixed at 0.75% AER and will not change until the maturity date. Withdrawals are permitted but are subject to 90 days loss of interest.
Two Year Fixed Rate ISA
The Two Year Fixed Rate ISA also allows you to save up to £20,000 and transfer-in any existing ISAs to earn tax-free interest. But the interest rate for this account is fixed at 0.80% AER. Withdrawals are permitted subject 120 days loss of interest
Five Year Fixed Rate ISA
As above, the Five Year Fixed Rate ISA also allows you to save up to £20,000 and transfer-in any existing ISAs to earn tax-free interest. But the interest rate for this account is fixed at an even better rate of 0.90% AER. Withdrawals are permitted subject 365 days loss of interest.
The Lifetime ISA is a tax-free account, exempt from income tax, and is designed to reward people who are saving for their first home and those who are saving towards retirement, with an interest rate of 0.35% plus a 25% government bonus. It has a variable rate of interest of 0.35% AER. You can open this account with a minimum investment of £1, up to a maximum allocation of £20,000. Withdrawals or account closures before the age of 60 will incur a charge of 25% on the total funds. To open a LISA, you must be aged 18 or over but under 40.
With a Junior Cash ISA, all the interest earned is tax-free, which you can use to build a nest-egg for your children which will be given to them once they turn 18. The product has a variable rate of interest of 1.60% AER. You can open this account with a minimum investment of £1, up to a maximum allocation of £9,000. Withdrawals are not permitted until the child’s 18th Birthday. Transfers to other Junior ISA providers are permitted penalty free, although partial transfers are not permitted.
Newcastle Building Society offer a range of financial service including mortgages, savings, financial advice, later life planning, insurance solutions and more.
Newcastle Building Society Reviews and Ratings
Online reviews for Newcastle Building Society are fairly mixed with many customers unhappy with the poor customer service they have received as well as the dishonesty and unhelpfulness of staff. Others though, particularly on Facebook, have found staff to be friendly, cheerful and very knowledgeable about new accounts, and happy with the free hampers they have received for opening a new account.
- Quick easy online signup
- A large range of competitive ISA offerings, including Lifetime ISAs
- Junior versions of the ISAs also available
- Clear, easy-to-understand information on website
- Supports local charities with financial product contributions
- Some positive reviews from happy customers
- A lack of online tools and downloadable content
- Stocks and Shares ISAs not offered
- Some very poor customer reviews
- Staff reported to be dishonest and unhelpful
Website: Newcastle Building Society