Finder UK
UK
AU
US
NZ
CA
HK
SG
MX
UK
AU
US
NZ
CA
HK
SG
MX

Newcastle Building Society: Savings accounts and interest rates

Find out more about the savings account options on offer from Newcastle Building Society.

Last updated:

Compare Newcastle Building Society accounts Compare alternatives

What's in this guide?

Newcastle Building Society is the biggest building society in the North East, with a history spanning over 150 years.

These days people across the UK can open a range of savings account options with this North East mutual, from fixed rate bonds to ISAs, as well as other options.

Read our guide to find out if any of Newcastle Building Society’s savings accounts are for you.

Moneybox

Download Moneybox to save and invest for your future

  • Download the app and get started with £1
  • Save and invest starting with your spare change
  • Market-leading cash Lifetime ISA at 1.4%
  • Sign up takes minutes
Go to site
Promoted

What is a building society?

A building society is a financial institution owned by its members. Building societies offer banking and related financial services including mortgages and savings.

Whereas banks are normally listed on the stock market and operate for their shareholders, building societies aren’t. Because they don’t have shareholders to pay, building societies have historically claimed to offer better interest and cheaper mortgage rates than banks.

Instant access savings accounts and interest rates

Table: sorted by interest rate, promoted deals first
Updated March 30th, 2020
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Newcastle BS – Newcastle Easy Saver
Newcastle Building Society
Variable rate
Instant access
£1
0.9% AER variable
Go to site
Newcastle BS – Newcastle Easy Saver
Newcastle Building Society
Variable rate
Instant access
£1
0.9% AER variable
Go to site

Compare up to 4 providers

Cash ISAs and rates

Table: sorted by interest rate, promoted deals first
Updated March 30th, 2020
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Newcastle BS – Newcastle Easy Saver - ISA
Newcastle Building Society
Cash ISA
Instant access
£1
0.9% AER variable
Go to site
Newcastle BS – Newcastle Easy Saver - ISA
Newcastle Building Society
Cash ISA
Instant access
£1
0.9% AER variable
Go to site

Compare up to 4 providers

Fixed-rate bonds

Table: sorted by interest rate, promoted deals first
Updated March 30th, 2020
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
No items match the given criteria.

Compare up to 4 providers

Newcastle Building Society savings accounts in detail

Compare other savings accounts

Table: sorted by interest rate, promoted deals first
Updated March 30th, 2020
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
ICICI Bank UK – Raisin UK - 3 Year Fixed Term Deposit
ICICI Bank UK
Fixed-rate bond
Withdrawals not permitted
£1,000
1.45% AER fixed for 3 years
Go to site
ICICI Bank UK – Raisin UK - 5 Year Fixed Term Deposit
ICICI Bank UK
Fixed-rate bond
Withdrawals not permitted
£1,000
1.45% AER fixed for 5 years
Go to site
ICICI Bank UK – Raisin UK - 2 Year Fixed Term Deposit
ICICI Bank UK
Fixed-rate bond
Withdrawals not permitted
£1,000
1.45% AER fixed for 2 years
Go to site
Hodge Bank – Raisin UK - 18 Month Fixed Term Deposit
Hodge Bank
Fixed-rate bond
Withdrawals not permitted
£1,000
1.4% AER fixed for 1.5 years
Go to site
ICICI Bank UK – Raisin UK - 1 Year Fixed Term Deposit
ICICI Bank UK
Fixed-rate bond
Withdrawals not permitted
£1,000
1.35% AER fixed for 1 year
Go to site

Compare up to 4 providers

Cash ISAs

Newcastle Cash Lifetime ISA (LISA)

  • Available if you’re aged 18-39.
  • Market leading rate for a lifetime ISA.
  • Get a government bonus of 25% on your contributions each month.
  • However, a government penalty of 25% applies if you take the money out, unless it’s for your first home, you have a terminal illness or in the event of your death.
  • Can only open online.

Fixed cash ISAs

  • Fixed terms of between 1-5 years.
  • Pay no tax on the interest you earn.
  • Higher interest rates in return for locking your money away.
  • You’ll be fined varying amounts for early withdrawals.
  • Available in branch or online.

Easy access ISA

  • Start saving with as little as £1.
  • You can open online or in branch.
  • Withdraw as often as you like – no penalties.
  • Lower interest rates despite the ease of access.

ISAs for buying a home

  • There are three options, including the lifetime ISA discussed above.
  • Start saving with as little as £1.
  • With the Help to Buy ISA you get a government bonus too: £50 on every £200 you save. Up to £3000 maximum.
  • Newcastle First Home ISA also gives a bonus of a higher interest rate for regular savers.

What is a cash ISA?

A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.

What other savings account options are there?

Newcastle Building Society also offers three other savings options which aren’t ISAs: fixed rate accounts, easy access accounts and regular saver accounts.

Fixed rate accounts

  • Put money away for between 1-5 years.
  • Better interest rates than easy access accounts, but no withdrawals until account maturity.
  • Put in between £500 and £250,000.
  • Available in a branch or online.

Regular saver account

  • Start with a deposit of between £1 and £10,000.
  • Thereafter you put in between £1 and £10,000 a month.
  • Maximum account balance of £40,000.
  • If you make withdrawals you are penalised and given the far lower interest rate.
  • So, if you’re likely to make withdrawals often, take the easy access account option described below.

Easy access

Much like the easy access ISA, the easy access account option lets you withdraw whenever you like without any penalties. You can put in between £1 and £250,000, so it’s an account for anyone really. However, you won’t get sizeable returns on your money.

How do I decide which account is for me?

Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?

You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you’ve done that, it’s useful to look at:

  • Interest rates.
  • Fees (if there are any).
  • Access to cash (if you need quick access, for instance).
  • Rewards and loyalty schemes (if you’re into add-ons or switching bonuses).

What are the pros and cons of banking with Newcastle Building Society?

Pros

  • Online banking. Even if you’re not based in the North East, you can open an account with the Newcastle Building Society online.
  • Choice. Newcastle Building Society offers a whole range of savings accounts. Whether you’re looking to save big or small.
  • Easily accessible. It lets customers manage their accounts in a branch, online, over the phone or by post.
  • Market leading LISA rate. Its Cash Lifetime ISA comes with a 25% government bonus and has a market leading interest rate. Not bad.

Cons

  • Better rates elsewhere? It’s not market leading for all its savings account options. It’s always worth shopping around.
  • Remote. If you prefer face-to-face banking and you don’t live in the North East of England, then you may have problems with this Building Society.

Frequently Asked Questions

Read more on this topic

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site