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.
Grow your savings at Raisin UK
Raisin UK makes it easier to apply for deposit protected savings accounts. Our savings service connects you with a range of banks and includes exclusive savings accounts and rates; all curated to help you earn more from your savings:
A welcome bonus offer of up to £50
Wide range of partner banks all offering FSCS protection
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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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
Eligible deposits with Newcastle Building Society are protected for up to £85,000. In addition, Newcastle Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle.
Read more on this topic
Current interest rates in the UKWe have researched the average interest rates to show how much interest you are making by keeping your cash in a savings account.
Finder's alcohol savings calculatorHow much are we saving by not hitting the old watering hole after work hours? Use Finder's calculator to see how much you're saving.
Leap year 202029 February (2020’s leap year day) may fly under the radar for a lot of people, but research from Finder has found that Brits on a full-time salary are losing an average of £151.40 because of it.
Compound interest for savings accountsWe look at the definition of compound interest, what it concretely means and how you can use it to grow your savings more quickly.
Offshore savings accountsLearn how offshore savings accounts work, which taxes you need to pay and how to score the best deal.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
