Portfolio ISA

A high interest cash ISA linked to a stocks and shares ISA of your choice

Newcastle Building Society has teamed up with Openwork who have access to the Sterling ISA, so you could make your tax free savings work even harder. Designed for savers who have built up a sizeable tax free nest egg, it consists of two elements - a cash ISA and a stocks and shares ISA. Your savings are split evenly among the two, so you can make the most of your tax free savings allowance.

Our best ISA savings rate

The cash ISA element of this savings account has a high interest rate that's guaranteed to be 1.5% above the Bank of England base rate for the first 12 months. This is our best ISA savings rate, so the Portfolio ISA offers a great opportunity to grow your savings. Though you can make withdrawals from your ISA savings account, they'll be subject to a 30 day interest penalty, so you should think carefully before taking money out of your cash ISA.

A choice of stocks and shares ISAs

When you open a Portfolio ISA, you have to invest as much in an Sterling stocks and shares ISA as you do in the cash ISA element. You'll be assigned a financial adviser from Newcastle Financial Services Ltd (NFSL) who will discuss your investment preferences with you and advise you on the most suitable Sterling stocks and shares ISAs. You can then make an informed decision about which stocks and shares ISA you want to invest in.

Tax free savings

An ISA savings account is essential if you want to take advantage of your tax free savings allowance. Each year, you can invest up to £3,600 in a cash ISA and up to £7,200 in a stocks and shares ISA. However, you cannot invest more than £7,200 altogether. You don't have to pay any tax with an ISA. But remember, once you've reached your tax free savings limit, you cannot put any more money into your account - even if you've withdrawn funds during the year.

Is this account right for you?

If you're still wondering which savings account is right for you, An advisor from Newcastle Financial Services Ltd (NFSL) will be happy to help. Simply pop into your local branch or call 0845 606 5522.

This ISA savings account does not satisfy the minimum standards for a deposit-based stakeholder account.

This Portfolio ISA is only available after an appointment with a Personal Financial Manager from Newcastle Financial Services Ltd (NFSL). We have Personal Finance Managers at all of our branches, please call in to make an appointment.

Key Features

• The facility to invest up to £3,600 in a Cash ISA
• An attractive rate of 3.50% variable Gross / AER* and the interest rate on the cash ISA is guaranteed to be 1.50% above Bank of England base rate for 12 months, following maturity the Newcastle's Nova ISA variable rate no notice account terms and conditions will apply
• The facility to invest up to £7,200 in a stocks and shares ISA, this affects the amount you can invest in a cash ISA in the same tax year
• Withdrawals from cash ISA subject to 30 days loss of interest depending on the amount invested in the cash ISA
• Interest is paid annually on 5^th April and is credited to your account
• Terms and conditions (PDF)

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested. Tax concessions are not guaranteed and may change in the future. Tax free means the investor pays no tax.

Newcastle Building Society introduces to Newcastle Financial Services Ltd (NFSL). Newcastle Financial Services Limited is an appointed representative of Openwork Limited, which is authorised and regulated by the Financial Services Authority.

Sterling ISA Managers Limited is authorised and regulated by the Financial Services Authority. Registered in England and Wales under company number 02395416. Registered Office: UK Life Centre, Station Road, Swindon SN1 1EL.

How do I apply?

To open this account you must have attended an interview with a Personal Financial Manager from our subsidiary company, Newcastle Financial Services Limited. If you'd like a no obligation appointment, please visit your local branch or call us on 0845 606 5522.

Newcastle Financial Services Limited is a subsidiary company of Newcastle Building Society. Registered in England No. 450 9702. VAT Registration No. 621 0966 60.

* "Gross" interest is the contractual rate of interest payable before the deduction of income tax. "AER" stands for the Annual Equivalent Rate, a notional rate which illustrates what the interest rate (excluding any bonus payable) as if paid and compounded on an annual basis.

Newcastle Building Society introduces to NFSL. NFSL is an appointed representative of Openwork Ltd., which is authorised and regulated by the FSA.