Newcastle Building Society Community Saver (Issue 1)

Introducing an easy access savings account that pays an additional 0.10% on all balances held in the accounts to the Newcastle Building Society Fund at the Community Foundation. 

0.80% GROSS/AER*
How to applyWeb Chat – Ask a question

Summary Information

Summary box
Account Name Newcastle Building Society Community Saver (Issue 1)
What is the interest rate?

Annual Gross*/AER**

0.80%/0.80% (Variable)

Interest is paid on: Annual anniversary of account opening.

Monthly Gross*/AER**

0.80%/0.80% (Variable)

Interest is paid on: Monthly anniversary of account opening.

Can Newcastle Building Society change the interest rate? We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account. Please refer to point 6 of the Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so.
What would the estimated balance be after 12 months of account opening based on a £1,000 deposit? Annual (Variable)
£1,008
Monthly (Variable)
£1,008
Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on an initial £1,000 deposit and no further deposits or withdrawals are made.
How do I open and manage my account? Opening your account
In branch or online. You can also request product information by calling us. For existing customers you can also log in to your Newcastle Building Society account online.
Giving us instructions for your account
In branch, by post, by telephone, online or by secure message (for accounts opened and operated online).

Minimum Opening Deposit: £1

Maximum Opening Deposit: £250,000

Maximum  Account Balance: £250,000 (plus any resulting interest)

Can I withdraw money? Withdrawals/transfers can be made penalty free without notice.
Additional information

Tax Status

Interest will be paid gross* which means no tax is deducted. It is your responsibility to pay any tax due, based on your individual circumstances

Charitable Donation:

On a quarterly basis the donation amount will be donated to the Community Foundations to be held as part of the Newcastle Building Society Community Fund. The donation amount will be calculated quarterly by taking the balance invested into all Newcastle Building Society Community Saver accounts at the end of each of the three months, adding the balance together, dividing by 3 to calculate the average balance, multiplying this amount by 0.10% and dividing the total by 4 as it’s a quarterly donation.

 

For example if the balance at the end of January was £250,000, February £275,000 and March £300,000 then the average balance in quarter 1 would be £275,000; the Society will then donate £68.75.

 

Any estimate of the likely amount to be donated by the Society to the Community Foundation in the course of the next year will depend on the amount invested in accounts opened as part of the Newcastle Building Society Community Saver Account scheme. Based on an estimated investment total in Community Saver accounts of £25 million in the first year, it is estimated that the total donation of £25,000 would be made in the first year.

The donation amount will be fixed until 23rd August 2019.  On or after 23rd August 2019 the donation amount will fall to 0.0%.

Terms and Conditions

Please make sure you've read the terms and conditions before applying

Ways to Apply

Online

It only takes a few minutes to complete your application online

Apply Online

Post

Please give us a call on 03457 344 345 and we will post an application form to you.

Apply by Post

Branch

Visit your local branch with proof of identity and residence and we'll open the account for you.

Apply in Branch

It takes about 10 mins


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