Banking/Savings Section

A Great Savings Account For The Over 50s - Base Rate Match Guarantee

February 2006

The Newcastle Building Society has just launched what looks like a pretty good savings account for the over 50s, the Newcastle 50+. What makes the account attractive is that it the interest rate will match base rates for its lifetime!

The Details

• Pays 4.9% gross until 31 March 2007
• Then the rate is guaranteed to match base rates for the life of the account (on balances under £1,000 it will pay base rate minus 0.25%)
• Any withdrawals up until 31/3/2007 suffer a loss of 30 days gross interest
• No withdrawal penalties after 31/3/2007
• Min £1 max £1m deposits
• Interest is paid annually but for deposits of more than £1,000 a monthly interest option is offered which will bring the gross rate down to 4.65%

Summary

Yes, the interest rate can be beaten with a number of other savings accounts at present BUT all of those accounts won't match base rates for the life of the account. And that's the real juice with this excellent account for the over 50s.

Well done Newcastle Building Society. It's nice for a bank to offer some real savings benefits to the older generation.

See Also

• Newcastle Building Society - 50+
• Find's links to other savings accounts