Newcastle Building Society has announced the launch of its Online Saver account, offering a variable rate of 2.5 per cent Gross/AER.

The online-only account offers a straightforward variable rate applicable to any balance between £1 and £500,000, aimed at savers who are looking for a competitive return, with the convenience of access to their money when they need it, with no penalty.

Steve Urwin, senior marketing executive at Newcastle Building Society, says, ‘Our new variable rate saver is ideal for people who want a low maintenance savings option, accessed via the comfort of their own home, whilst still benefiting from a good rate, with the choice of having interest paid either monthly or annually.

‘This new product will add even more choice to our portfolio of savings accounts, which includes fixed rates, notice accounts and tax free ISAs. We often offer higher rates for those who wish to leave their savings untouched for a while.’

Savers can apply for the Newcastle Online Saver online at www.newcastle.co.uk/savings.

Further reading:

Leeds BS launches Fixed-Rate Escalator Bond
Skipton FS offers savers a helping hand