Newcastle Building Society has launched a new range of savings accounts, it has announced.
The society's new one-year fixed-rate postal bond will pay an interest rate of 6.45 per cent on a minimum investment of £5,000.
According to the firm, the product offer the unusual feature of allowing customers to withdraw 25 per cent of the money from the savings account without any notice of penalty.
Stuart Fearn, head of product development at the building society, said: "This bond provides savers with an attractive option to invest their money in, and the fact that it is secured in a fixed rate until May next year whilst providing some access to the investment, ensures that their money will be held at a competitive rate whilst offering a degree of access if circumstances change during the term."
He added that the interest rate on the savings account is "eye-catching".
Earlier this week, James Falla of debt Counselling agency Thomas Charles said that people should ensure they have a substantial amount of money in savings accounts in order to help protect against debt problems .
Building society launches new savings accounts
Building society launches new savings accounts
Fri, 11 Apr 2008
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