Newcastle launches new savings account

Thu, 01 May 2008

Newcastle Building Society has launched a new savings account which will allow people gain from future increases in share price with very little risk.

The Guaranteed Return Account offers savers either 50 per cent of any growth in the FTSE 100 index or a minimum of 15 per cent over the term of the savings account, whichever is higher.

Steve Urwin, senior executive of marketing at Newcastle Building Society, said: "With a guaranteed minimum return of 15 per cent and the potential to earn far more, this should come as welcome news to those looking for a secure home for their funds, especially given the current credit crunch backdrop."

Meanwhile Abbey has declared that it is "defying" the cut in the Bank of England Base rate on its leading savings accounts.

The rate will stay at current levels for its Instant Access Saver and ESaver Direct accounts .

Reza Attar-Zadeh, director of savings and investment at the firm said that Abbey is committed to offering good deals, no matter what market conditions might be like.
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