Newcastle 55
An easy access variable rate account exclusive for over 55s
As you get older, saving becomes even more important, so we've created a savings account for savers aged 55 or over. Not only does it have a competitive savings interest rate but it also gives you instant access to your savings.
A Base Rate tracker that gives you instant access to your savings
The Newcastle 55 account is a variable rate account exclusive to over 55s. What's more, you'll have easy access to your savings - just pop into your local branch if you want to make a withdrawal.
Is this account right for you?
If you're still wondering which savings account is right for you, our friendly advisers will be happy to help. Simply pop into our branch: 197-201 Main St, Gibraltar or contact us on 00350 200 41143.
Product Terms
| Account Name | Newcastle 55 | |||
|---|---|---|---|---|
| Interest Rates | Annual (Variable) | Monthly (Variable) | ||
| 0.50% Gross* | 0.25% Gross* | |||
| 0.50% AER** | 0.25% AER** | |||
| The annual interest rate is guaranteed to be equal to the Bank of England Base Rate until 7th September 2012. | ||||
| Tax Status | Interest will be paid Gross*. | |||
| Conditions for bonus payment | No bonus is applicable. | |||
| Withdrawal arrangements | Penalty free without notice. | |||
| Access | By branch | |||
| Additional Important Information | ||||
| Maturity Date | 7 th September 2012 | |||
| Interest Payment | Annually | Monthly | ||
| 31st July | Last day of each month | |||
| Minimum Balance | £1 | £1,000 | ||
| Maximum Balance | £1,000,000 | £1,000,000 | ||
* 'Gross' interest is the contractual rate of interest payable before the deduction of income tax.
** 'AER' means "Annual Equivalent Rate" and is a notional rate which illustrates contractual interest rate (excluding any bonus payable) as if paid and compounded on an annual basis.
Product Special Conditions
The Newcastle's General Terms & Conditions will apply unless they are inconsistent with these Special Conditions, effective from the date of the account opening.
- The Account is a variable rate account.
- The Account can is operated by branch.
- The minimum investment in the Account is £1 the maximum is £1,000,000.
- The Account can be held in single or joint names.
- After placing your Investment in the Account you may make further deposits while the Account is a current issue.
- Withdrawals can be made without notice or penalty.
- On maturity the Account will automatically transfer to the Newcastle's Nova Plus account and Nova Plus Terms & Conditions will apply.
- The interest rate on this Account will change the day after any announcement by the Bank of England of a change to its base rate.
- The annual interest rate is guaranteed to be equal to the Bank of England Base Rate until 7 September April 2012.
- Interest can be paid to your Account, to another account with the Newcastle or to a third party bank or building society account.
- Interest is calculated daily and annual interest is paid on 31st July each year. Monthly interest will be paid on the on last business day of each month.
- Monthly interest is only available on balances of £1,000 and over. Should the final day of a calendar month be a business day then any monthly interest paid to a third party will be paid on that day. Otherwise it will be paid on the following business day. Any final monthly interest due on maturity will be credited to the account.
- To open a Newcastle 55 account, you must be aged 55 or over and may be asked to prove your age.
- Details correct at 06/04/2011.
Apply
How do I apply?
- Step 1
- Carefully read the Product Terms and General Terms and Conditions.
(We strongly recommend that you print a copy of these Terms and Conditions for your records).
- Step 2
- Decide how much you would like to invest.
If you're still wondering which savings account is right for you, our friendly advisers will be happy to help. Simply pop into our branch: 197-201 Main St, Gibraltar or contact us on 00350 200 41143.