Newcastle Building Society has just launched a new six-month variable rate ISA, offering 4.15% AER tax-free. The product is currently highly competitive, giving savers a strong short-term option at a time when many are reassessing where their money works hardest ahead of the end of the tax year.
The ISA is available to new and existing members in branch, with a minimum investment of £1 and withdrawals and transfers can be made penalty free without notice.
Ben Smith, head of product development at Newcastle Building Society, said: “This new six-month ISA is designed for people who want a competitive return without locking their money away for years, and is available exclusively through our branch network.
“As the tax year deadline approaches, we’d encourage savers to speak to a trusted, friendly face for guidance so they can make the most of this tax year’s allowance.”
You can open your account by visiting a branch and you can give instructions for your account in the branch, by post, or by telephone.
Interest is paid on the last working day of the calendar month with a maturity date of 28 August 2026.
It is a variable rate account which means the rate of interest paid may change throughout the lifetime of the account.
Anyone looking to open the account should also know that there is no maximum balance with the account. You can open the account with as little as £1.
For the current 2025/26 tax year, the maximum you can save in an ISA is £20,000.
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Money Saving Expert says: “You can choose whether you want to invest the whole lot into one type of ISA, or whether you want to split the allowance between different types.
“However, even if you choose to split it, you can’t invest more than a total of £20,000 across the different types.”
“You must save or invest by 5 April – the end of the tax year – for it to count towards that year’s allowance.
“Crucially, any unused allowance doesn’t roll over – so if you don’t use it, you lose it forever. You’ll get a new allowance on 6 April each year when the next tax year starts. »
