New Reward ISA from Newcastle Building Society
Newcastle Building Society has launched a new individual savings account (ISA) aimed at people who want put money away during the recession.
The Reward Saver and ISA account is available now as either a cash or bond ISA.
Interest is paid on the account at 4.5% gross per annum, which includes a 1% bonus for the first 12 months after account opening.
A minimum of £500 is needed to open the ISA, which has an investment limit of £1,000,000.
Savers wanting to sign up for the account are able to transfer savings from existing ISAs with minimal fuss.
Steve Urwin, senior marketing executive at Newcastle Building Society, said the account has been released at a time when interest rates are extremely low, and likely to drop further.
As such, the interest rate offered by the new ISA is likely to appeal to savers looking to make the most from their money.