Major Building Society Cuts Interest Rates on 40 Savings Accounts – Full List
This building society is cutting rates on numerous savings accounts.
Newcastle Building Society is reducing rates on 40 of its variable rate interest-bearing accounts. The cuts of approximately 0.25 percentage points have been announced by The Sun. They include:
- The double access saver ISA (Issue 4) from 4.05% to 3.80%
- The Newcastle cash lifetime ISA (Issue 3) from 2.70% to 2.45%
- The single access ISA (Issue 2) from 2.4% to 2.15%
- The Newcastle junior cash ISA rate from 3.75% to 3.50%
- The regular saver plus from 2.50% to 2.25%
The new rates will be effective from June 5, excluding fixed-rate interest-bearing accounts, the loyalty saver (Issue 1), and quadruple access saver/ISA (Issue 1).
Derek Sprawling, managing director of Spring Savings, advises savers to seek accounts offering higher interest rates due to the recent increase in inflation. He emphasizes the importance of making money work harder to maintain its value.
Inflation can significantly diminish the value of cash savings over time, especially as interest rates decline. Dean Butler, managing director for retail at Standard Life, suggests considering investments for better returns and tax efficiency.
It’s crucial to have easily accessible emergency savings and explore investment options to combat the impact of inflation.
