Newcastle Children's Saver

Newcastle Children's Saver

Annual (Variable) 

3.75% Gross pa/AER

Interest is paid on: 30 June each year or on account closure

We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account. Please refer to section 3 of the Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so.

Annual (variable)

£2,441

This projection is based on an initial £200 deposit and 11 further monthly deposits of £200 and no withdrawals are made.

Please note: This projection is provided for illustrative purposes only and does not take into account customer’s individual circumstances. 

Opening your account: In branch only.

Giving us instructions for your account: In branch, by post or by telephone.

Minimum opening deposit: £1
Maximum opening deposit: £500

Minimum monthly deposit: £0
Maximum monthly deposit: £200

Minimum account balance: £1
Maximum account balance: £25,000 (plus any resulting interest)

Any deposits made in to this account must be paid in by 6pm on the last day of the calendar month to be included within the deposit limits of that calendar month. Any deposits paid in after 6pm will be included within the following calendar month’s deposit limit.

Withdrawals/transfers can be made penalty free without notice. Any withdrawals from the account can only be repaid in accordance with the maximum monthly subscription limit.

Tax status:  Interest will be paid gross which means no tax is deducted. It is your responsibility to pay any tax due, based on your individual circumstances.

Reimbursement of Authorised Push Payment (APP) fraud

From 7th October 2024, new regulations strengthen protection for customers who suffer financial losses due to Authorised Push Payment (APP) Fraud. If you make a payment on or after 7th October 2024, as result of APP fraud, you may be eligible for a refund. Further information about your reimbursement rights is available on our website at https://www.newcastle.co.uk/authorised-push-payments.

Transferring Windfalls to Charity

All new customers agree to assign any windfall benefits which they may become entitled to on a future conversion or takeover of the Society to the Community Foundation. This is our Charitable Assignment Scheme. By agreeing to this assignment, any windfall benefit will be given to the Community Foundation, one of the leading community foundations in the UK serving Tyne & Wear and Northumberland. This agreement lasts for the first five years of membership, is irrevocable and is a condition of opening an account. Your agreement to open an account with us will be deemed your agreement to the Charitable Assignment Scheme. Please see ‘Transferring windfalls to charity’ on our website at https://www.newcastle.co.uk/transferringwindfalls or within our Savings General Terms and Conditions for further details.