Unfortunately, this deal is no longer available
1225° Expired
Posted 22 hours ago

4.10% AER ONE Year Fixed Saver Account £500 min / £250,000 Max - FSCS Protected @ Newcastle Building Society

Shared by sajidtg
Joined in 2010

About this deal

This deal is expired. Here are some options that might interest you:

Opening your account: In branch or online. For existing online customers you can log into your Newcastle Building Society account to apply.

Giving us instructions for your account: In branch, by post, by telephone, online or by secure message (for accounts opened and operated online).

Minimum Opening Deposit: £500

Maximum Opening Deposit: £250,000

Maximum Account Balance: £250,000 (plus any resulting interest)
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Guys remember:
Fixed means LOCKED IN for a YEAR!
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  1. Avatar
    how much can I save before paying tax?
    You can earn up to £1,000 a year in interest depending on your tax bracket without paying tax on it. At 4.1% you'd have to put £24,390 away before you cross the threshold.
  2. Avatar
    Did you factor in how much your money will be worth due to inflation?
    Depends what your intending to spend your money on. Inflation percentage based on CPI is an average pricing of a monthly basket of 700 items with some wild variations within. If you’re saving for some jewellery the latest increases show that this interest rate will beat the inflation rate for that item.
    Granted it’s specific, and your overall moneys buying power is eroding on average but not a waste of time for all (edited)
  3. Avatar
    Saw this elsewhere and just put a small bit away for a year - you could be sitting at 0.1% waiting and waiting for the best rate - before you know it you have waited a year.
    Unlikely. With interest rates forecast to be 6% before the end of the year I am certain there will be better rates available within a month.
  4. Avatar
    Even though there are chances of higher rates over the next few days, I think this is currently one of the best rates around for a 1 year account.
  5. Avatar
    Thats not true.
    You can deposit from £500 to £250,000 and you will get 4.10% AER on your WHOLE deposited amount.

    Thank you
  6. Avatar
    "FSCS Protected" – I can't see anything about amounts above £85,000 being covered
    No bank is...... (edited)
  7. Avatar
    Bank bail-ins. Look it up.
  8. Avatar
    For people on salaries £50k+ the 4.1% is only up to £12k -ish, above that you'll have 40% tax. (edited)
    Nope. £12.5K.
  9. Avatar
    Can anybody tell me if I calculated this properly. So if I’ll have 250k free money to put that in there, will I recieve 250k plus £10250 interest ? Or do I need to pay tax from that ? £10250 : 12 months = £854.16 a month. Better money then from rent without the hassle.
    Depends on your earnings I believe, you can earn £1000/year tax free if you pay 20% tax and only £500 if you are on a higher rate.

    gov.uk/app…ngs (edited)
  10. Avatar
    14.1% by next week at this rate..........
    I know you're joking but genuinely there is likely to be better rates in the next few days.
  11. Avatar
    Not a bad shout, plus ALGO, LINK, Even Bitcoin will perform better in the next few years imho
  12. Avatar
    I came across this rate on MSE this morning and am uming and aring whether to jump on it or wait till November for BOE rate. Getting 1.5% in chase with instant access. What to do :/
    put it in a zopa notice account (30 days) and earn a bit more while you wait for a better rate
  13. Avatar
    My advice: pay off as much of your debts as possible first
    Depends alot on the interest you're paying on that debt.
  14. Avatar
    As with any thread on savings you'll get the comments about inflation being higher from those without savings but never any alternative suggestions. This is a savings account to make the most of money sitting elsewhere and not an investment to make money.

    Rates will go up in November and the next month and so on - but if you wait for the "best" rate you'll never get a a fix. This is a 2% gap over current variables. So those variables have to catch up and then overtake by that amount over the year to work out better than taking this fix and earning 4% from day 1.
  15. Avatar
    2022 has taught me, live no spend now...to a certain extent.
  16. Avatar
  17. Avatar
    This is the best 1 year rate i have seen for a very long time. I think banks wont be giving much more than a % of the boe baserate. Mortgage rates are still higher than this lol.
  18. Avatar
    It's a good rate but obvsiously is soon going to be beaten. In all seriousness what do people think the top savers rates for 1 or 2 years will be in the coming months? I've heard estimates that they might possibly get to say 7% if rates keep going up (which seems likely).
    7℅ would be nice.
  19. Avatar
    Seems a good rate , bset at the minute
  20. Avatar
    Typically, NS&I are still only offering 0.9% on an ISA. I can see most of their customers will be transferring out.
  21. Avatar
    A week ago I would have jumped all in here. But tbh its going to go higher
  22. Avatar
    NS&I are offering 2.2% on their premium bonds but obviously that's not a guaranteed amount could be more or less.
    Have you used them? I'm guessing it's likely your going to be the unlucky one who's will be more like sub 1% on average
  23. Avatar
    Wait a couple of months. Next hike will be 100bps. Hike after will be 75 75 50. Wait if you can
    Very likely and that will have already been factored into the 4.1% here.
    The real question is whether the lower rate firms at 2-3% today will increase by 2% (or more) within the next couple of months??
  24. Avatar
    Does this not mature until the 3rd November?

    only want it until the end of September next year?
  25. Avatar
    This is great. 4.1% interest. So you only lose 6% real value after inflation.
    whats your alternative
  26. Avatar
    Can you withdraw on this seal? Any penalties? Cheers.
  27. Avatar
    I have applied, but waiting for account number, I have been given transfer details but would it be wise to get the account number and log in etc, before transferring?

    Only have 14 days to make the transfer?!
    Still showing as available on their website
  28. Avatar
    Nice, until, taxman finds this account and then bump your tax threshold to be on higher rate. Stick to ISA as 4.10% after tax 40% is not much
    Put the above £50k into pension -40% extra
  29. Avatar
    It is now fully subscribed
  30. Avatar
    Personally guys, I would be very wary of putting anything more than the max protected amount (£85k) into one place right now, that could easily be the next Northern Rock.
  31. Avatar
    Wait a week or 2 people. You'll get over 5% very soon
  32. Avatar
    If this matures 3 Nov 23, then is potentially over 13 months, which will affect the interest rate
  33. Avatar
    Wait until January
  34. Avatar
    Do you have to make your initial deposit immediately once opening this account or do you have until 3rd November 2022?
  35. Avatar
    Not available now says fully subscribed
  36. Avatar
    Yep says fully subscribed now when trying to apply. Expired
  37. Avatar
    The question is what’s the penalty if u withdrew your money earlier
    If it’s 3-6 months interest as some penalise then that’s fine as instant access are less than 2% anyway so works out the same
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