Newbury BS rate increases 25 June 2022 at 12:39PM edited 23 August 2022 at 8:32AM in Savings & investments 14 replies 2.4K views

progressive_uk

Rate increases from 1 July - see https://www.newbury.co.uk/news-knowledge/news/savings-interest-rate-change/

Most rates not worth commenting on:

Welcome to Newbury (new members only): 1.25%, maximum deposit = £3000, which remains below the Coventry Easy Access (Online) Issue 4 which rises to 1.35% on the same date.

Existing Members Account (members of at least one year): 1.45%, maximum deposit per year = £2000, no maximum balance.  Still competitive against Coventry.

They have also launched a Fixed Rate Bond at 1.65% (matures 28 May 2025) £10000 to £50000 deposit.  Not competitive against similar products at Coventry BS.

"[S]avings accounts are available to residents within our local operating area, defined as within the following postcodes: RG, OX, SP, GU, SO, SN, PO, HP & SL. We accept savings applications from existing members regardless of their postcode"

I know Chase offers a better easy access rate.  I tend to prefer saving with building society, in part for ethical considerations, and also as I dislike the drive for financial products to be managed by phone apps.  I compare to Coventry as they seem to be the market-leading building society for easy access rates, though I have RS accounts with Saffron, Leeds and Nationwide also.  I also expect the Building Societies to be better for long term rate competitiveness - they may not lead the market, but they aren't too far off most of the time. At some point Chase's rate will become uncompetitive and the carpet baggers will move the money elsewhere.

I hold the Newbury WTN account (now drawn down to £50 to keep it open as you cannot re-open it if you close it and remain a member!) and the Newbury EMA account (which I am holding onto for now).

<<Edit: Subject line change to remove date>>

Bigwheels1111

ethical considerations are nice in principle, but putting money in at 1.4% below the best 3 year fixed rate bond is total madness.

Wheres_My_Cashback

Putting any money with Newbury is madness, they're rates have struggled to keep up. During the height of Covid in 2020 they were quite competitive, but now, withdraw, withdraw, withdraw !

happybagger

I maintain the EMA account for membership mainly. The days of societies offering a "mutual dividend" with the "no shareholders to satisfy" message are long gone. I too dislike the run for app based accounts. I like online, as you have a variety of methods to access. The rates on app accounts will level with other online accounts soon enough in my view.

progressive_uk

New rates for Newbury from 7 September 2022:

Welcome to Newbury Account = 1.65% (up from 1.25%). Whilst this beats other rises seen, the headline rate is still below the market leading rate of 1.85% at Cynergy.

Existing Member Account = 1.85% (up from 1.45%). Equals the market lead.

I am still holding my WtNA at £50 and maintaining the EMA

progressive_uk

Rates increasing from 11 October.

Existing Member Account = 2.30% (up from 1.85%)

Welcome to Newbury Account = 2.10% (up from 1.65%)

Whilst Barclays Rainy Day 5% and Yorkshire Rainy Day 2.5% both beat these, those rates are limited to deposits up to £5000, so anyone with large holidng of cash should consider Newbury, espeically if they already hold accounts.

soulsaver

progressive_uk said:

Rates increasing from 11 October.

Existing Member Account = 2.30% (up from 1.85%)

Welcome to Newbury Account = 2.10% (up from 1.65%)

Whilst Barclays Rainy Day 5% and Yorkshire Rainy Day 2.5% both beat these, those rates are limited to deposits up to £5000, so anyone with large holidng of cash should consider Newbury, espeically if they already hold accounts.

Existing member account | Newbury

"maximum deposit is £2,000 per tax year (6 April to 5 April)."

And post code restricted.

progressive_uk

Rate increases from 7 December

Existing Members Account  = 3% (up from 2.3%) - max deposit £2000 per year

Welcome to Newbury Account = 2.8% (up from 2.1%)

Home Saver Account = 2.65% (up from 1.9%) - max deposit £500 per month

New members are post code restricted to the South Central England region, however, exisiting UK resident members can get accounts regardless of current postcode.

progressive_uk

From the Newbury building society website: https://www.newbury.co.uk/savings/accounts/existing-member-account/

Existing Members Account

From 21 November 2022 until 5th April 2023 customers can add an additional £2,000 to their EMA, up to a maximum subscription of £4,000.

Band7

I wish they had a higher limit. As things stand, the Monmouthshire Premium Instant, the Aldermore dual access and the HSBC OBS are all more attractive alternatives for me

progressive_uk

https://www.newbury.co.uk/news-knowledge/news/savings-interest-rate-changes-and-more/

As of 7 December 2022 Newbury Building Society accounts are open to new applicants from anywhere in England and Wales.

SAVINGS ACCOUNTS NOW OPEN TO CUSTOMERS ACROSS ENGLAND AND WALES!

We've also removed the postcode restrictions which were previously applied to our savings accounts. Our savings accounts can now be opened by new customers living anywhere in England or Wales.