Newbury BS rate increases
edited 23 August 2022 at 8:32AM in Savings & investments
14 replies 2.4K views
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).
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