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Manchester Rainy Day Saver
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Open with £1 and invest up to £1 million (plus any resulting interest)
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A variable rate of interest which allows 1 penalty free withdrawal each anniversary year
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1.90% Gross pa/AER (variable) will be paid upon making 2 or more withdrawals
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Apply online or in branch
Manchester Easy Access Saver
2.00%
Gross PA/AER-
Open with £1 and invest up to: £1 million (plus any resulting interest)
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Variable rate of interest
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Withdrawals and transfers can be made penalty free without notice
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Apply online or in branch
Gross interest is the full rate of interest you earn, before any tax is taken off. We won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC). AER means Annual Equivalent Rate. It shows what the interest rate would be if interest was paid into your account once a year and you earned interest on that interest.
Protecting your money
Your eligible deposits with Newcastle Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. This limit is applied to the total of any deposits you have with Newcastle Building Society and Manchester Building Society (as a trading name of Newcastle Building Society). Any deposits you hold above the £85,000 limit are unlikely to be covered.
Frequently asked questions
Opening your new account couldn't be easier. Simply apply online, or drop into branch and one of our friendly, local advisers will be happy to help.
Most UK residents aged 16 or over can open an easy access savings account with us.
An easy access savings account is a flexible way to build up your savings without locking your money away for extended periods of time. You can pay in and take out money as you need to, making it an option if you want to grow your savings while keeping them easily available. It's a simple and easy way to save money.
An easy access savings account might be suitable for you if:
- You might need access to your savings soon
- You want to keep your savings separate from your current account
- You want to be able to add and take out money at any time
It depends on how much interest you earn. Most people won't pay tax thanks to the Personal Savings Allowance, which lets basic rate taxpayers earn up to £1,000 in interest tax-free (£500 for higher-rate taxpayers). If you earn more than that, you might have to pay tax on the extra.
Yes, as we're an FSCS authorised building society £85,000 per person is protected with us, anything above this amount is not protected. Find out more about FSCS protection.
Your Personal Savings Allowance (PSA) is the total amount of interest you can earn each tax year, across all of your accounts except ISAs with any bank or building society without paying tax.
The tax year runs from 6 April to 5 April. For basic rate taxpayers the PSA is £1,000 and for higher rate taxpayers it is £500. Additional rate taxpayers don’t have a PSA.