Reader TTS

NEWCASTLE BUILDING SOCIETY IS DROPPING RATES ON DOZENS OF VARIABLE RATE SAVINGS ACCOUNTS FROM JUNE 5. 09:34, 29 May 2025 A major building society is set to slash the interest rates on 37

savings accounts in days. Newcastle Building Society is dropping rates on dozens of variable rate savings accounts from June 5. The financial provider said: "Following the Bank of

England’s decision on 8th May to reduce the base rate of interest by 0.25% to 4.25%, we will be reducing interest rates across our range of variable rate savings accounts by 0.25%. These

changes will come into effect on 5th June. Members with fixed rate savings accounts will see no changes to their interest rate. "We understand that members may have questions about

interest rates, or want to understand what the latest changes mean for their money. READ MORE FOREIGN OFFICE ISSUES 'IMPORTANT' WARNING FOR UK TOURISTS 'WHO HAVE HEALTH

CONDITION' "We're committed to offering good value to members, and providing the highest levels of customer service online, and on the high street. If you would like to

discuss your savings please visit your friendly team in branch, or call us on 0345 734 4345, lines are open Monday to Friday 8am - 6pm. Article continues below "Members with savings or

mortgage accounts that are directly linked to the Bank of England base rate will see their rates change in accordance with their account terms and conditions." All interest will be paid

gross without tax taken off. You may still be required to pay tax if your savings interest is above your Personal Savings Allowance (PSA). It is your responsibility to advise the

appropriate tax authorities of any interest recovered. The building society said: "We can deduct any tax from the rate of interest where we’re allowed to do so by law. Article continues

below "If you are responsible for tax in a country other than the UK, or in addition to any UK tax responsibility you may have, we may provide details of your account to the tax

authorities of these other countries if we’re required to do so by law." The Double Access Saver/ISA (Issue 4) will drop from 4.05% to 3.80%, for customers eligible for a bonus interest

rate. The Newcastle Cash Lifetime ISA (Issue 3) will fall from 2.70% to 2.45%. The Newcastle Junior Cash ISA will be cut from 3.75% to 3.50% and the Regular Saver Plus from 2.50% to 2.25%

for anyone receiving the bonus interest rate.