Newcastle 55

The Newcastle’s General Terms & Conditions will apply unless they are inconsistent with these Special Conditions, effective from the date of the account opening.

1. The Account is a variable rate account.
2. The Account can be operated in branch, by post or telephone.
3. The minimum investment in the Account is £1 the maximum is £1,000,000.
4. The Account can be held in single or joint names.
5. After placing your Investment in the Account you may make further deposits while the Account is a current issue.
6. Withdrawals can be made without notice or penalty.
7. On maturity the Account will automatically transfer to the Newcastle's Nova Plus account and Nova Plus Terms & Conditions will apply.
8. The interest rate on this Account will change the day after any announcement by the Bank of England of a change to its base rate.
9. The annual interest rate is guaranteed to be equal to the Bank of England Base Rate until 7 September 2012.
10. Interest can be paid to your Account, to another account with the Newcastle or to a third party bank or building society account.
11. Interest is calculated daily and annual interest is paid on 31st July each year. Monthly interest will be paid on the on last business day of each month.
12. Monthly interest is only available on balances of £1,000 and over. Should the final day of a calendar month be a business day then any monthly interest paid to a third party will be paid on that day. Otherwise it will be paid on the following business day. Any final monthly interest due on maturity will be credited to the account.
13. To open a Newcastle 55 account, you must be aged 55 or over and may be asked to prove your age.
14. Details correct at 06/04/2011.