New Building Society review

The account pays a variable rate of 2.75%. Because it is variable rather than fixed, the rate can move, so the figure is a starting point rather than a promise. Against the wider market, that sits below the 3% savings median.

The opening deposit is GYD 250,000. That is a high bar compared with the €21.14 asked by most savings accounts on the site, though it is below the €100,000 seen at the top end. Savers starting small should look elsewhere first.

Withdrawals need a waiting period given in writing, and the account is a notice one. Take money out before giving notice and a penalty equal to a month's interest is charged. Anyone needing quick access should keep savings elsewhere.

The rate is variable, so it can rise or fall rather than locking in for a term. A fixed product would hold a rate for a set number of months, which suits savers who expect rates to climb. This account suits savers content to take the market rate as it comes.

The account is run by The New Building Society Limited from GY. The Society has traded since 1940. A local building society model means members are customers of the Society itself rather than holders of a fund sold through a platform.

Support runs through email and phone, covering both phone and email. That matters here because an account with a waiting period and a withdrawal penalty can raise questions the numbers will not answer. It also means a branch conversation is not the only route to a real person.

The available information covers the rate, the minimum deposit, the variable rate type and the notice terms, but it does not set out deposit protection limits for this account. Check the current protection terms with the Society directly before depositing a large sum, and treat any protection claim as something to confirm rather than assume.