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Newcastle Building Society launches online account

Newcastle Building Society has waded into the internet banking fray, by offering an account that pays up to 7.1 per cent interest.

But the high rate is only available to account holders who deposit at least £10,000. Those who put in the minimum of £1,000 stand to gain 6.6 per cent interest.

The rates are higher than competitors of Newcastle, but critics say those with only smaller amounts to invest should look elsewhere.

The competition in the Internet banking sector is heating up, with late arrivals hastening to offer rates as good as the early players like the Cooperative&#39s Smile and Prudential&#39s Egg.

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