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Moneyfacts Pick of the Week - 01/02/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
01/02/2024

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Hodge Bank – 1 Year Fixed Rate Bond

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Hodge Bank has increased the rate on its 1 Year Fixed Rate Bond this week, improving its overall position in the market. Now paying 5.14% gross/AER on investments of at least £1,000, it could appeal to savers looking to secure a competitive return but comfortable with locking their money away in the short-term, as earlier access is not permitted. However, savers may be glad to note that further additions can be made to this account for 10 working days from account opening. Those savers looking to boost their income each month may also note that there is a monthly interest option which pays 5.02% gross/5.14% AER. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.14% gross / 5.14% AER, payable on maturity / monthly interest option of 5.02% gross / 5.14% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 87

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Shawbrook Bank has reduced the rate on its one-year fixed rate Cash ISA this week. Despite the reduction, savers can still receive a competitive 4.98% gross/AER and it may appeal to those searching for a guaranteed return on their cash and wishing to utilise their ISA allowance. There is also an option to receive monthly interest paying 4.87% gross/4.98% AER, which may also be appealing. Consumers can make Cash and Stocks and Shares ISA transfers into the account, if they wish. However, it is important to note that early access to their deposit is permitted subject to a 90-day loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% gross / 4.98% AER payable on anniversary / monthly interest option of 4.87% gross / 4.98% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Tipton & Coseley Building Society – Fixed Rate ISA to 31.03.26 (Mobile App Account)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Tipton & Coseley Building Society has launched a range of new Fixed Rate ISAs this week, the most competitive of which being the 2-Year Fixed Rate ISA which pays 4.55% until 31 March 2026. Investors who want to utilise their full ISA allowance may find this an ideal option as it requires an initial minimum investment of £1,000, and further additions are permitted for 14 days from the account opening. However, investors should carefully consider making any withdrawals as they can only be made on account closure and subject to 180 days’ loss of interest. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.55% gross / 4.55% AER fixed rate, payable yearly
  • Notice / term: To 31.3.26
  • Minimum opening amount: £1,000
  • Maximum investment amount: £100K
  • Access: Permitted on account closure, subject to a 180-day loss of interest penalty
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, full transfer only, subject to a 180-day loss of interest penalty
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Branch version also available.

 

Mortgages

Cumberland Building Society – Five-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Cumberland Building Society has reduced the rate on its 5-year fixed deal at 90% loan-to-value this week and joins lenders who are now paying some of the lowest rate in its sector. Now priced at 4.43%, this may appeal to borrowers seeking a competitive mortgage rate. The deal currently carries a reasonable product fee of £999, which can be added to the mortgage advance. The deal also includes a free valuation, which may attract borrowers looking to save on the upfront cost of their mortgage. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.43% fixed rate to 1.4.29
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

West Brom Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“West Brom Building Society has reduced selected fixed rates this week, including its three-year fixed deal at 95% loan-to-value until 30 April 2027. The deal is now priced at 5.33% and offers borrowers a free valuation incentive as well as carrying an affordable fee of £499, which can be added to the advance of the mortgage. Accounting for the smaller than average fee and incentives, this may be an attractive choice for those looking to save on the upfront cost of their mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.33% fixed rate to 30.4.27
  • Product fee: £499
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Skipton Building Society – Two-year variable tracker rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Skipton Building Society has launched a new two-year variable tracker deal this week. Available at 90% loan-to-value to all borrowers, it is priced at 6.04% for two years and charges a £995 fee. Borrowers will find a free valuation incentive is included and, for those remortgaging, it also offers free legal fees which may attract those looking to save on the upfront cost. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 6.04% variable tracker rate (collared at 3%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: Free valuation and free legal fees for remortgages
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

Leeds Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has reduced many of its fixed rates across its range, including its two-year fixed rate deal at 60% loan-to-value which has seen a 0.28% cut. Now priced at 4.84% to 30 April 2026, the deal is available to second-time buyers and remortgage customers. Those who wish to save on the upfront cost of their deal may be pleased to find that the £999 product fee can be added to the mortgage advance. This deal also includes an incentive package of free valuation for all and, for remortgage customers, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.84% fixed rate to 30.4.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Skipton Building Society – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“As well as making changes to its residential range, Skipton Building Society has also reduced the rates across its Buy-to-Let range this week. One product of note is the two-year fixed mortgage at 75% loan-to-value. It has seen a cut of 0.36% and is now priced at 5.09% until 31.5.26. All borrowers will be glad to find an attractive incentive package carrying a free valuation and, for those remortgaging, free legal fees. There is a product fee of £995 included, however, this can be added to the mortgage advance, which may be an appealing option for those looking to save on the upfront costs of their mortgage. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 5.09% fixed rate to 31.5.26
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Savings

Hodge Bank – 1 Year Fixed Rate Bond

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Hodge Bank has increased the rate on its 1 Year Fixed Rate Bond this week, improving its overall position in the market. Now paying 5.14% gross/AER on investments of at least £1,000, it could appeal to savers looking to secure a competitive return but comfortable with locking their money away in the short-term, as earlier access is not permitted. However, savers may be glad to note that further additions can be made to this account for 10 working days from account opening. Those savers looking to boost their income each month may also note that there is a monthly interest option which pays 5.02% gross/5.14% AER. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.14% gross / 5.14% AER, payable on maturity / monthly interest option of 5.02% gross / 5.14% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 87

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Shawbrook Bank has reduced the rate on its one-year fixed rate Cash ISA this week. Despite the reduction, savers can still receive a competitive 4.98% gross/AER and it may appeal to those searching for a guaranteed return on their cash and wishing to utilise their ISA allowance. There is also an option to receive monthly interest paying 4.87% gross/4.98% AER, which may also be appealing. Consumers can make Cash and Stocks and Shares ISA transfers into the account, if they wish. However, it is important to note that early access to their deposit is permitted subject to a 90-day loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% gross / 4.98% AER payable on anniversary / monthly interest option of 4.87% gross / 4.98% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Tipton & Coseley Building Society – Fixed Rate ISA to 31.03.26 (Mobile App Account)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Tipton & Coseley Building Society has launched a range of new Fixed Rate ISAs this week, the most competitive of which being the 2-Year Fixed Rate ISA which pays 4.55% until 31 March 2026. Investors who want to utilise their full ISA allowance may find this an ideal option as it requires an initial minimum investment of £1,000, and further additions are permitted for 14 days from the account opening. However, investors should carefully consider making any withdrawals as they can only be made on account closure and subject to 180 days’ loss of interest. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.55% gross / 4.55% AER fixed rate, payable yearly
  • Notice / term: To 31.3.26
  • Minimum opening amount: £1,000
  • Maximum investment amount: £100K
  • Access: Permitted on account closure, subject to a 180-day loss of interest penalty
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, full transfer only, subject to a 180-day loss of interest penalty
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Branch version also available.

 

Mortgages

Cumberland Building Society – Five-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Cumberland Building Society has reduced the rate on its 5-year fixed deal at 90% loan-to-value this week and joins lenders who are now paying some of the lowest rate in its sector. Now priced at 4.43%, this may appeal to borrowers seeking a competitive mortgage rate. The deal currently carries a reasonable product fee of £999, which can be added to the mortgage advance. The deal also includes a free valuation, which may attract borrowers looking to save on the upfront cost of their mortgage. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.43% fixed rate to 1.4.29
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

West Brom Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“West Brom Building Society has reduced selected fixed rates this week, including its three-year fixed deal at 95% loan-to-value until 30 April 2027. The deal is now priced at 5.33% and offers borrowers a free valuation incentive as well as carrying an affordable fee of £499, which can be added to the advance of the mortgage. Accounting for the smaller than average fee and incentives, this may be an attractive choice for those looking to save on the upfront cost of their mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.33% fixed rate to 30.4.27
  • Product fee: £499
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Skipton Building Society – Two-year variable tracker rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Skipton Building Society has launched a new two-year variable tracker deal this week. Available at 90% loan-to-value to all borrowers, it is priced at 6.04% for two years and charges a £995 fee. Borrowers will find a free valuation incentive is included and, for those remortgaging, it also offers free legal fees which may attract those looking to save on the upfront cost. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 6.04% variable tracker rate (collared at 3%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: Free valuation and free legal fees for remortgages
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

Leeds Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has reduced many of its fixed rates across its range, including its two-year fixed rate deal at 60% loan-to-value which has seen a 0.28% cut. Now priced at 4.84% to 30 April 2026, the deal is available to second-time buyers and remortgage customers. Those who wish to save on the upfront cost of their deal may be pleased to find that the £999 product fee can be added to the mortgage advance. This deal also includes an incentive package of free valuation for all and, for remortgage customers, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.84% fixed rate to 30.4.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Skipton Building Society – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“As well as making changes to its residential range, Skipton Building Society has also reduced the rates across its Buy-to-Let range this week. One product of note is the two-year fixed mortgage at 75% loan-to-value. It has seen a cut of 0.36% and is now priced at 5.09% until 31.5.26. All borrowers will be glad to find an attractive incentive package carrying a free valuation and, for those remortgaging, free legal fees. There is a product fee of £995 included, however, this can be added to the mortgage advance, which may be an appealing option for those looking to save on the upfront costs of their mortgage. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 5.09% fixed rate to 31.5.26
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant