Moneyfacts Pick of the Week - 01/12/2022

Rachel Springall, Press Officer

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

Moneyfacts Pick of the Week

The Moneyfacts.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 Moneyfacts.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.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 Moneyfacts.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week QIB (UK) has reduced the expected profit rate on selected Raisin UK - Fixed Term Deposit accounts. Its 18 Month deal now pays 4.45% and may well attract savers as it remains competitive within the short-term sector. As is usual with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.45% gross / 4.45% AER, payable on maturity
Notice / term: 18 months
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Account available via Raisin UK. Shari’ah compliant account – rates shown are an expected profit rate.

Investec Bank plc – Raisin UK - 2 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank has reduced the rate on its 2 Year Fixed Term Deposit this week, which is available through Raisin UK. Savers searching for a guaranteed return on their cash may find this a competitive choice as the deal maintains a competitive position in its sector despite the rate cut. Savers will find early access and further additions are not permitted, so they would be wise to ensure they are satisfied with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.76% gross / 4.65% AER payable on maturity
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Account available via Raisin UK.

UBL UK – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has improved its position in the market. Now paying 3.81% on maturity, savers may find this an appealing choice if they have yet to use their ISA allowance, but they must be comfortable with their initial investment as further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.81% gross / 3.81% AER payable on maturity
Notice / term: One year
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

Saffron Building Society – Small Saver (Issue 7)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who have a specific savings goal in mind may find the new issue of the fixed term regular monthly savings account from Saffron Building Society an attractive option. Paying a rate of 4.00% on monthly contributions, the deal sits in a comfortable position in its sector against its competition. Unlike other fixed term regular savings accounts, the deal is available to all new customers and permits one withdrawal per month. Overall, earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.00% gross / 4.00% AER payable on maturity
Notice / term: One year fixed term
Minimum opening amount: £1
Maximum monthly investment amount: £50
Maximum investment amount: £600
Access: One withdrawal is permitted per month
Further additions: Additional monthly payments permitted, providing monthly maximum not exceeded.
Opening account: Online, by post and in branch
Managing account: Online, via its mobile app, by post and in branch
Other information: Minimum applicant age 16. Joint account option available.

Mansfield Building Society – eTracker 90 (1st issue)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who are prepared to give notice to access their cash may find the eTracker 90 from Mansfield Building Society appealing. Launched this week, the deal pays a competitive rate of 3.00% and takes a prominent place in its sector. The account’s interest rate is guaranteed to be equal to the Bank of England Base Rate, which may be appealing for some investors. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.00% gross / 3.00% AER payable yearly
Notice / term: 90 days
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Permitted, subject to 90 days’ notice
Further additions: Permitted while the issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Joint account option available.

Mortgages

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Digital Mortgages by Atom Bank has launched new deals to its range this week, including a five-year fixed rate 60% loan-to-value deal. Priced at 4.89% and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive and borrowers can also add the £900 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.89% fixed rate to 31.3.28
Product fee: £900
Maximum loan-to-value: 60%
Available to: House purchase customers (remortgage option also available)
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“HSBC has reduced rates across selected fixed deals this week, including a cut to its five-year fixed mortgage at 60% loan-to-value. Priced at 4.89% and fixed to 31 March 2028, this deal charges a reasonable product fee of £999 and offers borrowers a free valuation. Those borrowers who are looking to lock into a rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.89% fixed rate to 31.3.28
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Accord Mortgages – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Accord Mortgages has reduced selected deals in its range this week, including a five-year fixed rate 60% loan-to-value deal. Priced at 4.96% and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive, alongside £500 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.96% fixed rate until 30.4.28
Product fee: £495
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments. Underpayments and payment holidays considered (with notice required), not to exceed level of overpayments made.
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Virgin Money – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Virgin Money has reduced selected fixed rates in its range, including its five-year fixed mortgage at 75% loan-to-value. Now priced at 4.99%, this deal does not charge a product fee and it offers an incentive package for remortgage customers of a free valuation and free legal fees. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% fixed rate to 1.4.28
Product fee: None
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and free legal fees for remortgage customers
Flexible features: Allows overpayments. Payment holidays considered by arrangement.
Lending area: Great Britain and Northern Ireland.

Buy-to-let

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Nottingham Building Society has repriced selected fixed rates in its buy-to-let range, including a cut to its two-year fixed deal at 75% loan-to-value. Now priced at 5.35% to 31 January 2025, the deal is available through intermediaries and offers an attractive incentive package of a free valuation for all and free legal fees for remortgage customers. The incentives may entice borrowers looking to save on the upfront cost of their deal, and the product fee of £1,499 can be added to the mortgage advance. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.35% fixed rate to 31.1.25
Product fee: £1,499
Maximum loan-to-value: 75%
Available to: Remortgage customers and second-time buyers
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
Flexible features: Allows overpayments.
Lending area: England and Wales. Available via intermediaries only.

Savings

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week QIB (UK) has reduced the expected profit rate on selected Raisin UK - Fixed Term Deposit accounts. Its 18 Month deal now pays 4.45% and may well attract savers as it remains competitive within the short-term sector. As is usual with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.45% gross / 4.45% AER, payable on maturity
Notice / term: 18 months
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Account available via Raisin UK. Shari’ah compliant account – rates shown are an expected profit rate.

Investec Bank plc – Raisin UK - 2 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Investec Bank has reduced the rate on its 2 Year Fixed Term Deposit this week, which is available through Raisin UK. Savers searching for a guaranteed return on their cash may find this a competitive choice as the deal maintains a competitive position in its sector despite the rate cut. Savers will find early access and further additions are not permitted, so they would be wise to ensure they are satisfied with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.76% gross / 4.65% AER payable on maturity
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Account available via Raisin UK.

UBL UK – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has improved its position in the market. Now paying 3.81% on maturity, savers may find this an appealing choice if they have yet to use their ISA allowance, but they must be comfortable with their initial investment as further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.81% gross / 3.81% AER payable on maturity
Notice / term: One year
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

Saffron Building Society – Small Saver (Issue 7)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who have a specific savings goal in mind may find the new issue of the fixed term regular monthly savings account from Saffron Building Society an attractive option. Paying a rate of 4.00% on monthly contributions, the deal sits in a comfortable position in its sector against its competition. Unlike other fixed term regular savings accounts, the deal is available to all new customers and permits one withdrawal per month. Overall, earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.00% gross / 4.00% AER payable on maturity
Notice / term: One year fixed term
Minimum opening amount: £1
Maximum monthly investment amount: £50
Maximum investment amount: £600
Access: One withdrawal is permitted per month
Further additions: Additional monthly payments permitted, providing monthly maximum not exceeded.
Opening account: Online, by post and in branch
Managing account: Online, via its mobile app, by post and in branch
Other information: Minimum applicant age 16. Joint account option available.

Mansfield Building Society – eTracker 90 (1st issue)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Savers who are prepared to give notice to access their cash may find the eTracker 90 from Mansfield Building Society appealing. Launched this week, the deal pays a competitive rate of 3.00% and takes a prominent place in its sector. The account’s interest rate is guaranteed to be equal to the Bank of England Base Rate, which may be appealing for some investors. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.00% gross / 3.00% AER payable yearly
Notice / term: 90 days
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Permitted, subject to 90 days’ notice
Further additions: Permitted while the issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Joint account option available.

Mortgages

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Digital Mortgages by Atom Bank has launched new deals to its range this week, including a five-year fixed rate 60% loan-to-value deal. Priced at 4.89% and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive and borrowers can also add the £900 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.89% fixed rate to 31.3.28
Product fee: £900
Maximum loan-to-value: 60%
Available to: House purchase customers (remortgage option also available)
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“HSBC has reduced rates across selected fixed deals this week, including a cut to its five-year fixed mortgage at 60% loan-to-value. Priced at 4.89% and fixed to 31 March 2028, this deal charges a reasonable product fee of £999 and offers borrowers a free valuation. Those borrowers who are looking to lock into a rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.89% fixed rate to 31.3.28
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Accord Mortgages – Five-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Accord Mortgages has reduced selected deals in its range this week, including a five-year fixed rate 60% loan-to-value deal. Priced at 4.96% and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive, alongside £500 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.96% fixed rate until 30.4.28
Product fee: £495
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments. Underpayments and payment holidays considered (with notice required), not to exceed level of overpayments made.
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Virgin Money – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Virgin Money has reduced selected fixed rates in its range, including its five-year fixed mortgage at 75% loan-to-value. Now priced at 4.99%, this deal does not charge a product fee and it offers an incentive package for remortgage customers of a free valuation and free legal fees. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% fixed rate to 1.4.28
Product fee: None
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and free legal fees for remortgage customers
Flexible features: Allows overpayments. Payment holidays considered by arrangement.
Lending area: Great Britain and Northern Ireland.

Buy-to-let

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“This week, Nottingham Building Society has repriced selected fixed rates in its buy-to-let range, including a cut to its two-year fixed deal at 75% loan-to-value. Now priced at 5.35% to 31 January 2025, the deal is available through intermediaries and offers an attractive incentive package of a free valuation for all and free legal fees for remortgage customers. The incentives may entice borrowers looking to save on the upfront cost of their deal, and the product fee of £1,499 can be added to the mortgage advance. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.35% fixed rate to 31.1.25
Product fee: £1,499
Maximum loan-to-value: 75%
Available to: Remortgage customers and second-time buyers
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
Flexible features: Allows overpayments.
Lending area: England and Wales. Available via intermediaries only.

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.

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.

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

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©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.