Moneyfacts Pick of the Week - 02/09/2021

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
02/09/2021

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

Tesco Bank – Instant Access Cash ISA

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

“Tesco Bank has increased the rate on its Instant Access Cash ISA this week by 0.05% which has boosted its appeal. Now paying 0.51% upon its anniversary, the deal has improved its position within this sector and sits within the top 10 in the market. Savers who have yet to use their ISA allowance and are searching for a flexible account may find this deal appealing as it allows unlimited deposits, withdrawals and accepts cash ISA transfers. Savers may wish to note that the deal carries a bonus of 0.41% for 12 months, so careful planning, when this expires, would be wise. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.51% gross / 0.51% AER payable on its anniversary (rate includes a bonus of 0.41% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online or by phone
  • Managing account: Online, by phone or mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

DF Capital – 120 Day Notice Account (Issue 1)

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

“DF Capital has made a rate rise of 0.05% on its 120-day notice account this week, which has propelled the deal to lead the notice account market. Now paying a monthly rate of 1.05%, savers who have the required £1,000 upfront to deposit and are searching for a competitive return, perhaps as a monthly payment to supplement their income, may find this deal enticing. It is important to note that careful planning towards any withdrawals is a must, as access to funds requires 120-days’ notice. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable monthly
  • Notice / term: 120-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, subject to 120 days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“West Brom Building Society has reduced a range of its fixed rate mortgages at 95% loan-to-value this week, including an improvement to the overall true cost of its two-year fixed deal. After a reduction of 0.20%, its two-year fixed deal is now priced at 3.29% and may appeal to borrowers looking to save on the upfront cost of their deal. Available to house purchase customers who have a limited deposit or equity of 5%, this deal carries an incentive package of £500 cashback and free valuation, plus it does not charge a product fee. This deal claims a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.29% fixed rate to 31.10.23
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Buy-to-Let Mortgages

Principality 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 Principality Building Society has made reductions to selected fixed rates within their range, with its two-year fixed rate option at 75% loan-to-value receiving a 0.12% cut. Now priced at 2.08% until 31 January 2024, the deal may entice borrowers looking to save on the upfront cost as it does not charge a product fee, but also carries an incentive package of free valuation and for those remortgaging, free legal fees. Due to the attractive package, this deal earns a position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.08% fixed rate to 31.1.24
  • Product fee: None
  • 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: England and Wales. Available direct and via intermediaries.

Savings

Tesco Bank – Instant Access Cash ISA

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

“Tesco Bank has increased the rate on its Instant Access Cash ISA this week by 0.05% which has boosted its appeal. Now paying 0.51% upon its anniversary, the deal has improved its position within this sector and sits within the top 10 in the market. Savers who have yet to use their ISA allowance and are searching for a flexible account may find this deal appealing as it allows unlimited deposits, withdrawals and accepts cash ISA transfers. Savers may wish to note that the deal carries a bonus of 0.41% for 12 months, so careful planning, when this expires, would be wise. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.51% gross / 0.51% AER payable on its anniversary (rate includes a bonus of 0.41% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online or by phone
  • Managing account: Online, by phone or mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

DF Capital – 120 Day Notice Account (Issue 1)

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

“DF Capital has made a rate rise of 0.05% on its 120-day notice account this week, which has propelled the deal to lead the notice account market. Now paying a monthly rate of 1.05%, savers who have the required £1,000 upfront to deposit and are searching for a competitive return, perhaps as a monthly payment to supplement their income, may find this deal enticing. It is important to note that careful planning towards any withdrawals is a must, as access to funds requires 120-days’ notice. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable monthly
  • Notice / term: 120-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, subject to 120 days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“West Brom Building Society has reduced a range of its fixed rate mortgages at 95% loan-to-value this week, including an improvement to the overall true cost of its two-year fixed deal. After a reduction of 0.20%, its two-year fixed deal is now priced at 3.29% and may appeal to borrowers looking to save on the upfront cost of their deal. Available to house purchase customers who have a limited deposit or equity of 5%, this deal carries an incentive package of £500 cashback and free valuation, plus it does not charge a product fee. This deal claims a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.29% fixed rate to 31.10.23
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Buy-to-Let Mortgages

Principality 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 Principality Building Society has made reductions to selected fixed rates within their range, with its two-year fixed rate option at 75% loan-to-value receiving a 0.12% cut. Now priced at 2.08% until 31 January 2024, the deal may entice borrowers looking to save on the upfront cost as it does not charge a product fee, but also carries an incentive package of free valuation and for those remortgaging, free legal fees. Due to the attractive package, this deal earns a position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.08% fixed rate to 31.1.24
  • Product fee: None
  • 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: England and Wales. Available direct and via intermediaries.

Notes to editors

Pioneering financial comparison technology for over 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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 Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

 

Notes to editors

Pioneering financial comparison technology for over 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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 Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert