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Moneyfacts Pick of the Week - 03/02/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
03/02/2022

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

Ford Money – Flexible Saver

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

“Ford Money has increased the rate on its Flexible Saver this week by 0.03%. Now paying a rate of 0.63%, the deal has climbed higher in the top rate tables against other easy access accounts. Savers looking for some flexibility may find this account appealing as it allows unlimited additions and withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.63% gross / 0.63% AER payable on anniversary / monthly interest option of 0.63% gross / 0.63% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £2 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online and by phone
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

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

“Savers looking to utilise their ISA allowance or transfer their existing pot may find Close Brothers Savings 1 Year Fixed Rate Cash ISA appealing. Receiving a rate increase of 0.05%, this ISA now pays 0.95% on maturity and improves its position in the market. Unlike other fixed ISAs, this deal allows savers to access their cash, subject to an interest penalty. On balance, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.95% gross / 0.95% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer instructions must be received within 10 days of account opening.
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Lloyds Bank – 10-year fixed rate mortgage, 75% loan-to-value

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

“This week Lloyds Bank has reduced the rate on its 10-year fixed rate mortgages, including its deal at 75% loan-to-value which has been cut by 0.60%. Now priced at 1.74%, the deal may appeal to borrowers looking for peace of mind with their mortgage repayments over the next decade. An incentive package of free valuation and free legal fees is included, and it carries a reasonable fee of £999, all of which can be added to the mortgage advance. Overall, this package may entice those looking to save on the upfront cost of their mortgage and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.74% fixed rate to 31.5.32
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: Remortgage customers
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain and Northern Ireland.

HSBC – Five-year fixed rate mortgage, 85% loan-to-value

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

“HSBC has increased selected fixed rates this week, which includes its five-year fixed rate mortgage at 85% loan-to-value, now priced at 1.84%. Despite receiving a rate rise of 0.05%, the deal is still competitively priced. Borrowers looking to save on the upfront cost may find this deal appealing as it includes an incentive package of a free valuation and charges a reasonable fee of £999. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.84% fixed rate until 30.4.27
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“HSBC has increased rates on a selection of fixed rate deals this week, including its two-year fixed rate mortgage at 75% loan-to-value which has seen a rise of 0.10%. Now priced at 1.79%, the deal may entice landlords looking to save on the upfront cost of their mortgage as it does not charge a product fee and offers a free valuation. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 1.79% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland

 

Cards

Virgin Money – 32 Month Balance Transfer Credit Card Mastercard

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

“Virgin Money has reduced the 0% introductory balance transfer deal on its 35 Month Balance Transfer Mastercard by three months this week. The length of the interest-free balance transfer period is no longer market-leading at 32 months, but it is still competitive in the current market. The card also carries a 0% introductory purchase offer for three months and customers can also enjoy exclusive offers and rewards on the Virgin Red app. Those hoping to consolidate credit card debt may then find the deal attractive, but they will need to pay a transfer fee of 2.94% to do so, and to get this introductory fee they will need to transfer within the first two months of opening. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 32 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.94% as an introductory charge for the first two months, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or in branch
  • Card management: By phone, by post and via its mobile app
  • Other information: Minimum age 18.

Savings

Ford Money – Flexible Saver

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

“Ford Money has increased the rate on its Flexible Saver this week by 0.03%. Now paying a rate of 0.63%, the deal has climbed higher in the top rate tables against other easy access accounts. Savers looking for some flexibility may find this account appealing as it allows unlimited additions and withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.63% gross / 0.63% AER payable on anniversary / monthly interest option of 0.63% gross / 0.63% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £2 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online and by phone
  • Managing account: Online
  • Other information: Minimum applicant age 16. Joint account option available.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

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

“Savers looking to utilise their ISA allowance or transfer their existing pot may find Close Brothers Savings 1 Year Fixed Rate Cash ISA appealing. Receiving a rate increase of 0.05%, this ISA now pays 0.95% on maturity and improves its position in the market. Unlike other fixed ISAs, this deal allows savers to access their cash, subject to an interest penalty. On balance, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.95% gross / 0.95% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer instructions must be received within 10 days of account opening.
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Lloyds Bank – 10-year fixed rate mortgage, 75% loan-to-value

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

“This week Lloyds Bank has reduced the rate on its 10-year fixed rate mortgages, including its deal at 75% loan-to-value which has been cut by 0.60%. Now priced at 1.74%, the deal may appeal to borrowers looking for peace of mind with their mortgage repayments over the next decade. An incentive package of free valuation and free legal fees is included, and it carries a reasonable fee of £999, all of which can be added to the mortgage advance. Overall, this package may entice those looking to save on the upfront cost of their mortgage and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.74% fixed rate to 31.5.32
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: Remortgage customers
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain and Northern Ireland.

HSBC – Five-year fixed rate mortgage, 85% loan-to-value

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

“HSBC has increased selected fixed rates this week, which includes its five-year fixed rate mortgage at 85% loan-to-value, now priced at 1.84%. Despite receiving a rate rise of 0.05%, the deal is still competitively priced. Borrowers looking to save on the upfront cost may find this deal appealing as it includes an incentive package of a free valuation and charges a reasonable fee of £999. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.84% fixed rate until 30.4.27
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“HSBC has increased rates on a selection of fixed rate deals this week, including its two-year fixed rate mortgage at 75% loan-to-value which has seen a rise of 0.10%. Now priced at 1.79%, the deal may entice landlords looking to save on the upfront cost of their mortgage as it does not charge a product fee and offers a free valuation. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 1.79% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland

 

Cards

Virgin Money – 32 Month Balance Transfer Credit Card Mastercard

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

“Virgin Money has reduced the 0% introductory balance transfer deal on its 35 Month Balance Transfer Mastercard by three months this week. The length of the interest-free balance transfer period is no longer market-leading at 32 months, but it is still competitive in the current market. The card also carries a 0% introductory purchase offer for three months and customers can also enjoy exclusive offers and rewards on the Virgin Red app. Those hoping to consolidate credit card debt may then find the deal attractive, but they will need to pay a transfer fee of 2.94% to do so, and to get this introductory fee they will need to transfer within the first two months of opening. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 32 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.94% as an introductory charge for the first two months, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or in branch
  • Card management: By phone, by post and via its mobile app
  • Other information: Minimum age 18.

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, Moneyfacts.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 Moneyfacts.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 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, Moneyfacts.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 Moneyfacts.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.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert