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Moneyfacts Pick of the Week - 03/03/2022

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

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

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“This week Castle Trust Bank has increased the rate on its one-year fixed e-Cash ISA by 0.10%. Now paying 1.10%, the deal takes a position within the top rate tables and may well appeal to savers looking to utilise their 2021/22 ISA allowance. The deal accepts transfers in from both cash and stocks and shares ISAs and can be opened with a minimum of £1,000. This deal permits early access on account closure, subject to a 90-day loss of interest penalty. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.10% gross / 1.10% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Accepts cash and stocks and shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. If minimum investment not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

Saffron Building Society – Two Year Fixed Rate Cash ISA

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

“Improving a selection of fixed ISA rates this week is Saffron Building Society, with its two-year fixed ISA rate rising by a notable 0.30%. Now paying 1.40%, the deal takes a position towards the top end of its sector and may appeal to savers looking to lock into a competitive return over the next two years. This deal permits early access, subject to a 180-day loss of interest penalty and account closure. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on its anniversary
  • Notice / term: Two years
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 180-day loss of interest penalty and closure of account
  • Further additions: Not permitted
  • Transfers in: ISA transfers from other providers are not permitted for this account
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, in branch or postal
  • Managing account: Online, in branch or postal
  • Other information: Minimum applicant age 16.

 

Secure Trust Bank – 2 Year Fixed Rate Bond

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

“This week Secure Trust Bank has increased a selection of rates by up to 0.10%, including its 2 Year Fixed Rate Bond. Now paying a competitive rate of 1.70%, the deal may entice savers looking to lock into a fixed bond who have £1,000 to invest. Early access is not permitted, however savers will be able to make further additions within 30 days of account opening, which  may be beneficial for some. Overall, this account receives an Excellent Moneyfacts product rating and improves its position within our top rate tables.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER payable yearly
  • Notice / term: To 25.3.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: No earlier access
  • Further additions: Permitted within 30 days of account opening from a minimum of £1,000
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has made various amendments to its discounted-variable rate range this week, including a sizable cut of 0.35% to its two-year offering at 80% loan-to-value. Now priced at 0.99%, the deal may appeal to borrowers looking for a competitive rate and a cost saving incentive package. The deal carries a comprehensive incentive package of a free valuation and for those remortgaging either up to £150 towards their legal costs, or free legal fees. Borrowers can also add the product fee of £999 to the mortgage advance. This deal reaffirms its position within our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 0.99% discounted variable rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales, and Scotland)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Leeds Building Society – Two-year fixed rate mortgage, 65% loan-to-value

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

“This week, Leeds Building Society has launched new fixed rates to its range, including a new two-year fixed mortgage at 65% loan-to-value. Priced at 2.04% until 31 June 2024, the deal charges no fee and carries an attractive incentive package of free valuation and £250 cashback. The competitive rate and incentive package may then attract borrowers looking to save on the upfront cost of their mortgage. The deal secures a place in our top tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.04% fixed rate to 30.6.24
  • Product fee: None
  • Maximum loan-to-value: 65%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland, and Northern Ireland.

 

Buy-to-Let Mortgages

Leek United Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Leek United Building Society has made rate increases across a selection of its fixed rate deals this week. One deal to see a rise of 0.10% is the five-year fixed rate mortgage at 75% loan-to-value. Now priced at 2.22% to 31 May 2027, the deal charges no product fee and carries an incentive package of free valuation and £400 cashback. Borrowers looking to save on the upfront cost of their deal may then find this appealing. Despite the rate rise, the deal retains a place in our top tables and carries an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.22% fixed rate to 31.5.27
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: £400 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Savings

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“This week Castle Trust Bank has increased the rate on its one-year fixed e-Cash ISA by 0.10%. Now paying 1.10%, the deal takes a position within the top rate tables and may well appeal to savers looking to utilise their 2021/22 ISA allowance. The deal accepts transfers in from both cash and stocks and shares ISAs and can be opened with a minimum of £1,000. This deal permits early access on account closure, subject to a 90-day loss of interest penalty. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.10% gross / 1.10% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Accepts cash and stocks and shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. If minimum investment not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

Saffron Building Society – Two Year Fixed Rate Cash ISA

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

“Improving a selection of fixed ISA rates this week is Saffron Building Society, with its two-year fixed ISA rate rising by a notable 0.30%. Now paying 1.40%, the deal takes a position towards the top end of its sector and may appeal to savers looking to lock into a competitive return over the next two years. This deal permits early access, subject to a 180-day loss of interest penalty and account closure. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on its anniversary
  • Notice / term: Two years
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 180-day loss of interest penalty and closure of account
  • Further additions: Not permitted
  • Transfers in: ISA transfers from other providers are not permitted for this account
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online, in branch or postal
  • Managing account: Online, in branch or postal
  • Other information: Minimum applicant age 16.

 

Secure Trust Bank – 2 Year Fixed Rate Bond

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

“This week Secure Trust Bank has increased a selection of rates by up to 0.10%, including its 2 Year Fixed Rate Bond. Now paying a competitive rate of 1.70%, the deal may entice savers looking to lock into a fixed bond who have £1,000 to invest. Early access is not permitted, however savers will be able to make further additions within 30 days of account opening, which  may be beneficial for some. Overall, this account receives an Excellent Moneyfacts product rating and improves its position within our top rate tables.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER payable yearly
  • Notice / term: To 25.3.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: No earlier access
  • Further additions: Permitted within 30 days of account opening from a minimum of £1,000
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has made various amendments to its discounted-variable rate range this week, including a sizable cut of 0.35% to its two-year offering at 80% loan-to-value. Now priced at 0.99%, the deal may appeal to borrowers looking for a competitive rate and a cost saving incentive package. The deal carries a comprehensive incentive package of a free valuation and for those remortgaging either up to £150 towards their legal costs, or free legal fees. Borrowers can also add the product fee of £999 to the mortgage advance. This deal reaffirms its position within our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 0.99% discounted variable rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales, and Scotland)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Leeds Building Society – Two-year fixed rate mortgage, 65% loan-to-value

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

“This week, Leeds Building Society has launched new fixed rates to its range, including a new two-year fixed mortgage at 65% loan-to-value. Priced at 2.04% until 31 June 2024, the deal charges no fee and carries an attractive incentive package of free valuation and £250 cashback. The competitive rate and incentive package may then attract borrowers looking to save on the upfront cost of their mortgage. The deal secures a place in our top tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.04% fixed rate to 30.6.24
  • Product fee: None
  • Maximum loan-to-value: 65%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland, and Northern Ireland.

 

Buy-to-Let Mortgages

Leek United Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Leek United Building Society has made rate increases across a selection of its fixed rate deals this week. One deal to see a rise of 0.10% is the five-year fixed rate mortgage at 75% loan-to-value. Now priced at 2.22% to 31 May 2027, the deal charges no product fee and carries an incentive package of free valuation and £400 cashback. Borrowers looking to save on the upfront cost of their deal may then find this appealing. Despite the rate rise, the deal retains a place in our top tables and carries an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.22% fixed rate to 31.5.27
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: £400 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

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