Moneyfacts Pick of the Week - 03/08/2023

Rachel Springall, Press Officer

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

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

Savings

Beehive Money – Bonus Saver August 2024

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

“This week, Beehive Money has launched a new Bonus Saver Account which pays 4.60%. The account grabs a position towards the top of its sector and may attract savers who have £1,000 to invest. The account does include an introductory bonus rate of 2.10% which runs until 31 August 2024, so a review of the account before this expires would be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable yearly, includes a bonus of 2.10% until 31.8.24.
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online and via smart phone app
Managing account: Online and via smart phone app
Other information: Minimum applicant age 18.

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 79

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

“Shawbrook Bank has increased the rate on its one-year fixed ISA this week, improving its position in the market. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal holds a more prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.71% gross / 5.71% AER payable on anniversary / monthly interest option of 5.57% gross / 5.71% 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.

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 611

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

“Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs, including its one-year deal. The deal now pays a rate of 5.71% yearly and secures a prominent place in its sector. Investors who want to utilise their ISA allowance and are happy to lock their cash away may then find this an attractive option. Savers will also find a monthly interest option is available that pays 5.57% gross, which may appeal to those looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.71% gross / 5.71% AER payable yearly / monthly interest option of 5.57% gross / 5.71% AER also available
Notice / term: To 24.8.24
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 60-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Mortgages

Leeds Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“This week, Leeds Building Society has reduced selected fixed rates in its range, including its two-year fixed mortgage at 85% loan-to-value. Now priced at 6.09%, this deal carries an attractive incentive package of free valuation and, for those remortgaging, help with costs. The deal charges a reasonable product fee of £999, which can be added to the mortgage advance, so overall this offer could attract borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.10.25
Product fee: £999
Maximum loan-to-value: 85%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, help with costs
Flexible features: Allows overpayments
Lending area: England, Wales, mainland Scotland and Northern Ireland.

Virgin Money – Five-year fixed rate mortgage, 90% loan-to-value

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

“Borrowers with a limited deposit who are searching for a competitive deal with a generous incentive package may find the five-year fixed deal from Virgin Money appealing, which is available through selected intermediaries. After a rate cut, the deal is now priced at 5.65% to 1 October 2028 and includes a free valuation incentive. The deal does carry a product fee of £1,295, but this can be added to the mortgage advance should borrowers wish to do so. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.65% fixed rate to 1.10.28
Product fee: £1,295
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered by arrangement.
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Buy-to-let

Principality Building Society – Two-year discounted-variable rate mortgage, 60% loan-to-value

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

“Landlords searching for a competitive package may find the new two-year discounted-variable rate mortgage from Principality Building Society appealing. Priced at 5.60%, the deal charges a reasonable product fee of £895 which can be added to the mortgage advance and includes an incentive package of free valuation and free legal fees. Those looking to save on the upfront cost of their mortgage may then find this an appealing option. This deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.60% discounted-variable rate (collared at 2.00%) to 30.11.25
Product fee: £895
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

Bath Building Society – Five-year fixed rate mortgage, 80% loan-to-value

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

“Landlords looking for a competitive rate to secure their monthly repayments over the next five years may find the latest deal from Bath Building Society appealing. The deal has seen a rate rise and is now priced at 6.39%. The deal does not have an incentive package, but the £999 product fee can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.39% fixed rate for five years
Product fee: £999
Maximum loan-to-value: 80%
Available to: Second-time buyers and remortgage customers
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

Banking

Kroo Bank – Current Account

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

“Kroo Bank has announced an increase to the credit interest rate on its Current Account to 4.26% gross, up from 4.03% this week. Consumers looking for a competitive return on their balance may find this an attractive account, as the interest is payable on balances up to £85,000. The current account does not charge an account fee, and as a bonus, it does not charge customers for foreign debit card usage. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Credit interest / reward: 4.26% gross on balances up to £85,000
Cashback on debit card purchases: None
Account fee: None
Unarranged overdraft: 24.9% EAR
Opening account: Mobile app only
Managing account: Online and via mobile app.
Other information: Minimum applicant age 18. No charges on foreign debit card usage.

Savings

Beehive Money – Bonus Saver August 2024

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

“This week, Beehive Money has launched a new Bonus Saver Account which pays 4.60%. The account grabs a position towards the top of its sector and may attract savers who have £1,000 to invest. The account does include an introductory bonus rate of 2.10% which runs until 31 August 2024, so a review of the account before this expires would be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable yearly, includes a bonus of 2.10% until 31.8.24.
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online and via smart phone app
Managing account: Online and via smart phone app
Other information: Minimum applicant age 18.

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 79

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

“Shawbrook Bank has increased the rate on its one-year fixed ISA this week, improving its position in the market. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal holds a more prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.71% gross / 5.71% AER payable on anniversary / monthly interest option of 5.57% gross / 5.71% 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.

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 611

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

“Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs, including its one-year deal. The deal now pays a rate of 5.71% yearly and secures a prominent place in its sector. Investors who want to utilise their ISA allowance and are happy to lock their cash away may then find this an attractive option. Savers will also find a monthly interest option is available that pays 5.57% gross, which may appeal to those looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.71% gross / 5.71% AER payable yearly / monthly interest option of 5.57% gross / 5.71% AER also available
Notice / term: To 24.8.24
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 60-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Mortgages

Leeds Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“This week, Leeds Building Society has reduced selected fixed rates in its range, including its two-year fixed mortgage at 85% loan-to-value. Now priced at 6.09%, this deal carries an attractive incentive package of free valuation and, for those remortgaging, help with costs. The deal charges a reasonable product fee of £999, which can be added to the mortgage advance, so overall this offer could attract borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.10.25
Product fee: £999
Maximum loan-to-value: 85%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, help with costs
Flexible features: Allows overpayments
Lending area: England, Wales, mainland Scotland and Northern Ireland.

Virgin Money – Five-year fixed rate mortgage, 90% loan-to-value

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

“Borrowers with a limited deposit who are searching for a competitive deal with a generous incentive package may find the five-year fixed deal from Virgin Money appealing, which is available through selected intermediaries. After a rate cut, the deal is now priced at 5.65% to 1 October 2028 and includes a free valuation incentive. The deal does carry a product fee of £1,295, but this can be added to the mortgage advance should borrowers wish to do so. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.65% fixed rate to 1.10.28
Product fee: £1,295
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered by arrangement.
Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Buy-to-let

Principality Building Society – Two-year discounted-variable rate mortgage, 60% loan-to-value

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

“Landlords searching for a competitive package may find the new two-year discounted-variable rate mortgage from Principality Building Society appealing. Priced at 5.60%, the deal charges a reasonable product fee of £895 which can be added to the mortgage advance and includes an incentive package of free valuation and free legal fees. Those looking to save on the upfront cost of their mortgage may then find this an appealing option. This deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.60% discounted-variable rate (collared at 2.00%) to 30.11.25
Product fee: £895
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

Bath Building Society – Five-year fixed rate mortgage, 80% loan-to-value

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

“Landlords looking for a competitive rate to secure their monthly repayments over the next five years may find the latest deal from Bath Building Society appealing. The deal has seen a rate rise and is now priced at 6.39%. The deal does not have an incentive package, but the £999 product fee can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.39% fixed rate for five years
Product fee: £999
Maximum loan-to-value: 80%
Available to: Second-time buyers and remortgage customers
Incentives: None
Flexible features: Allows overpayments
Lending area: England and Wales.

Banking

Kroo Bank – Current Account

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

“Kroo Bank has announced an increase to the credit interest rate on its Current Account to 4.26% gross, up from 4.03% this week. Consumers looking for a competitive return on their balance may find this an attractive account, as the interest is payable on balances up to £85,000. The current account does not charge an account fee, and as a bonus, it does not charge customers for foreign debit card usage. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Credit interest / reward: 4.26% gross on balances up to £85,000
Cashback on debit card purchases: None
Account fee: None
Unarranged overdraft: 24.9% EAR
Opening account: Mobile app only
Managing account: Online and via mobile app.
Other information: Minimum applicant age 18. No charges on foreign debit card usage.

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

©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.

©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.