Moneyfacts Pick of the Week - 03/11/2022

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

Investec Bank plc – Online Flexi Saver

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

“Investec Bank plc has increased the rate on its Online Flexi Saver this week. Now paying a monthly interest rate of 2.42%, the deal takes a more prominent place in our top rate tables when compared against other easy access accounts. Due to its straightforward structure, savers looking for some flexibility may find this an attractive option, unlike some of its peers that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.42% gross / 2.45% AER payable monthly
Notice / term: None
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Marcus by Goldman Sachs® – Cash ISA

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

“This week, Marcus by Goldman Sachs^® has increased the rate on its Cash ISA, which now pays a monthly interest rate of 2.47%. The deal now becomes one of the top rates within its sector and may entice savers looking for flexibility with their cash, while also taking advantage of their ISA allowance. As the deal carries a bonus for 12 months, savers would be wise to make note and review the account before this expires. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.47% gross / 2.50% AER, payable monthly (rate includes a bonus of 0.25% gross for 12 months)
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: ISA allowance
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Transfers in: Not permitted
Transfers out: Permitted
Opening account: Online and via its mobile app
Managing account: Online, by phone and via its mobile app
Other information: Minimum applicant age 18. Must have a UK mobile phone number to apply.

Leeds Building Society – 1 Year Fixed Rate Cash ISA (Issue 175)

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

“This week, Leeds Building Society has launched a new issue of its 1 Year Fixed Rate Cash ISA, which pays 0.45% more than its predecessor. Paying 3.85%, the deal takes a prominent position in the top rate tables and may well appeal to savers looking to take advantage of their ISA allowance. Savers can invest from £100 and make transfers in from cash or stocks and shares ISAs, plus they can access their cash early if they so wish, subject to an interest penalty. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.85% gross / 3.85% AER payable on maturity
Notice / term: Fixed to 3.12.23
Minimum opening amount: £100
Maximum investment amount: ISA allowance
Access: Early access on 60-day loss of interest penalty
Further additions: Permitted, until 30.11.22
Transfers in: Permitted. Accepts cash or stocks and shares ISAs
Transfers out: Permitted, subject to 60-day loss of interest penalty
Opening account: Online, by post or in branch
Managing account: In branch or by post
Other information: Minimum applicant age 16.

State Bank of India – 2 Year Cash ISA Fixed Deposit

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

“State Bank of India has increased the rate on its two-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 ISA transfers into the account and, if they so wish, access their deposit subject to a loss of interest penalty and account closure. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.65% gross / 4.65% AER payable on maturity (compounded annually)
Notice / term: Two years
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Earlier access on closure only on 30-day notice. No interest paid if account closed before the first anniversary. 1% loss of interest if closed after the first anniversary.
Further additions: Not permitted
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to 30-day notice and up to 1% interest loss
Opening account: Online, by post or in branch
Managing account: Online, by post or in branch
Other information: Minimum applicant age 18. New Current or Savings Account required.

Mortgages

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

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

“This week, HSBC has reduced rates across selected fixed deals, including a cut to its five-year fixed mortgage at 60% loan-to-value. Priced at 5.24% 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 then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.24% 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.

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

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

“Borrowers looking to save on the upfront cost of their mortgage may find the latest deal from Platform an attractive choice. Priced at 5.32% and fixed to 29 February 2028, this deal carries an attractive incentive package of free valuation and £250 cashback for all, as well as free legal fees for those remortgaging. Those who have limited upfront funds can also add the product fee of £999 to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.32% fixed rate to 29.2.28
Product fee: £999
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and £250 cashback, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain. Available via selected intermediaries.

Buy-to-let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“Landlords searching for a short-term fixed rate deal may be enticed by the latest offer from Skipton Building Society, which re-entered the buy-to-let market this week. Priced at 5.90% and fixed to 31 January 2025, the deal charges a reasonable upfront product fee of £995, which can also be added to the mortgage advance. Those looking to save on the upfront cost of their mortgage will find this deal carries an attractive incentive package of free valuation for all, as well as free legal fees for those remortgaging. The overall appeal of this package may then be a competitive choice for borrowers, and it earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.90% fixed rate until 31.1.25
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage borrowers
Incentives: Free valuation, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain.

Savings

Investec Bank plc – Online Flexi Saver

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

“Investec Bank plc has increased the rate on its Online Flexi Saver this week. Now paying a monthly interest rate of 2.42%, the deal takes a more prominent place in our top rate tables when compared against other easy access accounts. Due to its straightforward structure, savers looking for some flexibility may find this an attractive option, unlike some of its peers that have restrictions on withdrawals. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.42% gross / 2.45% AER payable monthly
Notice / term: None
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Marcus by Goldman Sachs® – Cash ISA

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

“This week, Marcus by Goldman Sachs^® has increased the rate on its Cash ISA, which now pays a monthly interest rate of 2.47%. The deal now becomes one of the top rates within its sector and may entice savers looking for flexibility with their cash, while also taking advantage of their ISA allowance. As the deal carries a bonus for 12 months, savers would be wise to make note and review the account before this expires. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.47% gross / 2.50% AER, payable monthly (rate includes a bonus of 0.25% gross for 12 months)
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: ISA allowance
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Transfers in: Not permitted
Transfers out: Permitted
Opening account: Online and via its mobile app
Managing account: Online, by phone and via its mobile app
Other information: Minimum applicant age 18. Must have a UK mobile phone number to apply.

Leeds Building Society – 1 Year Fixed Rate Cash ISA (Issue 175)

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

“This week, Leeds Building Society has launched a new issue of its 1 Year Fixed Rate Cash ISA, which pays 0.45% more than its predecessor. Paying 3.85%, the deal takes a prominent position in the top rate tables and may well appeal to savers looking to take advantage of their ISA allowance. Savers can invest from £100 and make transfers in from cash or stocks and shares ISAs, plus they can access their cash early if they so wish, subject to an interest penalty. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.85% gross / 3.85% AER payable on maturity
Notice / term: Fixed to 3.12.23
Minimum opening amount: £100
Maximum investment amount: ISA allowance
Access: Early access on 60-day loss of interest penalty
Further additions: Permitted, until 30.11.22
Transfers in: Permitted. Accepts cash or stocks and shares ISAs
Transfers out: Permitted, subject to 60-day loss of interest penalty
Opening account: Online, by post or in branch
Managing account: In branch or by post
Other information: Minimum applicant age 16.

State Bank of India – 2 Year Cash ISA Fixed Deposit

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

“State Bank of India has increased the rate on its two-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 ISA transfers into the account and, if they so wish, access their deposit subject to a loss of interest penalty and account closure. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.65% gross / 4.65% AER payable on maturity (compounded annually)
Notice / term: Two years
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Earlier access on closure only on 30-day notice. No interest paid if account closed before the first anniversary. 1% loss of interest if closed after the first anniversary.
Further additions: Not permitted
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to 30-day notice and up to 1% interest loss
Opening account: Online, by post or in branch
Managing account: Online, by post or in branch
Other information: Minimum applicant age 18. New Current or Savings Account required.

Mortgages

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

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

“This week, HSBC has reduced rates across selected fixed deals, including a cut to its five-year fixed mortgage at 60% loan-to-value. Priced at 5.24% 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 then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.24% 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.

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

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

“Borrowers looking to save on the upfront cost of their mortgage may find the latest deal from Platform an attractive choice. Priced at 5.32% and fixed to 29 February 2028, this deal carries an attractive incentive package of free valuation and £250 cashback for all, as well as free legal fees for those remortgaging. Those who have limited upfront funds can also add the product fee of £999 to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.32% fixed rate to 29.2.28
Product fee: £999
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and £250 cashback, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain. Available via selected intermediaries.

Buy-to-let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“Landlords searching for a short-term fixed rate deal may be enticed by the latest offer from Skipton Building Society, which re-entered the buy-to-let market this week. Priced at 5.90% and fixed to 31 January 2025, the deal charges a reasonable upfront product fee of £995, which can also be added to the mortgage advance. Those looking to save on the upfront cost of their mortgage will find this deal carries an attractive incentive package of free valuation for all, as well as free legal fees for those remortgaging. The overall appeal of this package may then be a competitive choice for borrowers, and it earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.90% fixed rate until 31.1.25
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage borrowers
Incentives: Free valuation, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain.

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.