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Moneyfacts Pick of the Week - 04/01/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
04/01/2024

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 Spokesperson, Caitlyn Eastell, 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 Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Union Bank of India (UK) Ltd has made rate reductions on a range of its Fixed Rate Deposits and Union Premier Bonds this week, including its 2 Year Fixed Rate Deposit which now pays 5.15% on a minimum investment of £1,000, paid on anniversary or on maturity. Despite this reduction, the account retains a competitive position within its sector. Investors who can pay a bit extra can opt into the 2 Year Union Premier Bond, which requires a minimum investment of £5,000 and also pays 5.15%. As is common in the fixed market, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.15% gross / 5.15% AER payable on anniversary or on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Zenith Bank (UK) Ltd has reduced the rates on its Fixed Term Deposits. Among the accounts to receive a cut is the 3 Year Fixed Term Deposit. Despite dropping to 4.70%, this continues to pay a competitive rate when compared to similar bonds. The account requires a minimum £1,000 investment, with interest paid on anniversary. This could be an attractive option for savers who are comfortable with locking away their savings for a prolonged period to receive a guaranteed return. Early access and further additions are not permitted with this account, so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.70% gross / 4.70% AER, payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2,000,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Gen H – Three-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Gen H has made reductions to most of its fixed deals this week, including its three-year fixed mortgage at 60% loan-to-value. Now priced at 4.52%, and requiring no upfront fees, this deal takes a prominent position in the market and may be an attractive choice for borrowers who are looking to save on the upfront cost of their mortgage. Additionally, the deal allows overpayments, and comes with an incentive of a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.52% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales.

 

Leeds Building Society – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Leeds Building Society has reduced rates for borrowers by up to 0.49% this week, including its two-year fixed mortgage at 75% loan-to-value. Now priced at 4.81% until 30.4.26, the deal carries an attractive incentive package of a free valuation and, for those remortgaging, help towards costs. The deal is also fee-free, which may be an ideal choice for borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.81% fixed rate to 30.4.26
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation and, for those remortgaging, help towards costs
  • Flexible features: Allows overpayments by lump sums, subject to approval, or regular methods
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

HSBC – Two-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, HSBC has reduced rates across its entire fixed range by up to 1%. One deal seeing a cut is its two-year fixed mortgage at 90% loan-to-value. Now priced at 4.99% and fixed to 28 February 2026, it charges a reasonable fee of £999, which may make it an enticing option for those looking to save on the upfront cost of their mortgage as it can be added to the advance. Borrowers may also be glad to note that this deal carries an appealing incentive package of a free valuation incentive and £250 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has reduced selected fixed rates across its range, including its two-year fixed rate deal at 60% loan-to-value. Now priced at 5.24% to 31 October 2026, the deal is available to second-time buyers and remortgage customers. Those looking to save on the upfront cost of their deal may be pleased to find that the £999 product fee can be added to the mortgage advance. This deal also includes an incentive package of free valuation for all and, for remortgage customers, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.24% fixed rate to 31.3.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Savings

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Union Bank of India (UK) Ltd has made rate reductions on a range of its Fixed Rate Deposits and Union Premier Bonds this week, including its 2 Year Fixed Rate Deposit which now pays 5.15% on a minimum investment of £1,000, paid on anniversary or on maturity. Despite this reduction, the account retains a competitive position within its sector. Investors who can pay a bit extra can opt into the 2 Year Union Premier Bond, which requires a minimum investment of £5,000 and also pays 5.15%. As is common in the fixed market, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.15% gross / 5.15% AER payable on anniversary or on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Zenith Bank (UK) Ltd has reduced the rates on its Fixed Term Deposits. Among the accounts to receive a cut is the 3 Year Fixed Term Deposit. Despite dropping to 4.70%, this continues to pay a competitive rate when compared to similar bonds. The account requires a minimum £1,000 investment, with interest paid on anniversary. This could be an attractive option for savers who are comfortable with locking away their savings for a prolonged period to receive a guaranteed return. Early access and further additions are not permitted with this account, so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.70% gross / 4.70% AER, payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2,000,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Gen H – Three-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Gen H has made reductions to most of its fixed deals this week, including its three-year fixed mortgage at 60% loan-to-value. Now priced at 4.52%, and requiring no upfront fees, this deal takes a prominent position in the market and may be an attractive choice for borrowers who are looking to save on the upfront cost of their mortgage. Additionally, the deal allows overpayments, and comes with an incentive of a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.52% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales.

 

Leeds Building Society – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Leeds Building Society has reduced rates for borrowers by up to 0.49% this week, including its two-year fixed mortgage at 75% loan-to-value. Now priced at 4.81% until 30.4.26, the deal carries an attractive incentive package of a free valuation and, for those remortgaging, help towards costs. The deal is also fee-free, which may be an ideal choice for borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.81% fixed rate to 30.4.26
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation and, for those remortgaging, help towards costs
  • Flexible features: Allows overpayments by lump sums, subject to approval, or regular methods
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

HSBC – Two-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, HSBC has reduced rates across its entire fixed range by up to 1%. One deal seeing a cut is its two-year fixed mortgage at 90% loan-to-value. Now priced at 4.99% and fixed to 28 February 2026, it charges a reasonable fee of £999, which may make it an enticing option for those looking to save on the upfront cost of their mortgage as it can be added to the advance. Borrowers may also be glad to note that this deal carries an appealing incentive package of a free valuation incentive and £250 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has reduced selected fixed rates across its range, including its two-year fixed rate deal at 60% loan-to-value. Now priced at 5.24% to 31 October 2026, the deal is available to second-time buyers and remortgage customers. Those looking to save on the upfront cost of their deal may be pleased to find that the £999 product fee can be added to the mortgage advance. This deal also includes an incentive package of free valuation for all and, for remortgage customers, help towards costs. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.24% fixed rate to 31.3.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and, for those remortgaging, help with costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

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.

 

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.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant