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Moneyfacts Pick of the Week - 04/08/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
04/08/2022

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

Skipton Building Society – Double Access Saver Issue 1 

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

“Skipton Building Society has launched a new Double Access Saver this week, which pays 1.56%. The account grabs a position in the top rate tables and may attract savers who have £10,000 to invest and are able to limit their withdrawals to two per year, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.56% gross / 1.56% AER payable on anniversary
  • Notice / term: Instant
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • Access: Permitted, subject to a maximum of two withdrawals per annum plus account closure
  • Further additions: Permitted
  • Opening account: Online, in branch, by phone and mobile app
  • Managing account: Online, in branch, by phone and mobile app
  • Other information: Minimum applicant age 16. Joint account option available.

 

Gatehouse Bank – 120 Day Notice Account

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

“Savers who are prepared to give notice to access their cash may find the re-launched 120 Day Notice Account from Gatehouse Bank appealing. Paying an expected profit rate of 2.00%, the deal takes a prominent position within the top rate tables in its sector. The account offers a monthly interest option, which may appeal to savers looking to supplement their income, and overall earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.00% gross / 2.00% AER payable on anniversary / monthly interest option of 1.98% gross / 2.00% AER also available
  • Notice / term: 120 days
  • Minimum opening amount: £500
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account, subject to 120 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are an expected profit rate.

 

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has increased the rate on its 12 Month Fixed Term Deposit this week. Now paying 2.83%, the deal climbs towards the top end of its sector and may entice savers looking for a guaranteed return on their cash over the short-term. Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.83% gross / 2.83% AER payable on maturity
  • Notice / term: 12 months
  • Minimum opening amount: £25,000
  • Maximum investment amount: £400,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Cash ISA this week. Now paying 2.25%, the deal may appeal to savers who are happy to lock their cash away for one year and wish to utilise their ISA allowance. Savers will need to invest at least £10,000, but the account does allow further additions and earlier access subject to certain conditions. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.25% gross / 2.25% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, 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 requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Leeds Building Society – Limited Issue 16 Month Fixed Rate ISA (Issue 4) 

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

“Leeds Building Society has launched a Limited Issue 16 Month Fixed Rate ISA this week. Paying 2.15%, the deal launches straight into the top rate tables and may well entice savers looking to take advantage of their ISA allowance. Savers can invest from £1,000 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: 2.15% gross / 2.15% AER payable yearly
  • Notice / term: Fixed to 31.1.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 105-day loss of interest penalty only
  • Further additions: Permitted, until 30.9.22
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs
  • Transfers out: Permitted, subject to 105-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.

 

Mortgages

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

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

“HSBC has amended fixed rates within its mortgage range this week, resulting in a 0.05% rate rise to its two-year fixed mortgage at 90% loan-to-value. Now priced at 3.49% to 31.10.24, borrowers with a small deposit may find its overall package enticing as it includes a free valuation and £500 cashback incentive. The deal also carries a reasonable fee of £999, which is payable upfront, and overall earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.49% fixed rate to 31.10.24
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers 
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments 
  • Lending area: Great Britain and Northern Ireland.

 

Banking 

Santander – 123 Current Account

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

“Santander has introduced a generous £160 cashback incentive on its 123 Current Account for customers who switch to them using the Current Account Switch Service (CASS), boosting its overall appeal. The 123 Current Account carries a monthly fee of £4, but includes a raft of benefits for savers and spenders as customers can earn up to 3% cashback on household bills and earn credit interest. The cashback rate will be boosted from September, rising from 2% to 4% on gas and electricity bills, and Santander Home and Life Insurance premiums paid by direct debit from this account, with the monthly cap increasing from £5 to £10 per month. On balance, the account earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 0.75% gross per annum on balances up to £20,000.
  • Account fee: £4 per month
  • Arranged overdraft: 39.94% EAR
  • Opening account: Online and in branch
  • Managing account: Online, by phone, in branch, via its mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Minimum regular funding £500 per month. Eligible for cashback on certain bills and insurance premiums paid by direct debit as well as retailer offers. £160 free cash offer, using the Current Account Switch Service for new accounts when a minimum of two direct debits are switched.

 

Loans

AA – Non-Member Loan

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

“This week, AA has reduced selected rates on its Non-Member Loan due to tier mergers, resulting in its £10,000 to £14,999 tier reducing by 0.1% and now charging 3.2% APR. Customers intrigued by this cut may wish to note that the advertised rate is available between a term of one to seven years, and successful applicants are also able to benefit from 12 months’ free basic breakdown cover when they take the loan out. Overall, the product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.2%
  • Loan period: Rate shown is based on a term of 60 months for a £10,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21, maximum age at end of loan 70. Minimum income £12,000 per annum. You may be offered an alternative APR dependent on credit rating.

Savings

Skipton Building Society – Double Access Saver Issue 1 

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

“Skipton Building Society has launched a new Double Access Saver this week, which pays 1.56%. The account grabs a position in the top rate tables and may attract savers who have £10,000 to invest and are able to limit their withdrawals to two per year, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.56% gross / 1.56% AER payable on anniversary
  • Notice / term: Instant
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • Access: Permitted, subject to a maximum of two withdrawals per annum plus account closure
  • Further additions: Permitted
  • Opening account: Online, in branch, by phone and mobile app
  • Managing account: Online, in branch, by phone and mobile app
  • Other information: Minimum applicant age 16. Joint account option available.

 

Gatehouse Bank – 120 Day Notice Account

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

“Savers who are prepared to give notice to access their cash may find the re-launched 120 Day Notice Account from Gatehouse Bank appealing. Paying an expected profit rate of 2.00%, the deal takes a prominent position within the top rate tables in its sector. The account offers a monthly interest option, which may appeal to savers looking to supplement their income, and overall earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.00% gross / 2.00% AER payable on anniversary / monthly interest option of 1.98% gross / 2.00% AER also available
  • Notice / term: 120 days
  • Minimum opening amount: £500
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account, subject to 120 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are an expected profit rate.

 

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has increased the rate on its 12 Month Fixed Term Deposit this week. Now paying 2.83%, the deal climbs towards the top end of its sector and may entice savers looking for a guaranteed return on their cash over the short-term. Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.83% gross / 2.83% AER payable on maturity
  • Notice / term: 12 months
  • Minimum opening amount: £25,000
  • Maximum investment amount: £400,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Cash ISA this week. Now paying 2.25%, the deal may appeal to savers who are happy to lock their cash away for one year and wish to utilise their ISA allowance. Savers will need to invest at least £10,000, but the account does allow further additions and earlier access subject to certain conditions. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.25% gross / 2.25% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, 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 requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Leeds Building Society – Limited Issue 16 Month Fixed Rate ISA (Issue 4) 

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

“Leeds Building Society has launched a Limited Issue 16 Month Fixed Rate ISA this week. Paying 2.15%, the deal launches straight into the top rate tables and may well entice savers looking to take advantage of their ISA allowance. Savers can invest from £1,000 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: 2.15% gross / 2.15% AER payable yearly
  • Notice / term: Fixed to 31.1.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 105-day loss of interest penalty only
  • Further additions: Permitted, until 30.9.22
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs
  • Transfers out: Permitted, subject to 105-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.

 

Mortgages

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

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

“HSBC has amended fixed rates within its mortgage range this week, resulting in a 0.05% rate rise to its two-year fixed mortgage at 90% loan-to-value. Now priced at 3.49% to 31.10.24, borrowers with a small deposit may find its overall package enticing as it includes a free valuation and £500 cashback incentive. The deal also carries a reasonable fee of £999, which is payable upfront, and overall earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.49% fixed rate to 31.10.24
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers 
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments 
  • Lending area: Great Britain and Northern Ireland.

 

Banking 

Santander – 123 Current Account

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

“Santander has introduced a generous £160 cashback incentive on its 123 Current Account for customers who switch to them using the Current Account Switch Service (CASS), boosting its overall appeal. The 123 Current Account carries a monthly fee of £4, but includes a raft of benefits for savers and spenders as customers can earn up to 3% cashback on household bills and earn credit interest. The cashback rate will be boosted from September, rising from 2% to 4% on gas and electricity bills, and Santander Home and Life Insurance premiums paid by direct debit from this account, with the monthly cap increasing from £5 to £10 per month. On balance, the account earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 0.75% gross per annum on balances up to £20,000.
  • Account fee: £4 per month
  • Arranged overdraft: 39.94% EAR
  • Opening account: Online and in branch
  • Managing account: Online, by phone, in branch, via its mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Minimum regular funding £500 per month. Eligible for cashback on certain bills and insurance premiums paid by direct debit as well as retailer offers. £160 free cash offer, using the Current Account Switch Service for new accounts when a minimum of two direct debits are switched.

 

Loans

AA – Non-Member Loan

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

“This week, AA has reduced selected rates on its Non-Member Loan due to tier mergers, resulting in its £10,000 to £14,999 tier reducing by 0.1% and now charging 3.2% APR. Customers intrigued by this cut may wish to note that the advertised rate is available between a term of one to seven years, and successful applicants are also able to benefit from 12 months’ free basic breakdown cover when they take the loan out. Overall, the product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.2%
  • Loan period: Rate shown is based on a term of 60 months for a £10,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21, maximum age at end of loan 70. Minimum income £12,000 per annum. You may be offered an alternative APR dependent on credit rating.

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