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Moneyfacts Pick of the Week - 06/06/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
06/06/2024

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

Vanquis Bank – 90 Day Notice Account (Issue 5)

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

“Vanquis Bank has launched the fifth issue of its 90 Day Notice Account this week alongside increasing the rate. Paying 5.25% the deal offers the market-leading rate for its sector on minimum investments of £1,000. This account may also be an attractive option for savers who wish to boost their income, as there is the choice to opt for monthly interest. As expected with notice accounts, savers must be prepared to give notification when wanting to access their cash. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.25% gross / 5.25% AER payable on anniversary / monthly interest option of 5.13% gross / 5.25% AER also available
  • Notice / term: 90 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Family Building Society – 1 Year Fixed Rate Bond (47)

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

“This week Family Building Society has launched a new one-year fixed bond. Savers searching for a competitive and guaranteed return may find the 5.17% interest rate enticing. To secure the deal, investors will need to deposit a minimum of £20,000 but further additions can be made for 15 days from the account opening. As is common with many fixed rate accounts, no withdrawals can be made until the term has come to an end. Overall, the deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.17% gross / 5.17% AER payable yearly / monthly interest option of 5.05% gross / 5.17% AER also available
  • Notice / term: One year
  • Minimum opening amount: £20,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted, for 15 days from account opening
  • Opening account: By post and in branch
  • Managing account: By post, in branch, by phone and online
  • Other information: Minimum applicant age 16.

 

Chase – Chase Saver Boosted Rate Offer

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

“Chase has increased the rate and added an introductory bonus to its Chase Saver. Paying a rate of 4.98% gross / 5.10% AER, it secures a prominent position in the market when compared to its peers. Savers should note that in order to receive the 1% bonus, on 2.5.24 the account must not have been held, or for existing customers the account balance must have been below £50,000. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% gross / 5.10% AER payable monthly, includes 1.00% bonus until 16.1.25
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: £1 million
  • Access: Permitted, £25,000 daily external transfer limit
  • Further additions: Permitted
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Maximum investment £1 million across all Chase Saver Accounts (can hold up to 10).

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 97

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

“Shawbrook Bank has changed the issue number and increased the rate on its one-year fixed rate cash ISA this week. Paying more than its predecessor, the account offers an attractive 4.80% on maturity and improves its overall position in the market. Alternatively, savers looking to supplement their monthly income may well find this an enticing deal as they can also receive a monthly interest payment at 4.70% gross / 4.80% AER. It is possible for consumers to access their cash early, however, this is subject to a 90-day loss of interest, so they may wish to consider carefully. On a positive note, further additions are permitted for the duration of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.80% gross / 4.80% AER payable on maturity / monthly interest option of 4.70% gross / 4.80% 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.

 

Mortgages

Buckinghamshire Building Society – Three-year discounted-variable rate mortgage, 90% loan-to-value

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

“Alongside extending end dates Buckinghamshire Building Society has reduced various interest rates on a selection of its products. One deal to benefit from a cut is the three-year discounted variable rate at 90% loan-to-value, priced at 5.79% (3.00% discount). This may be an enticing option for borrowers who are comfortable with a variable rate product, as this option offers a competitive initial rate and a reasonable £999 product fee. The deal does not have an incentive package, which may be disheartening for some, but considering the whole package it earns a competitive place in the market. Overall, this option receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.79% discounted-variable rate (collared at 2.50%) for three years
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Buy-to-Let

Principality Building Society – Five-year fixed rate mortgage, 70% loan-to-value

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

“This week Principality Building Society made changes across its range. Seeing a smaller rise of 0.06% is its five-year deal at 70% loan-to-value which is now priced at 4.80% until 31 August 2029. The deal comes with an appealing incentive package which includes a free valuation, however, there is a £1,395 product fee which may need to be considered. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.80% fixed rate to 31.8.29
  • Product fee: £1,395
  • Maximum loan-to-value: 70%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

HSBC – Two-year fixed rate mortgage, 75% loan-to-value

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

“This week HSBC has increased the majority of its fixed rate mortgages by up to 0.28%. One of the offerings which saw a slightly smaller rise of 0.14% is its two-year fixed rate deal at 75% loan-to-value which now charges 5.08% for all house purchase customers until 31 July 2026. Landlords may notice that there is a £1,999 arrangement fee, however, this may be offset by its attractive incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.08% fixed rate to 31.7.26
  • Product fee: £1,999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Virgin Money – 28 Month Balance Transfer Credit Card

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

“The latest update from Virgin Money sees an increase to the balance transfer fee and introductory balance term. Now a 28 Month Balance Transfer Credit Card, it charges a 3.25% balance transfer fee for the first two months, however, it is worth noting this rises to 5% thereafter. This card takes a competitive position when compared to other balance transfer credit cards and may therefore be an ideal choice for borrowers looking to transfer existing balances interest-free for a longer period. Adding to its appeal, this card also offers 0% on money transfers for 12 months, and borrowers also have access to a range of exclusive offers through the Virgin Red app. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: Three months
  • Introductory rate for balance transfers: 0% for 28 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.25% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
  • Card fee: None
  • Opening method: Online and in branch
  • Card management: By phone, by post and via mobile app
  • Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Use of the Virgin Money lounges. Customers choosing a Man Utd card design will benefit from the United Reward scheme where each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Up to 10% off cottages.com. Extra discounts on selected BCP airport carparks. £25 cashback on Virgin Money annual multi-trip travel insurance. £25 cashback on Virgin Money International money transfer. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app (offers allocated automatically).

Savings

Vanquis Bank – 90 Day Notice Account (Issue 5)

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

“Vanquis Bank has launched the fifth issue of its 90 Day Notice Account this week alongside increasing the rate. Paying 5.25% the deal offers the market-leading rate for its sector on minimum investments of £1,000. This account may also be an attractive option for savers who wish to boost their income, as there is the choice to opt for monthly interest. As expected with notice accounts, savers must be prepared to give notification when wanting to access their cash. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.25% gross / 5.25% AER payable on anniversary / monthly interest option of 5.13% gross / 5.25% AER also available
  • Notice / term: 90 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Family Building Society – 1 Year Fixed Rate Bond (47)

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

“This week Family Building Society has launched a new one-year fixed bond. Savers searching for a competitive and guaranteed return may find the 5.17% interest rate enticing. To secure the deal, investors will need to deposit a minimum of £20,000 but further additions can be made for 15 days from the account opening. As is common with many fixed rate accounts, no withdrawals can be made until the term has come to an end. Overall, the deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.17% gross / 5.17% AER payable yearly / monthly interest option of 5.05% gross / 5.17% AER also available
  • Notice / term: One year
  • Minimum opening amount: £20,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted, for 15 days from account opening
  • Opening account: By post and in branch
  • Managing account: By post, in branch, by phone and online
  • Other information: Minimum applicant age 16.

 

Chase – Chase Saver Boosted Rate Offer

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

“Chase has increased the rate and added an introductory bonus to its Chase Saver. Paying a rate of 4.98% gross / 5.10% AER, it secures a prominent position in the market when compared to its peers. Savers should note that in order to receive the 1% bonus, on 2.5.24 the account must not have been held, or for existing customers the account balance must have been below £50,000. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.98% gross / 5.10% AER payable monthly, includes 1.00% bonus until 16.1.25
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: £1 million
  • Access: Permitted, £25,000 daily external transfer limit
  • Further additions: Permitted
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18. Maximum investment £1 million across all Chase Saver Accounts (can hold up to 10).

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 97

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

“Shawbrook Bank has changed the issue number and increased the rate on its one-year fixed rate cash ISA this week. Paying more than its predecessor, the account offers an attractive 4.80% on maturity and improves its overall position in the market. Alternatively, savers looking to supplement their monthly income may well find this an enticing deal as they can also receive a monthly interest payment at 4.70% gross / 4.80% AER. It is possible for consumers to access their cash early, however, this is subject to a 90-day loss of interest, so they may wish to consider carefully. On a positive note, further additions are permitted for the duration of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.80% gross / 4.80% AER payable on maturity / monthly interest option of 4.70% gross / 4.80% 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.

 

Mortgages

Buckinghamshire Building Society – Three-year discounted-variable rate mortgage, 90% loan-to-value

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

“Alongside extending end dates Buckinghamshire Building Society has reduced various interest rates on a selection of its products. One deal to benefit from a cut is the three-year discounted variable rate at 90% loan-to-value, priced at 5.79% (3.00% discount). This may be an enticing option for borrowers who are comfortable with a variable rate product, as this option offers a competitive initial rate and a reasonable £999 product fee. The deal does not have an incentive package, which may be disheartening for some, but considering the whole package it earns a competitive place in the market. Overall, this option receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.79% discounted-variable rate (collared at 2.50%) for three years
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: None
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Buy-to-Let

Principality Building Society – Five-year fixed rate mortgage, 70% loan-to-value

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

“This week Principality Building Society made changes across its range. Seeing a smaller rise of 0.06% is its five-year deal at 70% loan-to-value which is now priced at 4.80% until 31 August 2029. The deal comes with an appealing incentive package which includes a free valuation, however, there is a £1,395 product fee which may need to be considered. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.80% fixed rate to 31.8.29
  • Product fee: £1,395
  • Maximum loan-to-value: 70%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

HSBC – Two-year fixed rate mortgage, 75% loan-to-value

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

“This week HSBC has increased the majority of its fixed rate mortgages by up to 0.28%. One of the offerings which saw a slightly smaller rise of 0.14% is its two-year fixed rate deal at 75% loan-to-value which now charges 5.08% for all house purchase customers until 31 July 2026. Landlords may notice that there is a £1,999 arrangement fee, however, this may be offset by its attractive incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.08% fixed rate to 31.7.26
  • Product fee: £1,999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Virgin Money – 28 Month Balance Transfer Credit Card

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

“The latest update from Virgin Money sees an increase to the balance transfer fee and introductory balance term. Now a 28 Month Balance Transfer Credit Card, it charges a 3.25% balance transfer fee for the first two months, however, it is worth noting this rises to 5% thereafter. This card takes a competitive position when compared to other balance transfer credit cards and may therefore be an ideal choice for borrowers looking to transfer existing balances interest-free for a longer period. Adding to its appeal, this card also offers 0% on money transfers for 12 months, and borrowers also have access to a range of exclusive offers through the Virgin Red app. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: Three months
  • Introductory rate for balance transfers: 0% for 28 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.25% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
  • Card fee: None
  • Opening method: Online and in branch
  • Card management: By phone, by post and via mobile app
  • Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Use of the Virgin Money lounges. Customers choosing a Man Utd card design will benefit from the United Reward scheme where each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Up to 10% off cottages.com. Extra discounts on selected BCP airport carparks. £25 cashback on Virgin Money annual multi-trip travel insurance. £25 cashback on Virgin Money International money transfer. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app (offers allocated automatically).

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