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Moneyfacts Pick of the Week - 07/03/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
07/03/2024

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

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has increased the rate on its 1 Year Fixed Rate Saver. The account now pays an appealing 5.28%, for investors able to contribute a minimum of £10,000. It is important to note that early access is not permitted, so careful planning may be required. On a more positive note, savers may be glad to see that they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.28% gross / 5.28% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Moneybox – Moneybox Cash ISA

“This week, Moneybox has increased the rate on its Cash ISA. Taking the lead position in the variable rate ISA market, the deal now pays an attractive 5.11%, which includes a bonus of 0.96% for the first 12 months. Savers looking for flexibility and instant access to their savings pots may find this an enticing option as withdrawals and further additions are permitted; however, savers should note that only three withdrawals can be made per year before a lower rate is paid. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.11% gross / 5.11% AER payable on anniversary (includes a 0.96% bonus for 12 months)
  • Notice / term: None
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted. Lower rate paid if more than three withdrawals made per year
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18

 

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA this week. The account now pays 5.05%, taking a high position within its sector and may well appeal to savers looking to utilise their ISA allowance. Investors must have a minimum of £1,000 to open the account and it accepts transfers in from both Cash and Stocks and Shares ISAs. This deal permits early access on account closure, subject to a 90-day loss of interest penalty which should be noted. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

Close Brothers Savings – 2 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on several of its Cash ISAs this week, including the 2 Year Fixed Rate Cash ISA, which now pays 4.70% and takes a prominent position in the market when compared against other fixed ISAs of a similar term. Savers who do not mind locking away their cash for the longer-term may find this an appealing option if they wish to receive a guaranteed return. However, savers will need to carefully consider if they wish to get earlier access to their funds because this will be subject to account closure and 150 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.70% gross / 4.70% AER payable yearly
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 150-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 150-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Hampshire Trust Bank – 5 Year Bond (Issue 36)

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

“Hampshire Trust Bank has increased the rate on its five-year Bond this week and now pays a market-leading rate of 4.54%. Savers looking for a competitive return in the long-term may well find this an enticing deal, however, careful planning is crucial as earlier access is not permitted for the full five years. Savers may also find the small minimum investment and ability to make further additions for 14 days from account opening attractive. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.54% gross / 4.54% AER, payable on its anniversary
  • Notice / term: Five years
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

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

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

“Alongside extending end dates, Barclays Mortgage has increased many of its fixed deals within its residential range this week. Seeing an increase of 0.18% is the two-year fixed rate deal at 75% loan-to-value, which still pays an appealing 4.60% until 20.6.26. The deal retains a prominent position in the market despite the increases. Borrowers looking to save on the upfront cost of their mortgage may find this an attractive option as the deal charges a fair £899 fee and comes with an incentive package, which includes a free valuation. For those who wish to there is also the option to make overpayments. On assessment, this deal keeps its spot as a Moneyfacts Best Buy and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.60% fixed rate to 30.6.26
  • Product fee: £899
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year discounted-variable rate mortgage, 80% loan-to-value

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

“This week, Furness Building Society has made several rate amendments across its residential mortgage range. One deal to see a slight reduction is the two-year discounted variable rate mortgage at 80% loan-to-value, which has seen a cut of 0.10% and now charges 5.19%; with a discount of 3.50%, the deal also comes with a £999 fee. Borrowers will see a competitive incentive package attached for all borrowers, which includes a free valuation and £250 cashback. Considering the rate reduction and appealing incentive package, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.19% discounted-variable rate (3.50% discount) for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

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

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

“HSBC has increased the majority of its fixed rate mortgages by up to 0.22% this week. Seeing a smaller cut of 0.04% is its two-year fixed mortgage at 65% loan-to-value, which is now priced at 4.68% and fixed until 30 April 2026. This deal is an enticing option for those who may want to lock into a competitive rate. The deal carries a slightly larger arrangement fee of £1,999. To offset this, it carries an attractive incentive package, including a free valuation incentive, and there is also the option to make overpayments, which could add to its appeal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% fixed rate to 30.4.26
  • Product fee: £1,999
  • Maximum loan-to-value: 65%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has increased the rate on a few of its fixed rate offerings. One deal seeing a small rise is the two-year fixed deal at 80% loan-to-value for second-time buyers and remortgage customers. However, despite this the deal retains a competitive position within its sector and still pays a competitive 5.59%. The appeal of this product is strengthened by its enticing incentive package, which includes a free valuation and £250 cashback, as well as a reasonable product fee of £995. Overall, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.59% fixed rate for two years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers, remortgages
  • Incentives: £250 cashback and, for remortgage customers, free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Savings

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has increased the rate on its 1 Year Fixed Rate Saver. The account now pays an appealing 5.28%, for investors able to contribute a minimum of £10,000. It is important to note that early access is not permitted, so careful planning may be required. On a more positive note, savers may be glad to see that they can make further additions for 14 days from account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.28% gross / 5.28% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Moneybox – Moneybox Cash ISA

“This week, Moneybox has increased the rate on its Cash ISA. Taking the lead position in the variable rate ISA market, the deal now pays an attractive 5.11%, which includes a bonus of 0.96% for the first 12 months. Savers looking for flexibility and instant access to their savings pots may find this an enticing option as withdrawals and further additions are permitted; however, savers should note that only three withdrawals can be made per year before a lower rate is paid. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.11% gross / 5.11% AER payable on anniversary (includes a 0.96% bonus for 12 months)
  • Notice / term: None
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted. Lower rate paid if more than three withdrawals made per year
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18

 

Castle Trust Bank – Fixed Rate e-Cash ISA

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

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA this week. The account now pays 5.05%, taking a high position within its sector and may well appeal to savers looking to utilise their ISA allowance. Investors must have a minimum of £1,000 to open the account and it accepts transfers in from both Cash and Stocks and Shares ISAs. This deal permits early access on account closure, subject to a 90-day loss of interest penalty which should be noted. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

Close Brothers Savings – 2 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on several of its Cash ISAs this week, including the 2 Year Fixed Rate Cash ISA, which now pays 4.70% and takes a prominent position in the market when compared against other fixed ISAs of a similar term. Savers who do not mind locking away their cash for the longer-term may find this an appealing option if they wish to receive a guaranteed return. However, savers will need to carefully consider if they wish to get earlier access to their funds because this will be subject to account closure and 150 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.70% gross / 4.70% AER payable yearly
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 150-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 150-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Hampshire Trust Bank – 5 Year Bond (Issue 36)

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

“Hampshire Trust Bank has increased the rate on its five-year Bond this week and now pays a market-leading rate of 4.54%. Savers looking for a competitive return in the long-term may well find this an enticing deal, however, careful planning is crucial as earlier access is not permitted for the full five years. Savers may also find the small minimum investment and ability to make further additions for 14 days from account opening attractive. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.54% gross / 4.54% AER, payable on its anniversary
  • Notice / term: Five years
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

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

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

“Alongside extending end dates, Barclays Mortgage has increased many of its fixed deals within its residential range this week. Seeing an increase of 0.18% is the two-year fixed rate deal at 75% loan-to-value, which still pays an appealing 4.60% until 20.6.26. The deal retains a prominent position in the market despite the increases. Borrowers looking to save on the upfront cost of their mortgage may find this an attractive option as the deal charges a fair £899 fee and comes with an incentive package, which includes a free valuation. For those who wish to there is also the option to make overpayments. On assessment, this deal keeps its spot as a Moneyfacts Best Buy and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.60% fixed rate to 30.6.26
  • Product fee: £899
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year discounted-variable rate mortgage, 80% loan-to-value

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

“This week, Furness Building Society has made several rate amendments across its residential mortgage range. One deal to see a slight reduction is the two-year discounted variable rate mortgage at 80% loan-to-value, which has seen a cut of 0.10% and now charges 5.19%; with a discount of 3.50%, the deal also comes with a £999 fee. Borrowers will see a competitive incentive package attached for all borrowers, which includes a free valuation and £250 cashback. Considering the rate reduction and appealing incentive package, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.19% discounted-variable rate (3.50% discount) for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let

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

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

“HSBC has increased the majority of its fixed rate mortgages by up to 0.22% this week. Seeing a smaller cut of 0.04% is its two-year fixed mortgage at 65% loan-to-value, which is now priced at 4.68% and fixed until 30 April 2026. This deal is an enticing option for those who may want to lock into a competitive rate. The deal carries a slightly larger arrangement fee of £1,999. To offset this, it carries an attractive incentive package, including a free valuation incentive, and there is also the option to make overpayments, which could add to its appeal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% fixed rate to 30.4.26
  • Product fee: £1,999
  • Maximum loan-to-value: 65%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has increased the rate on a few of its fixed rate offerings. One deal seeing a small rise is the two-year fixed deal at 80% loan-to-value for second-time buyers and remortgage customers. However, despite this the deal retains a competitive position within its sector and still pays a competitive 5.59%. The appeal of this product is strengthened by its enticing incentive package, which includes a free valuation and £250 cashback, as well as a reasonable product fee of £995. Overall, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.59% fixed rate for two years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers, remortgages
  • Incentives: £250 cashback and, for remortgage customers, free valuation
  • 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.

 

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