Savings

Al Rayan Bank – Everyday Saver (Issue 2)

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

“Al Rayan Bank has re-launched its Everyday Saver onto the easy access account market this week. The deal sits highly in the top rate tables against its peers as it offers an expected profit rate of 1.01%, which is payable monthly. This account may appeal to savers who want flexibility with their cash as it allows unlimited withdrawals and deposits. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.01% gross / 1.01% AER payable monthly
• Notice / term: None
• Minimum opening amount: £2,500
• Maximum investment amount: No max
• Access: Permitted
• Further additions: Permitted
• Opening account: Online
• Managing account: Online, by phone and via post
• Other information: Minimum applicant age 16. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate.

Aldermore – 30 Day Notice Cash ISA Issue 12

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

“Savers looking to utilise their tax-free allowance may find the re-launch of Aldermore’s 30 Day Notice Cash ISA appealing. Paying a rate of 0.90%, the deal takes a place within the top rate tables and is available for savers who have at least £1,000 to invest. Savers may be pleased to note that access is permitted, subject to either providing 30 days’ notice or a 30-day loss of interest penalty, so careful planning would be advised. On balance, the account secures an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 0.90% gross / 0.90% AER payable on anniversary, monthly interest option of 0.90% gross / 0.90% AER
• Notice / term: 30 days
• Minimum opening amount: £1,000
• Maximum investment amount: ISA allowance
• Access: Permitted, subject to 30-day notice or 30-day loss of interest penalty
• Further additions: Permitted
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs and Help to Buy ISAs
• Transfers out: Permitted, subject to 30-day notice or 30-day loss of interest penalty
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Aldermore’s range. Flexible ISA rules apply.

Gatehouse Bank – 1 Year Fixed Term Woodland Cash ISA

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

“This week Gatehouse Bank has made several increases to its cash ISAs, including its 1 Year Fixed Term Woodland Cash ISA. After a rate rise of 0.10%, the deal has improved its position within the top rate tables as it now pays an expected profit rate of 1.40%. Savers looking for an ISA for the new tax year may then find this an enticing choice, but also may appreciate the flexibility of earlier access, subject to a loss of profit penalty. The Woodland initiative may also appeal to savers as Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.40% gross / 1.40% 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 profit penalty
• Further additions: Not permitted
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
• Transfers out: Permitted, subject to 90-day loss of profit penalty
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18. Sharia’a compliant account – rates shown are expected profit rate. Gatehouse Bank will plant a tree in UK woodland when an account is opened and funded.

Paragon Bank – 2 Year Fixed Rate Cash ISA

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

“Paragon Bank has joined the fray with new fixed rate ISAs this week, with its two-year fixed option taking a place within the top rate tables. Those savers who are looking for an ISA for the new tax year may then find this an attractive choice. Not only can savers open the account with a small £500 investment, but they can also make transfers in. Some flexibility is also on offer, as they can access their funds early should they need to subject to an interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.65% gross / 1.65% AER payable on anniversary, monthly interest option of 1.64% gross / 1.65% AER
• Notice / term: Two years
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: Permitted, subject to 180-day loss of interest penalty
• Further additions: Permitted for 15 days from initial deposit
• Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
• Transfers out: Permitted, subject to 180-day loss of interest penalty
• Opening account: Online and by post
• Managing account: Online and by post
• Other information: Minimum applicant age 18. Investors can choose to split their Cash ISA savings across multiple ISAs within Paragon’s range. Flexible ISA rules apply.

Skipton Building Society – 30 Month Online Fixed Rate Cash ISA – Issue 180

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

“One of the providers joining the flurry of ISA rate movements this week is Skipton Building Society, which has increased the rate on its 30 Month Fixed Rate Cash ISA by 0.10%. Now paying a rate of 1.80%, this deal has taken a prominent position within the top rate tables and may entice savers looking to lock into an attractive rate over the shorter-term, whether they are looking to invest a lump sum or make an ISA transfer. The deal also provides some flexibility for savers who may need to access their cash during the fixed period, subject to an interest penalty and closure of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.80% gross / 1.80% AER payable on anniversary
• Notice / term: 30 months
• Minimum opening amount: £10,000
• Maximum investment amount: ISA allowance
• Access: Permitted on account closure and subject to 180-day loss of interest penalty
• Further additions: Permitted until 11.5.22
• Transfers in: Permitted, requests accepted until 11.5.22. Accepts cash and stocks and shares ISAs.
• Transfers out: Permitted, subject to 180-day loss of interest penalty
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16. A version of this account paying the same rate is available for those looking to apply in branch, by phone or by post.

Bank of London and the Middle East (BLME) – 18 Month Premier Deposit Account (Anticipated Profit Rate)

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

“Bank of London and the Middle East (BLME) has made several increases in its range this week, including a rise to the expected profit rate on its 18-month option. After a rise of 0.25%, the deal now pays a return of 1.85%, improves its position within the market and enters the higher end of the top rate tables. Savers who have at least £1,000 to invest and are looking for a competitive return may then find this deal attractive. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 1.85% gross / 1.85% AER payable on anniversary
• Notice / term: 18 months
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: By post
• Other information: Minimum applicant age 18. Joint account option available. BLME transfer account required to hold funds pending investment. Sharia’a compliant account – rates shown are expected profit rate.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Close Brothers Savings has made several rate increases to its fixed bond range this week, including its two-year fixed rate option. After a rate rise of 0.25%, the deal now pays 2.10% and improves its position within its sector. Those savers looking for an enticing return and are happy to lock their cash away for the next two years may then find this a desirable choice. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 2.10% gross / 2.10% AER payable yearly
• Notice / term: Two years
• Minimum opening amount: £10,000
• Maximum investment amount: £2 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online
• Managing account: Online, by post and by phone
• Other information: Minimum applicant age 18. Joint account option available.

Buy-to-Let Mortgages

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

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

“This week Skipton Building Society has made amendments to its buy-to-let variable tracker range, including its two-year offer which has been cut by a notable 0.41%. Now priced at 1.53% for two years, the deal is available for landlords at 60% loan-to-value. Borrowers will find a free valuation incentive is included and, for remortgage customers, free legal fees. The product fee of £995 can also be added to the advance of the mortgage, which may be ideal for those looking to save on the upfront cost. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

• 1.53% variable tracker rate (collared at 1.53%) for two years
• Product fee: £995
• Maximum loan-to-value: 60%
• Available to: Second-time buyers and remortgage customers
• Incentives: Free valuation, and for those remortgaging free legal fees
• Flexible features: Allows overpayments.
• Lending area: Great Britain.

Banking

Halifax – Reward Current Account

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

“This week Halifax has launched a new switching incentive of £125 for consumers who switch to either the Reward Current Account or Ultimate Reward Current Account. The Reward Current Account may appeal to consumers looking for incentives as this account allows them to choose either a £5 net reward payment or a lifestyle benefit each month. The account charges a £3 monthly fee, but this is waived for those who can credit the account with at least £1,500 per month. Those keen to take advantage of the switcher cash will need to do so via the Current Account Switch Service before 9 May 2022. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

• Credit interest / reward: Receive £5 net as a reward or a lifestyle benefit per month.
• Cashback on debit card purchases: Cashback Extras - earn up to 15% cashback from selected retailers.
• Account fee: £3 per month, waived if account credited with at least £1,500 per month.
• Arranged overdraft: 39.90% EAR
• Opening account: Online, by phone and in branch
• Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
• Other information: Minimum applicant age 18. £125 free cash offer, using the Current Account Switch Service before 9 May 2022.

Loans

Post Office Money® – Personal Loan

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

“This week, Post Office Money® has increased selected rates on its Personal Loan but its overall appeal remains. Its £5,000 to £7,499 tier has increased to 4.3% APR and its £7,500 to £15,000 tier has increased to 3.1% APR. Customers looking for a loan either to make home improvements or perhaps to consolidate their debts may then find this an appealing option. Overall, the product earns an Excellent Moneyfacts product rating.”

Key product details:

• Representative APR: 4.3%
• Loan period: Rate shown is based on a term of 60 months for a £5,000 borrowing
• Application available: Online
• Other information: Minimum age 21, maximum age at end of loan 70. UK resident for three years. Minimum income £12,000 per annum. You may be offered an alternative APR dependent on credit rating.