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Moneyfacts Pick of the Week - 07/07/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
07/07/2022

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, Eleanor Williams, 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, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

SmartSave – 1 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has launched a new 1 Year Fixed Rate Saver this week. Paying a rate of 2.66%, this takes a prominent place in the top 10 when compared to other bonds with similar terms currently available in the market. Savers with the minimum £10,000 needed to invest may be tempted by the return alone. As is often the case in the fixed rate bond sector, earlier access to funds is not an option, so it’s important investors are happy to secure their cash away for the fixed term. However, there is a little flexibility for savers to make further additions for 14 days from account opening, which could be another plus for some. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.66% gross / 2.66% AER payable on anniversary
  • 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.

 

Cynergy Bank – Online ISA (Issue 24)

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers wanting to use their tax-free savings allowance and who also want to keep some access to their savings pot may be tempted by the updated Online ISA from Cynergy Bank. The rate on the account increased this week, and now pays 1.40% yearly, which sees this ISA take a market-leading position in our top tables when compared to similar accounts currently on offer. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – Easy Access – Issue 29

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers looking for a simple easy access account which allows both unlimited additions and withdrawals may be interested to see that Shawbrook Bank has increased the rate on its Easy Access Account by 0.15% this week. Paying a return of 1.40%, this takes a place in our top tables when compared to other no notice accounts currently on offer. This could suit those who want to maintain flexible access to their nest-egg during these uncertain times, although it’s important to note that the minimum withdrawal amount is £500. There is also a monthly interest option available, which could be another plus for those who want to supplement their income. On balance, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary / monthly interest option of 1.39% gross / 1.40% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal amount £500
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Transactions via nominated account. Joint account option available.

 

Mortgages

Platform – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Platform has bucked the current trend and reduced rates across its residential mortgage range by up to 0.44% this week. The five-year fixed rate at 75% loan-to-value, which continues to carry a £1,499 fee, has taken a cut of 0.29% and is now priced at 3.09% until 30 November 2027. This could well be an appealing option for those looking for the certainty and ability to budget that comes with a mid-term fixed rate mortgage. There is also a generous incentive package attached to this deal which could further tempt those wanting to keep mortgage set-up costs as low as possible. On assessment, this deal takes a place in our top tables for intermediaries and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.09% fixed rate to 30.11.27
  • Product fee: £1,499
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation, £250 cashback and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages 

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

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week HSBC has increased rates across most of its range of buy-to-let fixed products. The five-year fixed rate deal at 60% loan-to-value has received a small rise of just 0.05% and is now fixed at 2.94% until 31 October 2027. The fee of £1,999 is unchanged, and the free valuation incentive also remains on offer. This means that, when considered as a whole package, this deal could be a tempting option for landlords who are looking to purchase and want to secure a stable mid-term fixed rate. Therefore, in spite of the small increase in rate, this product retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.94% fixed rate to 31.10.27
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

Savings

SmartSave – 1 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has launched a new 1 Year Fixed Rate Saver this week. Paying a rate of 2.66%, this takes a prominent place in the top 10 when compared to other bonds with similar terms currently available in the market. Savers with the minimum £10,000 needed to invest may be tempted by the return alone. As is often the case in the fixed rate bond sector, earlier access to funds is not an option, so it’s important investors are happy to secure their cash away for the fixed term. However, there is a little flexibility for savers to make further additions for 14 days from account opening, which could be another plus for some. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.66% gross / 2.66% AER payable on anniversary
  • 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.

 

Cynergy Bank – Online ISA (Issue 24)

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers wanting to use their tax-free savings allowance and who also want to keep some access to their savings pot may be tempted by the updated Online ISA from Cynergy Bank. The rate on the account increased this week, and now pays 1.40% yearly, which sees this ISA take a market-leading position in our top tables when compared to similar accounts currently on offer. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – Easy Access – Issue 29

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers looking for a simple easy access account which allows both unlimited additions and withdrawals may be interested to see that Shawbrook Bank has increased the rate on its Easy Access Account by 0.15% this week. Paying a return of 1.40%, this takes a place in our top tables when compared to other no notice accounts currently on offer. This could suit those who want to maintain flexible access to their nest-egg during these uncertain times, although it’s important to note that the minimum withdrawal amount is £500. There is also a monthly interest option available, which could be another plus for those who want to supplement their income. On balance, this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary / monthly interest option of 1.39% gross / 1.40% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal amount £500
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Transactions via nominated account. Joint account option available.

 

Mortgages

Platform – Five-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Platform has bucked the current trend and reduced rates across its residential mortgage range by up to 0.44% this week. The five-year fixed rate at 75% loan-to-value, which continues to carry a £1,499 fee, has taken a cut of 0.29% and is now priced at 3.09% until 30 November 2027. This could well be an appealing option for those looking for the certainty and ability to budget that comes with a mid-term fixed rate mortgage. There is also a generous incentive package attached to this deal which could further tempt those wanting to keep mortgage set-up costs as low as possible. On assessment, this deal takes a place in our top tables for intermediaries and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.09% fixed rate to 30.11.27
  • Product fee: £1,499
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation, £250 cashback and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages 

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

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“This week HSBC has increased rates across most of its range of buy-to-let fixed products. The five-year fixed rate deal at 60% loan-to-value has received a small rise of just 0.05% and is now fixed at 2.94% until 31 October 2027. The fee of £1,999 is unchanged, and the free valuation incentive also remains on offer. This means that, when considered as a whole package, this deal could be a tempting option for landlords who are looking to purchase and want to secure a stable mid-term fixed rate. Therefore, in spite of the small increase in rate, this product retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.94% fixed rate to 31.10.27
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

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