Moneyfacts Pick of the Week - 07/10/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
07/10/2021

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

Masthaven Bank – 18 Month Flexible Term Saver

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

“Masthaven Bank has increased the rates on a selection of its accounts this week, including a notable 0.22% uplift on its 18 Month Flexible Term Saver. Now paying 1.50% on anniversary, this account takes a position in the top 10 of its sector when compared to other fixed bonds with similar terms currently on offer. As early access is not permitted, savers should ensure they are happy to lock their nest egg away for the term. However, further additions can be made within 14 days of account opening, which may be a plus for some. Additionally, there is a monthly interest option available, which may further tempt those looking to boost their income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.50% gross / 1.50% AER payable on anniversary, monthly interest option of 1.49% gross / 1.50% AER available
  • Notice / term: 18 months
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening via a nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

Newcastle Building Society – Monthly Access Saver

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

“Savers searching for an easy access account will be pleased by the latest rate increase of 0.05% on the Monthly Access Saver from Newcastle Building Society. Now paying 0.55%, the deal secures a place within the top rate tables. Savers with at least £500 to invest may appreciate that the account pays interest monthly and permits one withdrawal per month, however, savers should be aware that if two or more withdrawals are made within a month then the rate will reduce to 0.10%, so careful planning is a must. The deal secures an Excellent Moneyfacts product rating in the process.”

Key product details:

  • Rate: 0.55% gross / 0.55% AER payable monthly (rate reduces to 0.10% gross / 0.10% AER if two or more withdrawals made per month)
  • Notice / term: Instant
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Permitted, up to one withdrawal per month. If two or more withdrawals are made, the rate will reduce.
  • Further additions: Permitted
  • Opening account: In branch and online (Internet opening for existing members and/or those living in the North East)
  • Managing account: In branch, by phone, online and by post
  • Other information: Minimum applicant age 16. Joint account option available.

Scottish BS – E-ISA

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

“Scottish BS has increased the rate on its E-ISA this week by 0.15%. Now paying 0.55% and securing a place in the top 10 compared to other variable rate ISAs currently available, this could be an attractive option for savers who are still to use their full tax-free ISA allowance. This ISA can be opened and managed online and can be opened with investments of as little as £100. This could appeal to those searching for an easy access ISA, and also those wanting to be able to make further additions to their savings pot. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.55% gross / 0.55% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £100
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted, accepts cash or stocks and shares ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

Mortgages

Skipton Building Society – Three-year fixed rate mortgage, 90% loan-to-value

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

“Skipton Building Society has revamped its mortgage range and included a swathe of rate reductions in this latest update. One of the Limited Edition products which sees a rate cut is the three-year fixed rate 90% loan-to-value deal which drops by 0.34% to 1.89% until 30 November 2024. Available to both those purchasing and remortgaging, this is one of the lowest product rates currently available. When considered as a package, there is a £995 fee which borrowers can either pay upfront or could be added to the advance, and there is also an incentive package of a free valuation for all, while those remortgaging can also benefit from free legal fees, which may tempt those who have little spare cash to meet associated mortgage costs. Overall, this option secures a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.89% fixed rate to 30.11.24
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered subject to approval and overpayments having been made. Notice required
  • Lending area: Great Britain.

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

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

“Borrowers who have 20% equity or deposit available may be pleased to see that among the products to receive a rate cut from Furness Building Society this week is a two-year fixed rate option at 80% loan-to-value. Taking a cut of 0.07%, this deal is now priced at 1.37% fixed for two years and is available to both those purchasing or those remortgaging. Now one of the lowest initial rates within its sector of the market the appeal of this product is further boosted by the fact that it has a reasonable £999 fee which can either be paid upfront or added to the advance, and also a generous incentive package, which may tempt those looking to keep any outgoings linked with taking on a new mortgage to a minimum. On assessment this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.37% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all, free legal fees or £150 towards legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Buy-to-Let Mortgages

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

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

“One of the deals to receive a rate cut from HSBC this week is the two-year fixed option with no fee for landlords who are looking to purchase at 75% loan-to-value. Following a reduction of 0.10%, this is now priced at 1.89% to 31 January 2024 and continues to offer investors a free valuation incentive. Already an attractive choice for landlords looking to buy who wish to limit any outlay associated with taking on a new mortgage due to the lack of fee and incentive, the cut in rate further improves the appeal of this product, cementing its position in our top tables and earning the deal an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.89% fixed rate to 31.1.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyersIncentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Accord Mortgages – Two-year discounted variable rate mortgage, 60% loan-to-value

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

“As well as making reductions to many of its fixed rate deals, Accord Mortgages also launched some variable rate products into its buy-to-let range this week, including a 1.19% discounted variable rate to 31 January 2024 at 60% loan-to-value. On initial rate alone this is the lowest rate currently on offer in this sector of the market, and investors comfortable with a variable rate mortgage may also be pleased to note that the associated fee is a modest fee of £995 and they can also benefit from a free valuation incentive. Assessed overall the deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.19% discounted-variable rate (collared at 1.19%) to 31.1.24
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales and Scotland. Available via selected intermediaries.

Savings

Masthaven Bank – 18 Month Flexible Term Saver

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

“Masthaven Bank has increased the rates on a selection of its accounts this week, including a notable 0.22% uplift on its 18 Month Flexible Term Saver. Now paying 1.50% on anniversary, this account takes a position in the top 10 of its sector when compared to other fixed bonds with similar terms currently on offer. As early access is not permitted, savers should ensure they are happy to lock their nest egg away for the term. However, further additions can be made within 14 days of account opening, which may be a plus for some. Additionally, there is a monthly interest option available, which may further tempt those looking to boost their income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.50% gross / 1.50% AER payable on anniversary, monthly interest option of 1.49% gross / 1.50% AER available
  • Notice / term: 18 months
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening via a nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

Newcastle Building Society – Monthly Access Saver

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

“Savers searching for an easy access account will be pleased by the latest rate increase of 0.05% on the Monthly Access Saver from Newcastle Building Society. Now paying 0.55%, the deal secures a place within the top rate tables. Savers with at least £500 to invest may appreciate that the account pays interest monthly and permits one withdrawal per month, however, savers should be aware that if two or more withdrawals are made within a month then the rate will reduce to 0.10%, so careful planning is a must. The deal secures an Excellent Moneyfacts product rating in the process.”

Key product details:

  • Rate: 0.55% gross / 0.55% AER payable monthly (rate reduces to 0.10% gross / 0.10% AER if two or more withdrawals made per month)
  • Notice / term: Instant
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Permitted, up to one withdrawal per month. If two or more withdrawals are made, the rate will reduce.
  • Further additions: Permitted
  • Opening account: In branch and online (Internet opening for existing members and/or those living in the North East)
  • Managing account: In branch, by phone, online and by post
  • Other information: Minimum applicant age 16. Joint account option available.

Scottish BS – E-ISA

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

“Scottish BS has increased the rate on its E-ISA this week by 0.15%. Now paying 0.55% and securing a place in the top 10 compared to other variable rate ISAs currently available, this could be an attractive option for savers who are still to use their full tax-free ISA allowance. This ISA can be opened and managed online and can be opened with investments of as little as £100. This could appeal to those searching for an easy access ISA, and also those wanting to be able to make further additions to their savings pot. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.55% gross / 0.55% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £100
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted, accepts cash or stocks and shares ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

Mortgages

Skipton Building Society – Three-year fixed rate mortgage, 90% loan-to-value

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

“Skipton Building Society has revamped its mortgage range and included a swathe of rate reductions in this latest update. One of the Limited Edition products which sees a rate cut is the three-year fixed rate 90% loan-to-value deal which drops by 0.34% to 1.89% until 30 November 2024. Available to both those purchasing and remortgaging, this is one of the lowest product rates currently available. When considered as a package, there is a £995 fee which borrowers can either pay upfront or could be added to the advance, and there is also an incentive package of a free valuation for all, while those remortgaging can also benefit from free legal fees, which may tempt those who have little spare cash to meet associated mortgage costs. Overall, this option secures a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.89% fixed rate to 30.11.24
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered subject to approval and overpayments having been made. Notice required
  • Lending area: Great Britain.

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

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

“Borrowers who have 20% equity or deposit available may be pleased to see that among the products to receive a rate cut from Furness Building Society this week is a two-year fixed rate option at 80% loan-to-value. Taking a cut of 0.07%, this deal is now priced at 1.37% fixed for two years and is available to both those purchasing or those remortgaging. Now one of the lowest initial rates within its sector of the market the appeal of this product is further boosted by the fact that it has a reasonable £999 fee which can either be paid upfront or added to the advance, and also a generous incentive package, which may tempt those looking to keep any outgoings linked with taking on a new mortgage to a minimum. On assessment this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.37% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all, free legal fees or £150 towards legal fees for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Buy-to-Let Mortgages

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

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

“One of the deals to receive a rate cut from HSBC this week is the two-year fixed option with no fee for landlords who are looking to purchase at 75% loan-to-value. Following a reduction of 0.10%, this is now priced at 1.89% to 31 January 2024 and continues to offer investors a free valuation incentive. Already an attractive choice for landlords looking to buy who wish to limit any outlay associated with taking on a new mortgage due to the lack of fee and incentive, the cut in rate further improves the appeal of this product, cementing its position in our top tables and earning the deal an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.89% fixed rate to 31.1.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyersIncentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Accord Mortgages – Two-year discounted variable rate mortgage, 60% loan-to-value

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

“As well as making reductions to many of its fixed rate deals, Accord Mortgages also launched some variable rate products into its buy-to-let range this week, including a 1.19% discounted variable rate to 31 January 2024 at 60% loan-to-value. On initial rate alone this is the lowest rate currently on offer in this sector of the market, and investors comfortable with a variable rate mortgage may also be pleased to note that the associated fee is a modest fee of £995 and they can also benefit from a free valuation incentive. Assessed overall the deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.19% discounted-variable rate (collared at 1.19%) to 31.1.24
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales and Scotland. Available via selected intermediaries.

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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