Brand Logo Moneyfacts Group plc
Telephone Icon T: 01603 476476 Email Icon E: enquiries@moneyfacts.co.uk LinkedIn Icon

Moneyfacts Pick of the Week - 07/12/2023

Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo
Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
07/12/2023

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 Finance Expert, Rachel Springall, 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 Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“Charter Savings Bank has made a slight reduction to the rate on its 1 Year Fixed Rate Cash ISA this week, which now pays 5.26%. The deal still sits in a competitive position within its sector and may well attract savers who are prepared to lock away their cash for a guaranteed return over the next 12 months. Savers need £5,000 to invest but they can also make transfers in from cash ISAs or stocks and shares ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.26% gross / 5.26% AER payable on anniversary, monthly interest option of 5.14% gross / 5.26% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 90-day loss of interest penalty
  • Further additions: Permitted, for 30 days from account opening via nominated account
  • Transfers in: Permitted, allows Cash, and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-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 Charter’s range.

 

Hanley Economic Building Society – Online Regular Saver

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

“Hanley Economic Building Society has launched a new Online Regular Saver this week, which pays 5.50%. The account grabs a prominent position in its sector and may attract savers who are looking to save towards a specific goal, as this offer allows them to put away up to £1,000 per month. Careful planning is wise, as only five penalty-free withdrawals are permitted per year, thereafter withdrawals are subject to a 30-day loss of interest penalty. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.50% gross / 5.50% AER variable payable yearly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum monthly investment amount: £1,000
  • Maximum investment amount: £100,000
  • Access: Five penalty-free withdrawals permitted per year, any over are subject to 30-day loss of interest penalty.
  • Further additions: £250 minimum per month, account will be closed or the balance will be transferred to an Instant Access account, which pays a lower rate, if a payment is missed.
  • Opening account: Online
  • Managing account: Online or by mobile app
  • Other information: Minimum applicant age 18. Joint account option available.

 

DF Capital – Easy Access Account

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

“DF Capital has launched a new easy access account this week, which has taken a highly competitive position in the market. Paying a monthly rate of 5.20%, savers who have the required £1,000 upfront to deposit and are searching for a competitive return, perhaps as a monthly payment to supplement their income, may find this deal enticing. It is worth noting there is a minimum withdrawal on this account of £1,000. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% gross / 5.20% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Via nominated account, minimum withdrawal £1,000
  • Further additions: Permitted, via nominated account, minimum addition £1,000
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

first direct – Two-year fixed rate mortgage, 95% loan-to-value

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

“first direct has reduced selected fixed rates in its range this week, including its two-year fixed offer at 95% loan-to-value. Now priced at 5.99%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage as it does not charge a product fee. A free valuation for all borrowers is part of its incentive package and overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.99% fixed rate for two years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Virgin Money – Three-year fixed rate mortgage, 90% loan-to-value

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

“This week, Virgin Money has reduced selected fixed rates in its range, including its three-year fixed mortgage at 90% loan-to-value. Now priced at 5.53%, this deal does not charge a product fee and it offers a free valuation incentive. Those borrowers with a limited deposit of 10% looking for a competitive package may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.53% fixed rate to 1.2.26
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

 

Yorkshire Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“House purchase customers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Yorkshire Building Society an attractive choice. After a rate reduction, the five-year fixed rate mortgage is now priced at 4.49%. The deal offers a free valuation incentive, alongside £250 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.49% fixed rate to 31.3.29
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: £250 cashback and free valuation
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

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

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

“This week, Accord Mortgages has reduced selected fixed deals in its range, including a two-year fixed rate 60% loan-to-value deal. Now priced at 5.09%, and available via selected intermediaries, borrowers searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation and £500 cashback incentive, and borrowers can also add the £1,995 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.09% fixed rate until 31.3.26.
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers, via selected intermediaries.
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

Cards

Virgin Money – 24 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees rises to the standard purchase, balance transfer and money transfer rates on a selection of cards. The 24 Month Balance Transfer Card continues to offer the same 0% term and holds a prominent position in the market. The card does charge an introductory balance transfer fee of 3.00% but it also has interest-free offers of three months for purchases and 12 months for money transfers. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. The card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 24 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.00% 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, post and via its mobile app
  • Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Rates dependent on credit rating.

 

Savings

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“Charter Savings Bank has made a slight reduction to the rate on its 1 Year Fixed Rate Cash ISA this week, which now pays 5.26%. The deal still sits in a competitive position within its sector and may well attract savers who are prepared to lock away their cash for a guaranteed return over the next 12 months. Savers need £5,000 to invest but they can also make transfers in from cash ISAs or stocks and shares ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.26% gross / 5.26% AER payable on anniversary, monthly interest option of 5.14% gross / 5.26% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Early access on 90-day loss of interest penalty
  • Further additions: Permitted, for 30 days from account opening via nominated account
  • Transfers in: Permitted, allows Cash, and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-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 Charter’s range.

 

Hanley Economic Building Society – Online Regular Saver

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

“Hanley Economic Building Society has launched a new Online Regular Saver this week, which pays 5.50%. The account grabs a prominent position in its sector and may attract savers who are looking to save towards a specific goal, as this offer allows them to put away up to £1,000 per month. Careful planning is wise, as only five penalty-free withdrawals are permitted per year, thereafter withdrawals are subject to a 30-day loss of interest penalty. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.50% gross / 5.50% AER variable payable yearly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum monthly investment amount: £1,000
  • Maximum investment amount: £100,000
  • Access: Five penalty-free withdrawals permitted per year, any over are subject to 30-day loss of interest penalty.
  • Further additions: £250 minimum per month, account will be closed or the balance will be transferred to an Instant Access account, which pays a lower rate, if a payment is missed.
  • Opening account: Online
  • Managing account: Online or by mobile app
  • Other information: Minimum applicant age 18. Joint account option available.

 

DF Capital – Easy Access Account

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

“DF Capital has launched a new easy access account this week, which has taken a highly competitive position in the market. Paying a monthly rate of 5.20%, savers who have the required £1,000 upfront to deposit and are searching for a competitive return, perhaps as a monthly payment to supplement their income, may find this deal enticing. It is worth noting there is a minimum withdrawal on this account of £1,000. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% gross / 5.20% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Via nominated account, minimum withdrawal £1,000
  • Further additions: Permitted, via nominated account, minimum addition £1,000
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

first direct – Two-year fixed rate mortgage, 95% loan-to-value

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

“first direct has reduced selected fixed rates in its range this week, including its two-year fixed offer at 95% loan-to-value. Now priced at 5.99%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage as it does not charge a product fee. A free valuation for all borrowers is part of its incentive package and overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.99% fixed rate for two years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Virgin Money – Three-year fixed rate mortgage, 90% loan-to-value

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

“This week, Virgin Money has reduced selected fixed rates in its range, including its three-year fixed mortgage at 90% loan-to-value. Now priced at 5.53%, this deal does not charge a product fee and it offers a free valuation incentive. Those borrowers with a limited deposit of 10% looking for a competitive package may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.53% fixed rate to 1.2.26
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

 

Yorkshire Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“House purchase customers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Yorkshire Building Society an attractive choice. After a rate reduction, the five-year fixed rate mortgage is now priced at 4.49%. The deal offers a free valuation incentive, alongside £250 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.49% fixed rate to 31.3.29
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: £250 cashback and free valuation
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

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

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

“This week, Accord Mortgages has reduced selected fixed deals in its range, including a two-year fixed rate 60% loan-to-value deal. Now priced at 5.09%, and available via selected intermediaries, borrowers searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation and £500 cashback incentive, and borrowers can also add the £1,995 product fee to the advance of the mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.09% fixed rate until 31.3.26.
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers, via selected intermediaries.
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

Cards

Virgin Money – 24 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees rises to the standard purchase, balance transfer and money transfer rates on a selection of cards. The 24 Month Balance Transfer Card continues to offer the same 0% term and holds a prominent position in the market. The card does charge an introductory balance transfer fee of 3.00% but it also has interest-free offers of three months for purchases and 12 months for money transfers. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. The card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 24 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.00% 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, post and via its mobile app
  • Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Rates dependent on credit rating.

 

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