Moneyfacts Pick of the Week - 08/02/2024

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn

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

Virgin Money – 1 Year Fixed Rate E-Bond Issue 563

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

“This week, Virgin Money has increased the rate on its 1 Year Fixed Rate E-Bond. The deal now pays a rate of 5.11% on minimum investments of just £1, taking a prominent position in the market when compared against bonds of a similar term. Earlier access is not permitted. However, on a better note, investors may be pleased to see further additions can be made while the issue remains open. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.11% gross / 5.11% AER payable yearly / monthly interest option of 4.99% gross / 5.11% AER also available
Notice / term: To 20.01.25
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Permitted while issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

West Brom Building Society – WeBSave 60 Day Notice ISA (Issue 2)

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

“West Brom Building Society has expanded its product range this week by launching a new WeBSave 60 Day Notice ISA, which pays 5.06% yearly. This holds a competitive place in its sector and may be an appealing option for savers who don’t mind giving 60 days’ notice to access their investments. Although earlier access is permitted, it would be sensible for investors to carefully consider whether it’s worthwhile as there’s a 60-day loss of interest penalty. Additions can be made at any time and investors can make transfers in from multiple different ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.06% gross / 5.06% AER payable yearly / monthly interest option of 4.95% gross / 5.06% AER also available
Notice / term: 60 days
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs, Cash and Stocks and Shares LISAs and Innovative Finance ISAs
Transfers out: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Principality Building Society – Online Bonus ISA Issue 3

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

“Principality Building Society has increased the rate on its Online Bonus ISA paying 5.05% this week, taking a position within the top 10 of its sector. Savers who are yet to use their tax-free savings allowance might be tempted by this deal, which includes a 0.95% bonus for 12 months. However, investors may wish to review this again down the line once the rate drops. Overall, this earns an Excellent Moneyfacts product rating and a prominent place in our top tables.”

Key product details:

Rate: 5.05% gross / 5.05% AER payable yearly, includes 0.95% introductory bonus for 12 months
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted via a nominated account
Further additions: Permitted
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Flexible ISA rules apply.

UBL UK – 2 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 2 Year Fixed Rate Cash ISA this week, improving its overall position in the market. Now paying 4.61% on the account’s anniversary, savers who still need to maximise their ISA allowance may find this an appealing option. However, investors must be comfortable with their initial investment as further additions are not permitted and if they wish to gain earlier access to their funds it will be subject to 180 days’ loss of interest and account closure, so careful planning is crucial. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.61% gross / 4.61% AER payable on anniversary / on maturity interest option of 4.72% gross / 4.61% AER and monthly interest option of 4.52% gross / 4.61% AER also available
Notice / term: Two years
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure only, subject to 180 days’ loss of interest
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

DF Capital – 3 Year Fixed Rate Deposit (Issue 7)

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

“This week saw DF Capital launch multiple new Fixed Rate Deposits; the three-year option pays a market-leading rate of 4.60% on maturity. This may be an attractive option for savers who are comfortable with locking away their funds in the longer-term for a guaranteed return. There is an option to make further additions for 14 days after the account is opened, which may be a further benefit for some. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable on maturity
Notice / term: Three-year bond
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

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

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

“Santander has reduced the rate on selected fixed rate deals this week; its 75% loan-to-value two-year fixed rate mortgage is among the deals seeing a cut. Now priced at 4.30% and available for house purchase, borrowers can also benefit from a reasonable £999 arrangement fee as well as an appealing incentive package, which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.30% fixed rate to 2.6.26
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Coventry Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“This week, Coventry Building Society has made slight increases on selected fixed rate deals. Seeing a small rise of 0.01% is its two-year fixed deal for first-time buyers at 95% loan-to-value. Now priced at 5.50% until 31.8.26, this may appeal to borrowers looking to keep their mortgage costs low, as there are no chargeable arrangement fees. Also included in this deal is an enticing incentive package which includes a free valuation and £500 cashback. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 31.8.26
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation, and £500 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 reduced rates across its fixed rate mortgages by up to 0.45% for house purchase and remortgage customers. Seeing a slightly smaller cut of 0.35% is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.34% 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 larger arrangement fee of £1,999. This may at first be disheartening, but it is offset by a free valuation incentive, and the ability to make overpayments, which could add to its appeal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.34% fixed rate to 30.4.26
Product fee: £1,999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Savings

Virgin Money – 1 Year Fixed Rate E-Bond Issue 563

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

“This week, Virgin Money has increased the rate on its 1 Year Fixed Rate E-Bond. The deal now pays a rate of 5.11% on minimum investments of just £1, taking a prominent position in the market when compared against bonds of a similar term. Earlier access is not permitted. However, on a better note, investors may be pleased to see further additions can be made while the issue remains open. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.11% gross / 5.11% AER payable yearly / monthly interest option of 4.99% gross / 5.11% AER also available
Notice / term: To 20.01.25
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Permitted while issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

West Brom Building Society – WeBSave 60 Day Notice ISA (Issue 2)

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

“West Brom Building Society has expanded its product range this week by launching a new WeBSave 60 Day Notice ISA, which pays 5.06% yearly. This holds a competitive place in its sector and may be an appealing option for savers who don’t mind giving 60 days’ notice to access their investments. Although earlier access is permitted, it would be sensible for investors to carefully consider whether it’s worthwhile as there’s a 60-day loss of interest penalty. Additions can be made at any time and investors can make transfers in from multiple different ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.06% gross / 5.06% AER payable yearly / monthly interest option of 4.95% gross / 5.06% AER also available
Notice / term: 60 days
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs, Cash and Stocks and Shares LISAs and Innovative Finance ISAs
Transfers out: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Principality Building Society – Online Bonus ISA Issue 3

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

“Principality Building Society has increased the rate on its Online Bonus ISA paying 5.05% this week, taking a position within the top 10 of its sector. Savers who are yet to use their tax-free savings allowance might be tempted by this deal, which includes a 0.95% bonus for 12 months. However, investors may wish to review this again down the line once the rate drops. Overall, this earns an Excellent Moneyfacts product rating and a prominent place in our top tables.”

Key product details:

Rate: 5.05% gross / 5.05% AER payable yearly, includes 0.95% introductory bonus for 12 months
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted via a nominated account
Further additions: Permitted
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Flexible ISA rules apply.

UBL UK – 2 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 2 Year Fixed Rate Cash ISA this week, improving its overall position in the market. Now paying 4.61% on the account’s anniversary, savers who still need to maximise their ISA allowance may find this an appealing option. However, investors must be comfortable with their initial investment as further additions are not permitted and if they wish to gain earlier access to their funds it will be subject to 180 days’ loss of interest and account closure, so careful planning is crucial. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.61% gross / 4.61% AER payable on anniversary / on maturity interest option of 4.72% gross / 4.61% AER and monthly interest option of 4.52% gross / 4.61% AER also available
Notice / term: Two years
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Permitted on account closure only, subject to 180 days’ loss of interest
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

DF Capital – 3 Year Fixed Rate Deposit (Issue 7)

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

“This week saw DF Capital launch multiple new Fixed Rate Deposits; the three-year option pays a market-leading rate of 4.60% on maturity. This may be an attractive option for savers who are comfortable with locking away their funds in the longer-term for a guaranteed return. There is an option to make further additions for 14 days after the account is opened, which may be a further benefit for some. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable on maturity
Notice / term: Three-year bond
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

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

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

“Santander has reduced the rate on selected fixed rate deals this week; its 75% loan-to-value two-year fixed rate mortgage is among the deals seeing a cut. Now priced at 4.30% and available for house purchase, borrowers can also benefit from a reasonable £999 arrangement fee as well as an appealing incentive package, which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.30% fixed rate to 2.6.26
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Coventry Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“This week, Coventry Building Society has made slight increases on selected fixed rate deals. Seeing a small rise of 0.01% is its two-year fixed deal for first-time buyers at 95% loan-to-value. Now priced at 5.50% until 31.8.26, this may appeal to borrowers looking to keep their mortgage costs low, as there are no chargeable arrangement fees. Also included in this deal is an enticing incentive package which includes a free valuation and £500 cashback. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 31.8.26
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation, and £500 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 reduced rates across its fixed rate mortgages by up to 0.45% for house purchase and remortgage customers. Seeing a slightly smaller cut of 0.35% is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.34% 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 larger arrangement fee of £1,999. This may at first be disheartening, but it is offset by a free valuation incentive, and the ability to make overpayments, which could add to its appeal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.34% fixed rate to 30.4.26
Product fee: £1,999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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.

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

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.