Moneyfacts Pick of the Week - 08/09/2022

Rachel Springall, Press Officer

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

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

Savings

United Trust Bank – UTB 15 Month Bond

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

“This week United Trust Bank has increased selected rates on its UTB bonds, including its 15-month option. Now paying a rate of 3.40%, the UTB 15 Month Bond enhances its appeal within its sector and may entice savers who are searching for a competitive return over the shorter-term. As no earlier access or further additions are permitted, savers must be sure they can commit from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.40% gross / 3.40% AER payable on anniversary
Notice / term: 15 months
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

Leeds Building Society – 1 Year Fixed Rate Cash ISA (Issue 169)

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

“Leeds Building Society has launched a new issue of its 1 Year Fixed Rate Cash ISA this week, which pays 0.65% more than its predecessor. Paying 2.55%, the deal takes a prominent position in the top rate tables and may well entice savers looking to take advantage of their ISA allowance. Savers can invest from £100 and make transfers in from cash or stocks and shares ISAs, plus they can access their cash early if they so wish, subject to an interest penalty. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.55% gross / 2.55% AER payable on maturity
Notice / term: Fixed to 31.10.23
Minimum opening amount: £100
Maximum investment amount: ISA allowance
Access: Early access on 60-day loss of interest penalty
Further additions: Permitted, until 31.10.22
Transfers in: Permitted. Accepts cash or stocks and shares ISAs
Transfers out: Permitted, subject to 60-day loss of interest penalty
Opening account: Online, by post or in branch
Managing account: In branch or by post
Other information: Minimum applicant age 16.

Cynergy Bank – Online ISA (Issue 25)

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

“Cynergy Bank has launched a new issue of its Online ISA which pays a rate 0.25% higher than its predecessor. Paying 1.65%, the deal offers savers complete flexibility with their ISA cash and takes a prominent position within its sector. Savers will also be able to make cash ISA transfers into this account upon opening or they can invest with as little as £1. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.65% gross / 1.65% 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 only. 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.

SmartSave – 2 Year Fixed Rate Saver

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

“This week, SmartSave has increased the rate on its two-year fixed rate bond, enhancing its appeal within the market. Now paying a rate of 3.51% on its anniversary, the deal takes a prominent position within its sector and may entice savers looking for a competitive return over two years. Savers will need £10,000 to open the account but they can make further additions for 14 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.51% gross / 3.51% AER payable on its anniversary
Notice / term: Two years
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.

Mortgages

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

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

“This week, Nottingham Building Society has increased selected fixed rates in its range, including its deal fixed for five years at 75% loan-to-value seeing a rise of 0.10%. Now priced at 3.59% to 31 October 2027, the deal is available through intermediaries and offers an attractive incentive package of free valuation and free legal fees. The incentives can help borrowers save on the upfront cost of their deal, and the product fee of £1,499 can be added to the mortgage advance. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.59% fixed rate to 31.10.27
Product fee: £1,499
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments.
Lending area: England and Wales. Available via intermediaries only.

Buy-to-Let Mortgages

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

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

“Leek United Building Society has increased rates on selected fixed rates this week, including a rise of 0.10% on its five-year fixed option at 75% loan-to-value. Now priced at 3.80% to 31 December 2027, the deal’s overall package may appeal to landlords looking to save on the upfront cost as it includes a free valuation, £400 cashback and does not charge a product fee. On assessment, this deal retains a place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.80% fixed rate to 31.12.27
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase and remortgage customers
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Cards

Virgin Money – 33 Month Balance Transfer Credit Card Mastercard

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

“The latest updates from Virgin Money see a rise to standard purchase, cash, balance transfer and money transfer rates. The 33 Month Balance Transfer card continues to offer a generous introductory 0% balance transfer term of 33 months and charges an upfront balance transfer fee of 2.94%. The card also has an interest-free offer 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. On assessment, 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 33 months
Standard rate for purchases: 22.9% APR
Balance transfer fee: 2.94% 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: Online, by phone 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

United Trust Bank – UTB 15 Month Bond

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

“This week United Trust Bank has increased selected rates on its UTB bonds, including its 15-month option. Now paying a rate of 3.40%, the UTB 15 Month Bond enhances its appeal within its sector and may entice savers who are searching for a competitive return over the shorter-term. As no earlier access or further additions are permitted, savers must be sure they can commit from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.40% gross / 3.40% AER payable on anniversary
Notice / term: 15 months
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

Leeds Building Society – 1 Year Fixed Rate Cash ISA (Issue 169)

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

“Leeds Building Society has launched a new issue of its 1 Year Fixed Rate Cash ISA this week, which pays 0.65% more than its predecessor. Paying 2.55%, the deal takes a prominent position in the top rate tables and may well entice savers looking to take advantage of their ISA allowance. Savers can invest from £100 and make transfers in from cash or stocks and shares ISAs, plus they can access their cash early if they so wish, subject to an interest penalty. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.55% gross / 2.55% AER payable on maturity
Notice / term: Fixed to 31.10.23
Minimum opening amount: £100
Maximum investment amount: ISA allowance
Access: Early access on 60-day loss of interest penalty
Further additions: Permitted, until 31.10.22
Transfers in: Permitted. Accepts cash or stocks and shares ISAs
Transfers out: Permitted, subject to 60-day loss of interest penalty
Opening account: Online, by post or in branch
Managing account: In branch or by post
Other information: Minimum applicant age 16.

Cynergy Bank – Online ISA (Issue 25)

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

“Cynergy Bank has launched a new issue of its Online ISA which pays a rate 0.25% higher than its predecessor. Paying 1.65%, the deal offers savers complete flexibility with their ISA cash and takes a prominent position within its sector. Savers will also be able to make cash ISA transfers into this account upon opening or they can invest with as little as £1. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.65% gross / 1.65% 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 only. 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.

SmartSave – 2 Year Fixed Rate Saver

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

“This week, SmartSave has increased the rate on its two-year fixed rate bond, enhancing its appeal within the market. Now paying a rate of 3.51% on its anniversary, the deal takes a prominent position within its sector and may entice savers looking for a competitive return over two years. Savers will need £10,000 to open the account but they can make further additions for 14 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.51% gross / 3.51% AER payable on its anniversary
Notice / term: Two years
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.

Mortgages

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

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

“This week, Nottingham Building Society has increased selected fixed rates in its range, including its deal fixed for five years at 75% loan-to-value seeing a rise of 0.10%. Now priced at 3.59% to 31 October 2027, the deal is available through intermediaries and offers an attractive incentive package of free valuation and free legal fees. The incentives can help borrowers save on the upfront cost of their deal, and the product fee of £1,499 can be added to the mortgage advance. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.59% fixed rate to 31.10.27
Product fee: £1,499
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments.
Lending area: England and Wales. Available via intermediaries only.

Buy-to-Let Mortgages

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

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

“Leek United Building Society has increased rates on selected fixed rates this week, including a rise of 0.10% on its five-year fixed option at 75% loan-to-value. Now priced at 3.80% to 31 December 2027, the deal’s overall package may appeal to landlords looking to save on the upfront cost as it includes a free valuation, £400 cashback and does not charge a product fee. On assessment, this deal retains a place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.80% fixed rate to 31.12.27
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase and remortgage customers
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Cards

Virgin Money – 33 Month Balance Transfer Credit Card Mastercard

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

“The latest updates from Virgin Money see a rise to standard purchase, cash, balance transfer and money transfer rates. The 33 Month Balance Transfer card continues to offer a generous introductory 0% balance transfer term of 33 months and charges an upfront balance transfer fee of 2.94%. The card also has an interest-free offer 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. On assessment, 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 33 months
Standard rate for purchases: 22.9% APR
Balance transfer fee: 2.94% 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: Online, by phone 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.

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.