Moneyfacts Pick of the Week - 08/12/2022

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, Eleanor Williams, 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, 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 Moneyfactscompare.co.uk, said:

“SmartSave has launched a new one-year fixed rate bond this week which takes a place in the top 10 when compared against other bonds with similar terms. Savers happy to lock their savings pot away for the short term may well be tempted by the competitive rate of return, as this account pays 4.32% on maturity, but they must be comfortable with their investment as earlier access is not permitted. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.32% gross / 4.32% AER, payable on maturity
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.

Beehive Money – 18 Month Goal Bond

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

“This week Beehive Money has launched a new range of Goal Bonds, which includes an 18-month option paying 4.50% yearly. This may well tempt savers who are happy to secure their nest egg away for the term of the account and who are looking for a competitive rate of return. This account is available to those with a minimum deposit amount of £500. As may be expected with a fixed bond, early access to funds is not permitted, however, there is an element of flexibility for savers to make further additions for either 14 days from account opening, or while the issue remains open, which could be useful for some investors. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.50% gross / 4.50% AER, payable yearly
Notice / term: To 30.6.24
Minimum opening amount: £500
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening, or while issue remains open, whichever period is longer.
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Investors with the required minimum investment amount of £10,000 may be pleased to note that Close Brothers Savings has introduced new fixed rate bond products this week. The 2 Year Fixed Rate Bond takes a prominent place in our top tables, paying a return of 4.65% gross. Savers looking for a guaranteed return on their savings pot may find this an attractive option, as this deal takes a competitive position in its sector, secures a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.65% gross / 4.65% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

West Brom Building Society – 5 Year Fixed Rate ISA

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

“Included in the latest update from West Brom Building Society is the launch of a range of new ISA products, including a 5 Year Fixed Rate ISA paying 4.25% yearly. This takes a place in the top 10 compared to other fixed rate ISAs with similar terms and may be an appealing option for savers who have yet to use their ISA allowance. Investors would need to be comfortable with their initial investment and the term of the ISA, however, some flexibility is available as further additions are permitted while the issue remains open, and earlier access is permitted (subject to a loss of interest penalty). Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.25% gross / 4.25% AER payable yearly
Notice / term: To 31.12.27
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 365-day loss of interest penalty
Further additions: Permitted while issue remains open
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 365-day loss of interest penalty
Opening account: In branch and by post
Managing account: In branch, by phone and by post
Other information: Minimum applicant age 16.

Mortgages

Skipton Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Skipton Building Society has added some Limited Edition products to its mortgage range this week. One of the new offerings is a five-year fixed rate deal which is available at 60% loan-to-value. Priced at 4.81% and fixed until 31 March 2028, this competitively priced deal also benefits from a reasonable £995 fee and an incentive package, so may well be a tempting choice for those with the required level of deposit or equity. On balance, this product earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 4.81% fixed rate to 31.3.28
Product fee: £995
Maximum loan-to-value: 60%
Available to: All borrower types
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
Flexible features: Allows overpayments. Payment holidays considered (with notice required), after six months, not to exceed level of overpayments made.
Lending area: Great Britain.

Furness Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“Furness Building Society has reduced rates across the majority of its residential mortgage range this week, including a cut to its two-year fixed mortgage at 60% loan-to-value of 0.30%. Borrowers looking for the stability and ability to budget which comes with a shorter-term fixed rate may well find this an appealing package as it is priced at 5.19% and fixed for two years. This deal charges a reasonable product fee of £999 and offers borrowers a generous incentive package which includes a free valuation and £250 cashback, which could further tempt those hoping to keep any mortgage set-up costs to a minimum. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.19% fixed rate for two years
Product fee: £999
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Generation Home – Two-year fixed rate mortgage, 90% loan-to-value

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

“This week saw Generation Home reduced its fixed rates, including cutting its two-year fixed rate at 90% loan-to-value by 0.15%. Now priced at 5.50%, this deal carries no product fee and could be an enticing option for both those looking to purchase or to remortgage and who have 10% deposit or equity available. Taking into account the lower rate and lack of fee, this product earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 5.50% fixed rate for two years
Product fee: None
Maximum loan-to-value: 90%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments.
Lending area: England and Wales.

Buy-to-let

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

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

“This week, NatWest has refreshed its buy-to-let range, including a rate cut to its two-year fixed deal at 60% loan-to-value. Reduced by 0.28%, this is now priced at 5.89% to 30 April 2025. An incentive of a free valuation may tempt borrowers looking to save on the upfront cost of their deal, as may the fact that there is no product fee to pay. When assessed as a package, this product improves its place in our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.89% fixed rate to 30.4.25
Product fee: None
Maximum loan-to-value: 60%
Available to: Purchase customers (remortgage option also available)
Incentives: Free valuation
Flexible features: Allows overpayments.
Lending area: Great Britain and Northern Ireland.

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

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

“Skipton Building Society has launched Limited Edition fixed rates in its buy-to-let range this week. One such new deal is a five-year fixed rate for landlords looking for a deal at 75% loan-to-value. Priced at 5.38% and fixed until 31 March 2028, this deal carries a comprehensive incentive package, and a reasonable £995 fee which can be added to the advance, and so could be an appealing choice for landlords looking for a good package. Overall, this deal earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.38% fixed rate to 31.3.28
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage borrowers
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers Flexible features: Allows overpayments.
Lending area: Great Britain.

Savings

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has launched a new one-year fixed rate bond this week which takes a place in the top 10 when compared against other bonds with similar terms. Savers happy to lock their savings pot away for the short term may well be tempted by the competitive rate of return, as this account pays 4.32% on maturity, but they must be comfortable with their investment as earlier access is not permitted. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.32% gross / 4.32% AER, payable on maturity
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.

Beehive Money – 18 Month Goal Bond

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

“This week Beehive Money has launched a new range of Goal Bonds, which includes an 18-month option paying 4.50% yearly. This may well tempt savers who are happy to secure their nest egg away for the term of the account and who are looking for a competitive rate of return. This account is available to those with a minimum deposit amount of £500. As may be expected with a fixed bond, early access to funds is not permitted, however, there is an element of flexibility for savers to make further additions for either 14 days from account opening, or while the issue remains open, which could be useful for some investors. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.50% gross / 4.50% AER, payable yearly
Notice / term: To 30.6.24
Minimum opening amount: £500
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening, or while issue remains open, whichever period is longer.
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Investors with the required minimum investment amount of £10,000 may be pleased to note that Close Brothers Savings has introduced new fixed rate bond products this week. The 2 Year Fixed Rate Bond takes a prominent place in our top tables, paying a return of 4.65% gross. Savers looking for a guaranteed return on their savings pot may find this an attractive option, as this deal takes a competitive position in its sector, secures a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.65% gross / 4.65% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

West Brom Building Society – 5 Year Fixed Rate ISA

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

“Included in the latest update from West Brom Building Society is the launch of a range of new ISA products, including a 5 Year Fixed Rate ISA paying 4.25% yearly. This takes a place in the top 10 compared to other fixed rate ISAs with similar terms and may be an appealing option for savers who have yet to use their ISA allowance. Investors would need to be comfortable with their initial investment and the term of the ISA, however, some flexibility is available as further additions are permitted while the issue remains open, and earlier access is permitted (subject to a loss of interest penalty). Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.25% gross / 4.25% AER payable yearly
Notice / term: To 31.12.27
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to 365-day loss of interest penalty
Further additions: Permitted while issue remains open
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 365-day loss of interest penalty
Opening account: In branch and by post
Managing account: In branch, by phone and by post
Other information: Minimum applicant age 16.

Mortgages

Skipton Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Skipton Building Society has added some Limited Edition products to its mortgage range this week. One of the new offerings is a five-year fixed rate deal which is available at 60% loan-to-value. Priced at 4.81% and fixed until 31 March 2028, this competitively priced deal also benefits from a reasonable £995 fee and an incentive package, so may well be a tempting choice for those with the required level of deposit or equity. On balance, this product earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 4.81% fixed rate to 31.3.28
Product fee: £995
Maximum loan-to-value: 60%
Available to: All borrower types
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
Flexible features: Allows overpayments. Payment holidays considered (with notice required), after six months, not to exceed level of overpayments made.
Lending area: Great Britain.

Furness Building Society – Two-year fixed rate mortgage, 60% loan-to-value

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

“Furness Building Society has reduced rates across the majority of its residential mortgage range this week, including a cut to its two-year fixed mortgage at 60% loan-to-value of 0.30%. Borrowers looking for the stability and ability to budget which comes with a shorter-term fixed rate may well find this an appealing package as it is priced at 5.19% and fixed for two years. This deal charges a reasonable product fee of £999 and offers borrowers a generous incentive package which includes a free valuation and £250 cashback, which could further tempt those hoping to keep any mortgage set-up costs to a minimum. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.19% fixed rate for two years
Product fee: £999
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Generation Home – Two-year fixed rate mortgage, 90% loan-to-value

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

“This week saw Generation Home reduced its fixed rates, including cutting its two-year fixed rate at 90% loan-to-value by 0.15%. Now priced at 5.50%, this deal carries no product fee and could be an enticing option for both those looking to purchase or to remortgage and who have 10% deposit or equity available. Taking into account the lower rate and lack of fee, this product earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

Rate: 5.50% fixed rate for two years
Product fee: None
Maximum loan-to-value: 90%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments.
Lending area: England and Wales.

Buy-to-let

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

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

“This week, NatWest has refreshed its buy-to-let range, including a rate cut to its two-year fixed deal at 60% loan-to-value. Reduced by 0.28%, this is now priced at 5.89% to 30 April 2025. An incentive of a free valuation may tempt borrowers looking to save on the upfront cost of their deal, as may the fact that there is no product fee to pay. When assessed as a package, this product improves its place in our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.89% fixed rate to 30.4.25
Product fee: None
Maximum loan-to-value: 60%
Available to: Purchase customers (remortgage option also available)
Incentives: Free valuation
Flexible features: Allows overpayments.
Lending area: Great Britain and Northern Ireland.

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

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

“Skipton Building Society has launched Limited Edition fixed rates in its buy-to-let range this week. One such new deal is a five-year fixed rate for landlords looking for a deal at 75% loan-to-value. Priced at 5.38% and fixed until 31 March 2028, this deal carries a comprehensive incentive package, and a reasonable £995 fee which can be added to the advance, and so could be an appealing choice for landlords looking for a good package. Overall, this deal earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.38% fixed rate to 31.3.28
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage borrowers
Incentives: Free valuation for all borrowers and free legal fees for remortgage customers Flexible features: Allows overpayments.
Lending area: Great Britain.

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

Caitlyn Eastell Apprentice Press & PR Assistant

©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.