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Moneyfacts Pick of the Week - 09/05/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
09/05/2024

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

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“This week, National Bank of Egypt (UK) Limited has increased the rates across its Raisin UK - Fixed Term Deposits. The one-year option now pays 5.10% and may appeal to savers looking for a competitive return over the short-term, but the account must be opened with a minimum investment of £10,000. Earlier access and further additions are not permitted, so careful planning from the outset will be essential. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app.
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

 

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Close Brothers Savings has launched a new 2 Year Fixed Rate Bond this week, paying 4.95%. It takes a competitive position in the market when compared against other bonds of similar terms. Savers will need to invest a minimum of £10,000 and they may be glad to hear that further additions can be made for 10 days from the account opening; however, it is worth noting that early access is not permitted. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.95% gross/ 4.95% AER paid yearly
  • Notice / term: Two year
  • 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 post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“Improving its overall position in the market this week, Charter Savings Bank has increased the rate on its 1 Year Fixed Rate Cash ISA, which now pays a competitive 4.71%. Savers will need to make an initial £5,000 minimum investment, however, for those who wish to do so, further additions can be made for 30 days from the account opening. It would be sensible for investors to carefully consider earlier access as any access before the one-year term ends is subject to a 90-day loss of interest penalty. Savers can also choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.71% gross / 4.71% AER payable on anniversary, monthly interest option of 4.61% gross / 4.71% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 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.

 

Mortgages

MPowered Mortgages – Three-year fixed rate mortgage, 75% loan-to-value

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

“MPowered Mortgages has reduced several of its fixed rates for house purchase customers this week. Seeing a small cut of 0.08% is its three-year fixed rate mortgage at 75% loan-to-value. Now priced at an appealing 4.69%, the deal is available through selected intermediaries. Attached, there is a reasonable upfront product fee of £999 and a generous incentive package of a free valuation. The reduction, along with its incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.69% fixed rate for three years
  • Product fee: £99
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales. Available through selected intermediaries

 

Barclays Mortgage – Two-year fixed rate mortgage, 85% loan-to-value

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

“Barclays Mortgage has reduced a handful of its fixed rate offerings within its residential range this week. The deal to see the largest cut of 0.39% is the two-year fixed rate deal at 85% loan-to-value, which pays an appealing 5.18% until 30.6.26. The deal gains a prominent position in the market and may entice borrowers looking to save on the upfront cost of their mortgage. They may find this an attractive option as the deal does not charge any upfront fee and comes with an incentive package, which includes a free valuation. Those who wish to save on their monthly payments in the future have the option to make overpayments. On assessment, this deal keeps its spot as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% fixed rate to 30.6.26
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

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

“HSBC has launched a new range of buy-to-let fixed rates for landlords this week. One of the offerings is a five-year fixed rate deal at 60% loan-to-value charging an enticing 4.29% for all house purchase customers. Landlords may notice that there is a large arrangement fee of £3,999, however, this is outweighed by the low rate and attractive incentive package which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.29% fixed rate to 31.7.29
  • Product fee: £3,999
  • 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

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“This week, National Bank of Egypt (UK) Limited has increased the rates across its Raisin UK - Fixed Term Deposits. The one-year option now pays 5.10% and may appeal to savers looking for a competitive return over the short-term, but the account must be opened with a minimum investment of £10,000. Earlier access and further additions are not permitted, so careful planning from the outset will be essential. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app.
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

 

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Close Brothers Savings has launched a new 2 Year Fixed Rate Bond this week, paying 4.95%. It takes a competitive position in the market when compared against other bonds of similar terms. Savers will need to invest a minimum of £10,000 and they may be glad to hear that further additions can be made for 10 days from the account opening; however, it is worth noting that early access is not permitted. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.95% gross/ 4.95% AER paid yearly
  • Notice / term: Two year
  • 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 post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Charter Savings Bank – 1 Year Fixed Rate Cash ISA

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

“Improving its overall position in the market this week, Charter Savings Bank has increased the rate on its 1 Year Fixed Rate Cash ISA, which now pays a competitive 4.71%. Savers will need to make an initial £5,000 minimum investment, however, for those who wish to do so, further additions can be made for 30 days from the account opening. It would be sensible for investors to carefully consider earlier access as any access before the one-year term ends is subject to a 90-day loss of interest penalty. Savers can also choose to split their Cash ISA savings across multiple ISAs within Charter’s range. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.71% gross / 4.71% AER payable on anniversary, monthly interest option of 4.61% gross / 4.71% AER
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 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.

 

Mortgages

MPowered Mortgages – Three-year fixed rate mortgage, 75% loan-to-value

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

“MPowered Mortgages has reduced several of its fixed rates for house purchase customers this week. Seeing a small cut of 0.08% is its three-year fixed rate mortgage at 75% loan-to-value. Now priced at an appealing 4.69%, the deal is available through selected intermediaries. Attached, there is a reasonable upfront product fee of £999 and a generous incentive package of a free valuation. The reduction, along with its incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.69% fixed rate for three years
  • Product fee: £99
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales. Available through selected intermediaries

 

Barclays Mortgage – Two-year fixed rate mortgage, 85% loan-to-value

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

“Barclays Mortgage has reduced a handful of its fixed rate offerings within its residential range this week. The deal to see the largest cut of 0.39% is the two-year fixed rate deal at 85% loan-to-value, which pays an appealing 5.18% until 30.6.26. The deal gains a prominent position in the market and may entice borrowers looking to save on the upfront cost of their mortgage. They may find this an attractive option as the deal does not charge any upfront fee and comes with an incentive package, which includes a free valuation. Those who wish to save on their monthly payments in the future have the option to make overpayments. On assessment, this deal keeps its spot as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% fixed rate to 30.6.26
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

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

“HSBC has launched a new range of buy-to-let fixed rates for landlords this week. One of the offerings is a five-year fixed rate deal at 60% loan-to-value charging an enticing 4.29% for all house purchase customers. Landlords may notice that there is a large arrangement fee of £3,999, however, this is outweighed by the low rate and attractive incentive package which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.29% fixed rate to 31.7.29
  • Product fee: £3,999
  • 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.

 

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