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Moneyfacts Pick of the Week - 09/06/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
09/06/2022

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

Ahli United Bank (UK) plc – Raisin UK – 1 Year Fixed Term Deposit

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

“This week Ahli United Bank (UK) plc has taken a notable position within the short-term fixed savings arena, with the launch of its 1 Year Fixed Term Deposit through Raisin UK. The deal pays 2.55% gross and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.55% gross / 2.55% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and postal
  • Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Coventry Building Society – Easy Access ISA (Online) (5)

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

“Coventry Building Society has launched a new Easy Access ISA to its range which pays 1.05%. The deal may well appeal to savers looking to take advantage of their ISA allowance but wanting an account that provides flexibility. Savers can invest from just £1 from the outset and transfers in are accepted. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable on its anniversary / monthly interest option of 1.04% gross / 1.04% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and LISAs (cash or stocks and shares)
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Flexible ISA rules apply.

 

Hodge Bank – 1 Year Fixed Rate Cash ISA

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

“Hodge Bank has increased the rate on its 1 Year Fixed Rate Cash ISA this week, improving its place in the market. Now paying 1.76%, the deal may appeal to savers looking to utilise their ISA allowance and happy to lock their cash away for a year for a competitive return. Savers will need to invest at least £1,000, but the account does allow further additions within the first 10 working days of account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.76% gross / 1.76% AER payable on maturity/ monthly interest option of 1.75% gross / 1.75% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted subject to an interest penalty
  • Further additions: Permitted for 10 working days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs, minimum £1,000
  • Transfers out: Permitted subject to an interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 75% loan-to-value

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

“Halifax has increased a range of its fixed rates this week, including a rise of 0.20% on its 10-year fixed deal at 75% loan-to-value. Now priced at 2.78% until 31 August 2032, the deal charges a reasonable fee of £995, which can be added to the advance of the mortgage and comes with a cashback incentive of £250 for qualifying ‘Green Home’ properties. Despite the rate rise, the attractive package overall may still attract borrowers looking to save on the upfront cost of their mortgage. The deal secures a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.78% fixed rate to 31.8.32
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval.
  • Lending area: Great Britain and Northern Ireland.

 

Coventry Building Society – Two-year variable tracker rate mortgage, 85% loan-to-value 

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

“This week Coventry Building Society is offering a new two-year variable tracker rate deal, priced at 1.99%. Borrowers searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive for all borrowers and free legal fees for remortgage customers. There is a product fee of £999 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • 1.99% variable tracker rate (collared at 1.00%) to 31.10.24
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: All borrowers
  • Incentives: Free valuation for all, and free legal fees for remortgage customers
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

Cards

MBNA Limited – Long 0% Balance Transfer Credit Card Mastercard

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

“The latest updates from MBNA see the term on the Long 0% Balance Transfer Credit Card Mastercard increase by two months to 34 months. This card now provides one of the best introductory 0% balance transfer offers and charges an upfront balance transfer fee of 2.99%. Those customers looking to consolidate debts may then find this an appealing offer but may wish to note that lower fees are available elsewhere. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: None
  • Introductory rate for balance transfers: 0% for 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.99% 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
  • Card management: Online, by phone and via its mobile app
  • Other information: Minimum age 18. Minimum income £14,000. Must hold a UK bank/building society account. Must hold permanent UK address for three years. Rates dependent on credit rating.

Savings

Ahli United Bank (UK) plc – Raisin UK – 1 Year Fixed Term Deposit

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

“This week Ahli United Bank (UK) plc has taken a notable position within the short-term fixed savings arena, with the launch of its 1 Year Fixed Term Deposit through Raisin UK. The deal pays 2.55% gross and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

  • Rate: 2.55% gross / 2.55% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and postal
  • Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Coventry Building Society – Easy Access ISA (Online) (5)

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

“Coventry Building Society has launched a new Easy Access ISA to its range which pays 1.05%. The deal may well appeal to savers looking to take advantage of their ISA allowance but wanting an account that provides flexibility. Savers can invest from just £1 from the outset and transfers in are accepted. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable on its anniversary / monthly interest option of 1.04% gross / 1.04% AER also available
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and LISAs (cash or stocks and shares)
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Flexible ISA rules apply.

 

Hodge Bank – 1 Year Fixed Rate Cash ISA

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

“Hodge Bank has increased the rate on its 1 Year Fixed Rate Cash ISA this week, improving its place in the market. Now paying 1.76%, the deal may appeal to savers looking to utilise their ISA allowance and happy to lock their cash away for a year for a competitive return. Savers will need to invest at least £1,000, but the account does allow further additions within the first 10 working days of account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.76% gross / 1.76% AER payable on maturity/ monthly interest option of 1.75% gross / 1.75% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted subject to an interest penalty
  • Further additions: Permitted for 10 working days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs, minimum £1,000
  • Transfers out: Permitted subject to an interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 75% loan-to-value

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

“Halifax has increased a range of its fixed rates this week, including a rise of 0.20% on its 10-year fixed deal at 75% loan-to-value. Now priced at 2.78% until 31 August 2032, the deal charges a reasonable fee of £995, which can be added to the advance of the mortgage and comes with a cashback incentive of £250 for qualifying ‘Green Home’ properties. Despite the rate rise, the attractive package overall may still attract borrowers looking to save on the upfront cost of their mortgage. The deal secures a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.78% fixed rate to 31.8.32
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval.
  • Lending area: Great Britain and Northern Ireland.

 

Coventry Building Society – Two-year variable tracker rate mortgage, 85% loan-to-value 

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

“This week Coventry Building Society is offering a new two-year variable tracker rate deal, priced at 1.99%. Borrowers searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive for all borrowers and free legal fees for remortgage customers. There is a product fee of £999 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • 1.99% variable tracker rate (collared at 1.00%) to 31.10.24
  • Product fee: £999
  • Maximum loan-to-value: 85%
  • Available to: All borrowers
  • Incentives: Free valuation for all, and free legal fees for remortgage customers
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

Cards

MBNA Limited – Long 0% Balance Transfer Credit Card Mastercard

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

“The latest updates from MBNA see the term on the Long 0% Balance Transfer Credit Card Mastercard increase by two months to 34 months. This card now provides one of the best introductory 0% balance transfer offers and charges an upfront balance transfer fee of 2.99%. Those customers looking to consolidate debts may then find this an appealing offer but may wish to note that lower fees are available elsewhere. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: None
  • Introductory rate for balance transfers: 0% for 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.99% 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
  • Card management: Online, by phone and via its mobile app
  • Other information: Minimum age 18. Minimum income £14,000. Must hold a UK bank/building society account. Must hold permanent UK address for three years. Rates dependent on credit rating.

Notes to editors

Pioneering financial comparison technology for over 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.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 Moneyfacts.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 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.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 Moneyfacts.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.
Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert