Moneyfacts Pick of the Week - 09/09/2021

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
09/09/2021

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

Oxbury Bank – Personal 18 Month Bond Account - Issue 4

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

“This week Oxbury Bank has improved its 18-month fixed bond by increasing the rate by a notable 0.50%. Now paying 1.45% on its anniversary, savers searching for an attractive rate and are comfortable locking their cash away may find this deal enticing as it sits within the top rate tables. As may be expected in the fixed bond market, early access is not permitted, however, further additions can be made within 14-days of opening the account, which may be of interest to some. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.45% gross / 1.45% AER payable on anniversary
  • Notice / term: 18-months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted within 14-days of account opening, via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Initial deposit must be made within 14-days of account opening, or the account will automatically close. Oxbury App is required to use online banking.

Al Rayan Bank – 24 Month Fixed Term Deposit

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

“Al Rayan Bank has made improvements to its range of Fixed Term Deposits with a rise of 1.11% on its 24-month option. Now paying an expected profit rate of 1.76% quarterly, savers who have at least £5,000 to invest and are happy to lock away their cash for two years will find this appealing as it is a market-leading return within its sector. As is common-place, early access is not permitted, and savers will be unable to make further additions. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.76% gross / 1.76% AER, payable quarterly
  • Notice / term: 24-months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone, in branch or by mobile app
  • Managing account: Online, by phone, in branch or by mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia-compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Mortgages

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

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

“Santander has made selective rate and fee reductions to its range and launched new deals for remortgage customers this week. Its new two-year fixed rate deal priced at 0.84%, now the lowest rate in its range, may appeal to remortgage customers looking for a competitive package, as along with the low rate. A free valuation incentive is included along with the choice of free legal fees or £250 cashback. The deal charges a product fee of £749, all of which can be added to the advance of the mortgage which may be an added plus for those looking to save on the upfront cost of their deal. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 0.84% fixed rate to 2.12.23
  • Product fee: £749
  • Maximum loan-to-value: 60%
  • Available to: Remortgage customers
  • Incentives: Free valuation and £250 cashback or free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain & Northern Ireland.

Leeds Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week, Leeds Building Society has made selected fixed rate reductions including a cut of 0.10% on its two-year fixed rate mortgage at 80% loan-to-value. Now priced at 1.43% until 31 December 2023, the deal carries an attractive incentive package of free valuation and for those remortgaging, help towards costs. A product fee of £999 is chargeable, all of which can be added to the mortgage advance which may appeal to 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: 1.43% fixed rate to 31.12.23
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation and remortgage customers get help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Barclays Mortgage has reduced selected fixed rates in its range this week including a cut of 0.22% on its two-year fixed rate deal at 60% loan-to-value. Now priced at 1.73% to 30 November 2023, this deal is available to all borrower types and charges no product fee good news for those looking to save on the upfront cost. Those looking to remortgage may find this deal particularly appealing, as they will receive a free valuation and either a £500 cashback incentive or get free legal fees. The improvement to the deal overall makes it enter the top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.73% fixed rate to 30.11.23
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: All borrowers
  • Incentives: Remortgage customers get a free valuation and £500 cashback or free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain & Northern Ireland.

Leeds Building Society – Two-year fixed rate mortgage, 75% loan-to-value

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

“This week, Leeds Building Society has made reductions to selected fixed rates in its range, including a cut of 0.18% on its two-year fixed rate deal at 75% loan-to-value. This low-rate deal is now priced at 1.62% to 31 December 2023 and is available to second-time buyers and remortgage customers. Those looking to save on the upfront cost of their deal may be pleased that the product fee of £999 can be added to the advance of the mortgage. This deal also includes an incentive package of free valuation for all and for remortgage customers, help towards costs. The improvement to the deal overall makes it enter the top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.62% fixed rate to 31.12.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and remortgage customers get help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Loans

AA – Non-Member Loan

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

“This week, AA has reduced selected rates on its Non-Member Loan, with its £5,000 to £7,499 tier cut by 0.8% and now charging 3.4% APR. Customers intrigued by this cut may wish to note that the advertised rate is available between a term of one to seven years and successful applicants are also able to benefit from 12 months’ free basic breakdown cover when they take the loan out. Overall, the product earns an Outstanding Moneyfacts product rating.”

 Key product details:

  • Representative APR: 3.4%
  • Loan period: Rate shown is based on a term of 60 months for a £5,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21, maximum age at end of loan 70. Minimum income £12,000 per annum. You may be offered an alternative APR dependent on credit rating.

 

Cards

Sainsbury’s Bank – 27 Month Balance Transfer Mastercard

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

“Sainsbury’s Bank has increased the introductory 0% balance transfer term on its Balance Transfer Mastercard by one month and becomes one of the longest terms on the market at 27-months with a 1% balance transfer fee. This is available to non-Nectar cardholders, but the card allows shoppers to earn Nectar points when purchasing. Due to the improvement of the interest-free offer, the moves up its position in the market for introductory balance transfer offers and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.4%
  • Introductory rate for balance transfers: 0% for 27 months
  • Introductory rate for purchases: 0% for 3 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 1% (min £3.00) during first three months from account opening, rising to 3.00% (min £3.00) after the first three months of account opening
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post and via its mobile app
  • Other information: Minimum applicant age 18. Minimum income £10,000.

Savings

Oxbury Bank – Personal 18 Month Bond Account - Issue 4

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

“This week Oxbury Bank has improved its 18-month fixed bond by increasing the rate by a notable 0.50%. Now paying 1.45% on its anniversary, savers searching for an attractive rate and are comfortable locking their cash away may find this deal enticing as it sits within the top rate tables. As may be expected in the fixed bond market, early access is not permitted, however, further additions can be made within 14-days of opening the account, which may be of interest to some. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.45% gross / 1.45% AER payable on anniversary
  • Notice / term: 18-months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted within 14-days of account opening, via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Initial deposit must be made within 14-days of account opening, or the account will automatically close. Oxbury App is required to use online banking.

Al Rayan Bank – 24 Month Fixed Term Deposit

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

“Al Rayan Bank has made improvements to its range of Fixed Term Deposits with a rise of 1.11% on its 24-month option. Now paying an expected profit rate of 1.76% quarterly, savers who have at least £5,000 to invest and are happy to lock away their cash for two years will find this appealing as it is a market-leading return within its sector. As is common-place, early access is not permitted, and savers will be unable to make further additions. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.76% gross / 1.76% AER, payable quarterly
  • Notice / term: 24-months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone, in branch or by mobile app
  • Managing account: Online, by phone, in branch or by mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia-compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Mortgages

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

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

“Santander has made selective rate and fee reductions to its range and launched new deals for remortgage customers this week. Its new two-year fixed rate deal priced at 0.84%, now the lowest rate in its range, may appeal to remortgage customers looking for a competitive package, as along with the low rate. A free valuation incentive is included along with the choice of free legal fees or £250 cashback. The deal charges a product fee of £749, all of which can be added to the advance of the mortgage which may be an added plus for those looking to save on the upfront cost of their deal. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 0.84% fixed rate to 2.12.23
  • Product fee: £749
  • Maximum loan-to-value: 60%
  • Available to: Remortgage customers
  • Incentives: Free valuation and £250 cashback or free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain & Northern Ireland.

Leeds Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week, Leeds Building Society has made selected fixed rate reductions including a cut of 0.10% on its two-year fixed rate mortgage at 80% loan-to-value. Now priced at 1.43% until 31 December 2023, the deal carries an attractive incentive package of free valuation and for those remortgaging, help towards costs. A product fee of £999 is chargeable, all of which can be added to the mortgage advance which may appeal to 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: 1.43% fixed rate to 31.12.23
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrowers
  • Incentives: Free valuation and remortgage customers get help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Barclays Mortgage has reduced selected fixed rates in its range this week including a cut of 0.22% on its two-year fixed rate deal at 60% loan-to-value. Now priced at 1.73% to 30 November 2023, this deal is available to all borrower types and charges no product fee good news for those looking to save on the upfront cost. Those looking to remortgage may find this deal particularly appealing, as they will receive a free valuation and either a £500 cashback incentive or get free legal fees. The improvement to the deal overall makes it enter the top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.73% fixed rate to 30.11.23
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: All borrowers
  • Incentives: Remortgage customers get a free valuation and £500 cashback or free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain & Northern Ireland.

Leeds Building Society – Two-year fixed rate mortgage, 75% loan-to-value

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

“This week, Leeds Building Society has made reductions to selected fixed rates in its range, including a cut of 0.18% on its two-year fixed rate deal at 75% loan-to-value. This low-rate deal is now priced at 1.62% to 31 December 2023 and is available to second-time buyers and remortgage customers. Those looking to save on the upfront cost of their deal may be pleased that the product fee of £999 can be added to the advance of the mortgage. This deal also includes an incentive package of free valuation for all and for remortgage customers, help towards costs. The improvement to the deal overall makes it enter the top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.62% fixed rate to 31.12.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and remortgage customers get help towards costs
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Loans

AA – Non-Member Loan

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

“This week, AA has reduced selected rates on its Non-Member Loan, with its £5,000 to £7,499 tier cut by 0.8% and now charging 3.4% APR. Customers intrigued by this cut may wish to note that the advertised rate is available between a term of one to seven years and successful applicants are also able to benefit from 12 months’ free basic breakdown cover when they take the loan out. Overall, the product earns an Outstanding Moneyfacts product rating.”

 Key product details:

  • Representative APR: 3.4%
  • Loan period: Rate shown is based on a term of 60 months for a £5,000 borrowing
  • Application available: Online
  • Other information: Minimum age 21, maximum age at end of loan 70. Minimum income £12,000 per annum. You may be offered an alternative APR dependent on credit rating.

 

Cards

Sainsbury’s Bank – 27 Month Balance Transfer Mastercard

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

“Sainsbury’s Bank has increased the introductory 0% balance transfer term on its Balance Transfer Mastercard by one month and becomes one of the longest terms on the market at 27-months with a 1% balance transfer fee. This is available to non-Nectar cardholders, but the card allows shoppers to earn Nectar points when purchasing. Due to the improvement of the interest-free offer, the moves up its position in the market for introductory balance transfer offers and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.4%
  • Introductory rate for balance transfers: 0% for 27 months
  • Introductory rate for purchases: 0% for 3 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 1% (min £3.00) during first three months from account opening, rising to 3.00% (min £3.00) after the first three months of account opening
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post and via its mobile app
  • Other information: Minimum applicant age 18. Minimum income £10,000.

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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