Moneyfacts Pick of the Week - 09/11/2023

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn

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

United Trust Bank – UTB 2 Year Bond

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

“This week, United Trust Bank has reduced the rate on its UTB 2-year bond, now paying 5.75%. Despite this reduction the account continues to pay a competitive rate within its sector. Savers can invest from £5,000, however, it would be wise to note that earlier access and further additions are not permitted, so investors may need to carefully consider their initial deposit. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.75% gross / 5.75% AER payable on its anniversary
Notice / term: Two-year bond
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
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:

“Charter Savings Bank has launched its new 1-Year Fixed Rate Cash ISA this week. The account pays 5.61% AER and takes a competitive position within its sector, which may entice savers looking to take advantage of their ISA allowance. Savers looking to boost their income may also be glad to know this account offers a monthly interest option paying 5.61% AER. The account requires a minimum investment of £5,000 but allows further additions for 30 days following the account opening. Plus, investors who wish to access their cash early are able, subject to a 90-day loss of interest penalty. In addition, savers may also be glad to learn that they can split their Cash ISA savings across multiple ISAs within Charter’s range. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.61% gross / 5.61% AER payable on anniversary, monthly interest option of 5.47% gross / 5.61% AER
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Early access on 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.

Mansfield Building Society – Double Access Cash ISA – (1st Issue)

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

“This week, Mansfield Building Society has launched a new Double Access Cash ISA (1st Issue). Paying a rate of 5.50% this account pays the market-leading rate; however, it is important for savers to note that if more than two withdrawals are made per year, any additional withdrawals are subject to 90 days’ loss of interest on the amount withdrawn. This account only requires a minimum investment of £1 and permits further additions while the issue remains open. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.50% gross/ 5.50% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Two withdrawals permitted per year, further withdrawals subject to 90-day loss on the amount withdrawn
Further additions: Permitted, while issue remains open
Transfers in: Cash and Stocks & Shares ISAs while the issue remains open
Transfers out: Permitted
Opening account: Branch and post
Managing account: Branch and post
Other information: Minimum applicant age 16.

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has launched a new 3 Year Fixed Rate Cash ISA this week. Paying 5.15%, the account takes a prominent position within the top 10 when compared against other fixed ISAs and may appeal to savers who are prepared to lock away their cash for an extended period to receive a guaranteed return. It should be noted that although earlier access is permitted on account closure it’s subject to 270 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.15% gross / 5.15% AER payable yearly
Notice / term: Three-year bond
Minimum opening amount: £10,000
Maximum investment amount: Maximum ISA allowance
Access: Permitted on account closure, subject to 270-day loss of interest penalty
Further additions: Permitted for 10 days from account opening
Transfers in: Permitted for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Beehive Money – Limited Issue Easy Access Issue 2

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

“Beehive Money has launched a new Limited Issue Easy Access Issue 2. The account pays 5.15%, being among the top paying rates within its sector. This may be an ideal option for savers who have £1,000 to invest. It must be noted that this deal has an introductory bonus rate of 2.50%, which expires on 30 November 2024, so reviewing the account before expiration may be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.15% gross / 5.15% AER payable yearly, includes a bonus of 2.50% until 30.11.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Mortgages

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

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

“Nationwide BS has reduced many of its fixed rate products this week. One deal seeing a cut is its two-year fixed deal at 60% loan-to-value for second-time buyers. Now priced at a highly competitive 4.99% for two years, this deal is the lowest offering rate in its sector (excluding deals limited to Northern Ireland). It carries a reasonable fee of £999, which borrowers have the option of adding to the advance. This deal also offers a range of attractive incentives, including a free valuation and Green Rewards for properties which qualify. Borrowers may also note that this deal offers both overpayments and underpayments, subject to approval and previous overpayments being made. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% fixed rate for two years
Product fee: £999
Maximum loan-to-value: 60%
Available to: Second-time buyers
Incentives: Free valuation and £250 Green Reward for properties with an EPC score of 86 to 91, or £500 Green Reward for properties with an EPC score of 92+
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made previously
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

Coventry Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“This week, Coventry Building Society has reduced the majority of its fixed rates, including the five-year fixed deal at 95% loan-to-value. Now priced at 5.68% until 30.4.29, this may appeal to borrowers looking to keep their mortgage costs low, with no chargeable arrangement fees, and secure a competitive rate. Included in this deal is an attractive incentive package of a free valuation and £500 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.68% fixed rate to 30.4.29
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation, and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

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

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

“TSB has added its new two-year fixed rate deal to its mortgage range this week. Available at 90% loan-to-value, and priced at 5.69% until 31 December 2025, borrowers looking for a competitive mortgage may find this deal enticing. In addition, this offer carries an appealing incentive package of a free valuation and £500 cashback. Borrowers may be glad to hear that it also carries a fair fee of £995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.69% fixed rate to 31.12.25
Product fee: £995
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation, and £500 cashback
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
Lending area: Great Britain.

Savings

United Trust Bank – UTB 2 Year Bond

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

“This week, United Trust Bank has reduced the rate on its UTB 2-year bond, now paying 5.75%. Despite this reduction the account continues to pay a competitive rate within its sector. Savers can invest from £5,000, however, it would be wise to note that earlier access and further additions are not permitted, so investors may need to carefully consider their initial deposit. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.75% gross / 5.75% AER payable on its anniversary
Notice / term: Two-year bond
Minimum opening amount: £5,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
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:

“Charter Savings Bank has launched its new 1-Year Fixed Rate Cash ISA this week. The account pays 5.61% AER and takes a competitive position within its sector, which may entice savers looking to take advantage of their ISA allowance. Savers looking to boost their income may also be glad to know this account offers a monthly interest option paying 5.61% AER. The account requires a minimum investment of £5,000 but allows further additions for 30 days following the account opening. Plus, investors who wish to access their cash early are able, subject to a 90-day loss of interest penalty. In addition, savers may also be glad to learn that they can split their Cash ISA savings across multiple ISAs within Charter’s range. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.61% gross / 5.61% AER payable on anniversary, monthly interest option of 5.47% gross / 5.61% AER
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: ISA allowance
Access: Early access on 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.

Mansfield Building Society – Double Access Cash ISA – (1st Issue)

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

“This week, Mansfield Building Society has launched a new Double Access Cash ISA (1st Issue). Paying a rate of 5.50% this account pays the market-leading rate; however, it is important for savers to note that if more than two withdrawals are made per year, any additional withdrawals are subject to 90 days’ loss of interest on the amount withdrawn. This account only requires a minimum investment of £1 and permits further additions while the issue remains open. On assessment, this account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.50% gross/ 5.50% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Two withdrawals permitted per year, further withdrawals subject to 90-day loss on the amount withdrawn
Further additions: Permitted, while issue remains open
Transfers in: Cash and Stocks & Shares ISAs while the issue remains open
Transfers out: Permitted
Opening account: Branch and post
Managing account: Branch and post
Other information: Minimum applicant age 16.

Close Brothers Savings – 3 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has launched a new 3 Year Fixed Rate Cash ISA this week. Paying 5.15%, the account takes a prominent position within the top 10 when compared against other fixed ISAs and may appeal to savers who are prepared to lock away their cash for an extended period to receive a guaranteed return. It should be noted that although earlier access is permitted on account closure it’s subject to 270 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.15% gross / 5.15% AER payable yearly
Notice / term: Three-year bond
Minimum opening amount: £10,000
Maximum investment amount: Maximum ISA allowance
Access: Permitted on account closure, subject to 270-day loss of interest penalty
Further additions: Permitted for 10 days from account opening
Transfers in: Permitted for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Beehive Money – Limited Issue Easy Access Issue 2

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

“Beehive Money has launched a new Limited Issue Easy Access Issue 2. The account pays 5.15%, being among the top paying rates within its sector. This may be an ideal option for savers who have £1,000 to invest. It must be noted that this deal has an introductory bonus rate of 2.50%, which expires on 30 November 2024, so reviewing the account before expiration may be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.15% gross / 5.15% AER payable yearly, includes a bonus of 2.50% until 30.11.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Mortgages

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

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

“Nationwide BS has reduced many of its fixed rate products this week. One deal seeing a cut is its two-year fixed deal at 60% loan-to-value for second-time buyers. Now priced at a highly competitive 4.99% for two years, this deal is the lowest offering rate in its sector (excluding deals limited to Northern Ireland). It carries a reasonable fee of £999, which borrowers have the option of adding to the advance. This deal also offers a range of attractive incentives, including a free valuation and Green Rewards for properties which qualify. Borrowers may also note that this deal offers both overpayments and underpayments, subject to approval and previous overpayments being made. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% fixed rate for two years
Product fee: £999
Maximum loan-to-value: 60%
Available to: Second-time buyers
Incentives: Free valuation and £250 Green Reward for properties with an EPC score of 86 to 91, or £500 Green Reward for properties with an EPC score of 92+
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made previously
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

Coventry Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“This week, Coventry Building Society has reduced the majority of its fixed rates, including the five-year fixed deal at 95% loan-to-value. Now priced at 5.68% until 30.4.29, this may appeal to borrowers looking to keep their mortgage costs low, with no chargeable arrangement fees, and secure a competitive rate. Included in this deal is an attractive incentive package of a free valuation and £500 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.68% fixed rate to 30.4.29
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation, and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

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

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

“TSB has added its new two-year fixed rate deal to its mortgage range this week. Available at 90% loan-to-value, and priced at 5.69% until 31 December 2025, borrowers looking for a competitive mortgage may find this deal enticing. In addition, this offer carries an appealing incentive package of a free valuation and £500 cashback. Borrowers may be glad to hear that it also carries a fair fee of £995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.69% fixed rate to 31.12.25
Product fee: £995
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation, and £500 cashback
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
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

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.