Moneyfacts Pick of the Week - 09/12/2021

Rachel Springall, Press Officer

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

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

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has increased the rate on its 1 Year Fixed Rate Saver this week, which now pays 1.40%. Securing a comfortable position within the top 10 when compared to alternative bonds with a similar term, this deal may attract those with a minimum of £10,000 to invest for a guaranteed return. The account does not permit early access, which is typical for fixed accounts, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.40% gross / 1.40% AER payable on anniversary
Notice / term: 1 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.

Masthaven Bank – 1 Year Fixed Term Account

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

“Masthaven Bank has increased the rate on its 1 Year Fixed Term Account this week by 0.04%, which takes a position in the top 10 when compared to alternative bonds with a similar term. Paying 1.39% on its anniversary, the account may well appeal to savers looking for a guaranteed return on their cash and have a minimum of £500 to invest. Unsurprisingly, this fixed bond does not permit early access, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.39% gross / 1.39% AER payable on anniversary, monthly interest option of 1.38% gross / 1.39% AER available
Notice / term: 1 year
Minimum opening amount: £500
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening via a nominated account
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

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

“This week QIB (UK) has increased the expected profit rate on its range of Raisin UK - Fixed Term Deposit accounts by up to 0.10%. Its 18 Month deal now pays 1.40% and may well entice savers who are looking for a competitive return over the short-term. As is commonplace with fixed accounts, savers will need to be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.40% gross / 1.40% AER, payable on maturity
Notice / term: 18 months
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 by post
Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £50 welcome bonus can be claimed on savings accounts with a term of six months opened with a minimum of £10,000. Sharia compliant account – rates shown are expected profit rate.

Monument Bank – 5 Year Fixed Term Deposit

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

“Launching onto the savings market this week is Monument Bank, offering a range of fixed accounts via its mobile app. At 2.05%, its five-year fixed rate deal takes a place within the top 10 compared to alternative bonds with similar terms. Savers who have a minimum of £25,000 to invest may find this deal enticing and be pleased to see more competition injected into the savings market. There is no earlier access permitted with this deal so savers must be comfortable with the duration of the fixed deal, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.05% gross / 2.05% AER, payable on anniversary
Notice / term: 5 years
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening.
Opening account: Mobile app
Managing account: Mobile app
Other information: Minimum applicant age 18.

Mortgages

Nationwide Building Society – Three-year fixed rate mortgage, 90% loan-to-value

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

“Nationwide Building Society has re-launched its 90% loan-to-value remortgage products this week. The three-year fixed rate deal priced at 2.09% is one of the best rates within its sector and includes an attractive incentive package of a free valuation and the option of £500 cashback or free legal fees. Those looking to save on the upfront cost of their deal may then find the package appealing but they can also add the £999 product fee to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.09% fixed rate for three years
Product fee: £999
Maximum loan-to-value: 90%
Available to: Remortgage customers
Incentives: Free valuation, £500 cashback or free legal fees.
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

Virgin Money – Three-year fixed rate mortgage, 90% loan-to-value

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

“Virgin Money has this week reduced selected fixed rates in its range, including its three-year fixed rate deal at 90% loan-to-value which is available via intermediaries. Now priced at 1.89%, after a cut of 0.10%, this deal includes an appealing £1,000 cashback. This offer may then attract borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 1.89% fixed rate to 1.4.25
Product fee: £995
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: £1,000 cashback
Flexible features: Allows overpayments. Payment holidays considered by arrangement
Lending area: Great Britain and Northern Ireland. Available by intermediaries.

Buy-to-Let Mortgages

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

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

“NatWest has this week increased selected rates within its fixed buy-to-let range, with its two-year fixed rate deal at 60% loan-to-value experiencing a slight rise of 0.05%. Now priced at 1.39% to 30 April 2024, landlords may find this deal appealing due to a combination of a competitive rate, incentive package, and reasonable fee. A free valuation is included, and borrowers can add the product fee of £995 to the advance – ideal for those looking to save on the upfront cost of their deal. On balance the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.39% fixed rate until 30.4.24
Product fee: £995
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Cards

M&S Bank – Transfer Plus Offer Mastercard

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

“In its latest update, M&S Bank has improved the 0% introductory balance transfer deal on its Transfer Plus Offer Mastercard. The length of the interest-free balance transfer period has been boosted to 31 months and the introductory balance transfer fee has been reduced to 1.99%. As well as the transfer offer, the card also has a 0% introductory purchase offer for three months. The tweaks have enhanced this card’s overall appeal, particularly for those looking to move or consolidate credit card debt. Customers can also earn M&S points when making purchases, which can be redeemed against M&S goods. On assessment the card earns an Outstanding Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: 0% for three months
Introductory rate for balance transfers: 0% for 31 months
Standard rate for purchases: 21.9% APR
Balance transfer fee: 1.99% (min £5.00) at anytime
Card fee: None
Opening method: Online, by phone or by post
Card management: Online, by phone, by post and via its mobile app
Other information: Minimum age 18, minimum income £6,800.

Savings

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has increased the rate on its 1 Year Fixed Rate Saver this week, which now pays 1.40%. Securing a comfortable position within the top 10 when compared to alternative bonds with a similar term, this deal may attract those with a minimum of £10,000 to invest for a guaranteed return. The account does not permit early access, which is typical for fixed accounts, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.40% gross / 1.40% AER payable on anniversary
Notice / term: 1 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.

Masthaven Bank – 1 Year Fixed Term Account

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

“Masthaven Bank has increased the rate on its 1 Year Fixed Term Account this week by 0.04%, which takes a position in the top 10 when compared to alternative bonds with a similar term. Paying 1.39% on its anniversary, the account may well appeal to savers looking for a guaranteed return on their cash and have a minimum of £500 to invest. Unsurprisingly, this fixed bond does not permit early access, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.39% gross / 1.39% AER payable on anniversary, monthly interest option of 1.38% gross / 1.39% AER available
Notice / term: 1 year
Minimum opening amount: £500
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening via a nominated account
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

QIB (UK) – Raisin UK – 18 Month Fixed Term Deposit

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

“This week QIB (UK) has increased the expected profit rate on its range of Raisin UK - Fixed Term Deposit accounts by up to 0.10%. Its 18 Month deal now pays 1.40% and may well entice savers who are looking for a competitive return over the short-term. As is commonplace with fixed accounts, savers will need to be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.40% gross / 1.40% AER, payable on maturity
Notice / term: 18 months
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 by post
Other information: Minimum applicant age 18. Account available via Raisin UK. With Raisin UK a £50 welcome bonus can be claimed on savings accounts with a term of six months opened with a minimum of £10,000. Sharia compliant account – rates shown are expected profit rate.

Monument Bank – 5 Year Fixed Term Deposit

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

“Launching onto the savings market this week is Monument Bank, offering a range of fixed accounts via its mobile app. At 2.05%, its five-year fixed rate deal takes a place within the top 10 compared to alternative bonds with similar terms. Savers who have a minimum of £25,000 to invest may find this deal enticing and be pleased to see more competition injected into the savings market. There is no earlier access permitted with this deal so savers must be comfortable with the duration of the fixed deal, however further additions can be made for 14 days from account opening. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.05% gross / 2.05% AER, payable on anniversary
Notice / term: 5 years
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening.
Opening account: Mobile app
Managing account: Mobile app
Other information: Minimum applicant age 18.

Mortgages

Nationwide Building Society – Three-year fixed rate mortgage, 90% loan-to-value

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

“Nationwide Building Society has re-launched its 90% loan-to-value remortgage products this week. The three-year fixed rate deal priced at 2.09% is one of the best rates within its sector and includes an attractive incentive package of a free valuation and the option of £500 cashback or free legal fees. Those looking to save on the upfront cost of their deal may then find the package appealing but they can also add the £999 product fee to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.09% fixed rate for three years
Product fee: £999
Maximum loan-to-value: 90%
Available to: Remortgage customers
Incentives: Free valuation, £500 cashback or free legal fees.
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

Virgin Money – Three-year fixed rate mortgage, 90% loan-to-value

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

“Virgin Money has this week reduced selected fixed rates in its range, including its three-year fixed rate deal at 90% loan-to-value which is available via intermediaries. Now priced at 1.89%, after a cut of 0.10%, this deal includes an appealing £1,000 cashback. This offer may then attract borrowers looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 1.89% fixed rate to 1.4.25
Product fee: £995
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: £1,000 cashback
Flexible features: Allows overpayments. Payment holidays considered by arrangement
Lending area: Great Britain and Northern Ireland. Available by intermediaries.

Buy-to-Let Mortgages

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

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

“NatWest has this week increased selected rates within its fixed buy-to-let range, with its two-year fixed rate deal at 60% loan-to-value experiencing a slight rise of 0.05%. Now priced at 1.39% to 30 April 2024, landlords may find this deal appealing due to a combination of a competitive rate, incentive package, and reasonable fee. A free valuation is included, and borrowers can add the product fee of £995 to the advance – ideal for those looking to save on the upfront cost of their deal. On balance the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.39% fixed rate until 30.4.24
Product fee: £995
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Cards

M&S Bank – Transfer Plus Offer Mastercard

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

“In its latest update, M&S Bank has improved the 0% introductory balance transfer deal on its Transfer Plus Offer Mastercard. The length of the interest-free balance transfer period has been boosted to 31 months and the introductory balance transfer fee has been reduced to 1.99%. As well as the transfer offer, the card also has a 0% introductory purchase offer for three months. The tweaks have enhanced this card’s overall appeal, particularly for those looking to move or consolidate credit card debt. Customers can also earn M&S points when making purchases, which can be redeemed against M&S goods. On assessment the card earns an Outstanding Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: 0% for three months
Introductory rate for balance transfers: 0% for 31 months
Standard rate for purchases: 21.9% APR
Balance transfer fee: 1.99% (min £5.00) at anytime
Card fee: None
Opening method: Online, by phone or by post
Card management: Online, by phone, by post and via its mobile app
Other information: Minimum age 18, minimum income £6,800.

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.

James Hyde Press & PR Manager

T: 01603 476205

Rachel Springall Press Officer / Finance Expert

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

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©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.