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Moneyfacts Pick of the Week - 10/02/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
10/02/2022

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, Eleanor Williams, 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, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Al Rayan Bank has increased the rate on its 12 Month Fixed Term Deposit by 0.20% this week. The account now pays an expected profit rate of 1.45% quarterly, which sees it secure a position in the top 10 when compared against other bonds with similar terms. Savers who have at least £5,000 to invest may be pleased to note that the quarterly profit can be taken as an income at a reduced rate. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.45% gross / 1.45% AER payable quarterly
  • Notice / term: 12 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 and via its mobile app
  • Managing account: Online, by phone, in branch and via its 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.

Close Brothers Savings – 2 Year Fixed Rate Bond

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers happy to secure their nest egg away for a set period may be pleased to see that Close Brothers Savings has launched a new 2 Year Fixed Rate Bond this week. Paying 1.60% yearly, this bond takes a place in the top 10 when compared to other bonds with similar terms and can be opened online. Investors with the required minimum deposit amount of £10,000 may well find the return attractive, however, as is common in the fixed bond sector, neither early access nor further additions are permitted, so savers need to be sure they can commit from the outset. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable yearly
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2,000,000
  • 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.

 

Mortgages

Santander – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Santander has made rate increases across a handful of its two-year fixed deals this week. One of the products to be impacted is the offering at 75% loan-to-value, which, following a rise of 0.05%, is now priced at 1.59% until 2 May 2024. The other features of the product, including the incentive of a free valuation remain in place, and borrowers hoping to keep any outlay on a new mortgage to a minimum may be further pleased to note there is no fee to pay. When considered as an overall package, this option maintains a place in our top tables and carries an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.59% fixed rate to 2.5.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Leeds Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest update from Leeds Building Society included the launch of a new deal at 95% loan-to-value. The new product is priced at 2.79% until 31 May 2025 and is available to those who are purchasing a home. Not only is this initial rate equal to the lowest currently offered within this sector of the market, but those who have struggled to save enough to meet a 5% deposit may be further pleased to see that there is no fee to pay for this deal, and they can also benefit from a free valuation incentive, which could be tempting for those with limited funds available to meet mortgage set-up costs. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.79% fixed rate until 31.5.25
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Cards

Sainsbury’s Bank – Dual 24 Month Offer Credit Card Mastercard

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest update from Sainsbury’s Bank sees it amend its Dual Offer credit card by increasing the 0% introductory purchase and balance transfer terms up to 24 months (previously 23 months). This update ensures that this card now offers one of the best dual introductory offers and could well be a tempting option for those who wish to benefit from longer periods to pay back their purchases or transfer debit balances over a longer term. Additionally, card holders can also benefit from earning Nectar Points when spending on the card, which could broaden its appeal further. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for 24 months
  • Introductory rate for balance transfers: 0% for 24 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 3.00% (minimum £3)
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post or via its mobile app
  • Other information: Minimum age 18.

Savings

Al Rayan Bank – 12 Month Fixed Term Deposit

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Al Rayan Bank has increased the rate on its 12 Month Fixed Term Deposit by 0.20% this week. The account now pays an expected profit rate of 1.45% quarterly, which sees it secure a position in the top 10 when compared against other bonds with similar terms. Savers who have at least £5,000 to invest may be pleased to note that the quarterly profit can be taken as an income at a reduced rate. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.45% gross / 1.45% AER payable quarterly
  • Notice / term: 12 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 and via its mobile app
  • Managing account: Online, by phone, in branch and via its 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.

Close Brothers Savings – 2 Year Fixed Rate Bond

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Savers happy to secure their nest egg away for a set period may be pleased to see that Close Brothers Savings has launched a new 2 Year Fixed Rate Bond this week. Paying 1.60% yearly, this bond takes a place in the top 10 when compared to other bonds with similar terms and can be opened online. Investors with the required minimum deposit amount of £10,000 may well find the return attractive, however, as is common in the fixed bond sector, neither early access nor further additions are permitted, so savers need to be sure they can commit from the outset. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable yearly
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2,000,000
  • 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.

 

Mortgages

Santander – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Santander has made rate increases across a handful of its two-year fixed deals this week. One of the products to be impacted is the offering at 75% loan-to-value, which, following a rise of 0.05%, is now priced at 1.59% until 2 May 2024. The other features of the product, including the incentive of a free valuation remain in place, and borrowers hoping to keep any outlay on a new mortgage to a minimum may be further pleased to note there is no fee to pay. When considered as an overall package, this option maintains a place in our top tables and carries an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.59% fixed rate to 2.5.24
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Leeds Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest update from Leeds Building Society included the launch of a new deal at 95% loan-to-value. The new product is priced at 2.79% until 31 May 2025 and is available to those who are purchasing a home. Not only is this initial rate equal to the lowest currently offered within this sector of the market, but those who have struggled to save enough to meet a 5% deposit may be further pleased to see that there is no fee to pay for this deal, and they can also benefit from a free valuation incentive, which could be tempting for those with limited funds available to meet mortgage set-up costs. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.79% fixed rate until 31.5.25
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland.

 

Cards

Sainsbury’s Bank – Dual 24 Month Offer Credit Card Mastercard

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest update from Sainsbury’s Bank sees it amend its Dual Offer credit card by increasing the 0% introductory purchase and balance transfer terms up to 24 months (previously 23 months). This update ensures that this card now offers one of the best dual introductory offers and could well be a tempting option for those who wish to benefit from longer periods to pay back their purchases or transfer debit balances over a longer term. Additionally, card holders can also benefit from earning Nectar Points when spending on the card, which could broaden its appeal further. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for 24 months
  • Introductory rate for balance transfers: 0% for 24 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 3.00% (minimum £3)
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post or via its mobile app
  • Other information: Minimum age 18.

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