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Moneyfacts Pick of the Week - 10/03/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
10/03/2022

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

Cynergy Bank - Online Easy Access Account (Issue 46)

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

“This week, Cynergy Bank has increased the rate on its easy access saver by 0.09%. Now paying a rate of 0.80%, the deal takes a prominent place within the top rate tables. Savers looking for a straightforward account may find this enticing; however, they must be sure to note the introductory bonus rate of 0.50% will expire after 12 months. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.80% gross / 0.80% AER, (0.50% of which is a bonus that expires after 12 months), payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Marcus by Goldman Sachs® – Cash ISA

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

“Savers looking to take advantage of their tax-free ISA allowance may well find the improved Cash ISA from Marcus by Goldman Sachs® an appealing choice. The deal now pays an attractive 0.70% after a rate rise this week of 0.10% makes it a joint market-leading rate in its sector. This ISA may be an ideal option for those looking to either save little and often or invest their full ISA allowance, but applicants must have a UK mobile phone number to apply. This product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.70% gross / 0.70% AER, (0.10% of which is a bonus that expires after 12 months), payable monthly
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18. Must have a UK mobile phone number to apply.

 

Al Rayan Bank – 12 Month Fixed Term Deposit

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

“This week Al Rayan Bank has increased the rate on its 12 Month Fixed Term Deposit by 0.10%. The deal secures a prominent position in the top rate tables as it now pays an expected profit rate of 1.60% quarterly. Those savers looking for a competitive deal and have £5,000 to invest may find this an attractive choice, plus, 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: 1.60% gross / 1.61% 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’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 56

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

“Shawbrook Bank has increased the rate on its one-year fixed cash ISA this week by 0.10%. Now paying 1.16%, the deal pays one of the top rates compared to those with similar terms. Those savers looking to supplement their income may also be pleased to see it offers a monthly interest option of 1.15% gross, plus it allows savers to make transfers in, but also allows them to access their funds early subject to a loss of interest penalty. Overall, the deal may entice savers looking to secure a top short-term fixed ISA rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.16% gross / 1.16% AER payable on anniversary / monthly interest option of 1.15% gross / 1.16% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone

 

Virgin Money – 2 Year Fixed Rate Cash E-ISA Issue 48

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

“This week, Virgin Money has increased the rate on its two-year fixed cash ISA by 0.08%, improving its position within its sector. Paying an attractive rate of 1.46%, savers who are looking to utilise their ISA allowance before the tax-year ends may well find this an enticing option. The deal allows early access subject to an interest penalty and allows transfers in. Overall, the deal may entice savers looking to secure a top short-term fixed ISA rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.46% gross / 1.46% AER payable yearly / monthly interest option of 1.45% gross / 1.46% AER also available
  • Notice / term: To 24.3.24
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted. Accepts 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 16.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 60% 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 0.16% on its 10-year fixed deal at 60% loan-to-value. Now priced at 1.95% until 31 May 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: 1.95% fixed rate to 31.5.32
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • 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.

 

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 95% loan-to-value

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

“Digital Mortgages by Atom Bank has launched a new five-year fixed rate 95% loan-to-value deal this week. Priced at 2.79% and available via selected intermediaries, those with a 5% deposit may find both the initial rate and package attractive, as it includes a free valuation incentive. Borrowers looking to save on the upfront cost of their deal can also add the £900 product fee to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.79% fixed rate to 31.5.27
  • Product fee: £900
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Savings

Cynergy Bank - Online Easy Access Account (Issue 46)

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

“This week, Cynergy Bank has increased the rate on its easy access saver by 0.09%. Now paying a rate of 0.80%, the deal takes a prominent place within the top rate tables. Savers looking for a straightforward account may find this enticing; however, they must be sure to note the introductory bonus rate of 0.50% will expire after 12 months. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.80% gross / 0.80% AER, (0.50% of which is a bonus that expires after 12 months), payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Marcus by Goldman Sachs® – Cash ISA

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

“Savers looking to take advantage of their tax-free ISA allowance may well find the improved Cash ISA from Marcus by Goldman Sachs® an appealing choice. The deal now pays an attractive 0.70% after a rate rise this week of 0.10% makes it a joint market-leading rate in its sector. This ISA may be an ideal option for those looking to either save little and often or invest their full ISA allowance, but applicants must have a UK mobile phone number to apply. This product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.70% gross / 0.70% AER, (0.10% of which is a bonus that expires after 12 months), payable monthly
  • Notice / term: None
  • Minimum opening amount: £0
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18. Must have a UK mobile phone number to apply.

 

Al Rayan Bank – 12 Month Fixed Term Deposit

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

“This week Al Rayan Bank has increased the rate on its 12 Month Fixed Term Deposit by 0.10%. The deal secures a prominent position in the top rate tables as it now pays an expected profit rate of 1.60% quarterly. Those savers looking for a competitive deal and have £5,000 to invest may find this an attractive choice, plus, 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: 1.60% gross / 1.61% 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’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 56

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

“Shawbrook Bank has increased the rate on its one-year fixed cash ISA this week by 0.10%. Now paying 1.16%, the deal pays one of the top rates compared to those with similar terms. Those savers looking to supplement their income may also be pleased to see it offers a monthly interest option of 1.15% gross, plus it allows savers to make transfers in, but also allows them to access their funds early subject to a loss of interest penalty. Overall, the deal may entice savers looking to secure a top short-term fixed ISA rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.16% gross / 1.16% AER payable on anniversary / monthly interest option of 1.15% gross / 1.16% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone

 

Virgin Money – 2 Year Fixed Rate Cash E-ISA Issue 48

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

“This week, Virgin Money has increased the rate on its two-year fixed cash ISA by 0.08%, improving its position within its sector. Paying an attractive rate of 1.46%, savers who are looking to utilise their ISA allowance before the tax-year ends may well find this an enticing option. The deal allows early access subject to an interest penalty and allows transfers in. Overall, the deal may entice savers looking to secure a top short-term fixed ISA rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.46% gross / 1.46% AER payable yearly / monthly interest option of 1.45% gross / 1.46% AER also available
  • Notice / term: To 24.3.24
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted. Accepts 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 16.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 60% 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 0.16% on its 10-year fixed deal at 60% loan-to-value. Now priced at 1.95% until 31 May 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: 1.95% fixed rate to 31.5.32
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • 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.

 

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 95% loan-to-value

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

“Digital Mortgages by Atom Bank has launched a new five-year fixed rate 95% loan-to-value deal this week. Priced at 2.79% and available via selected intermediaries, those with a 5% deposit may find both the initial rate and package attractive, as it includes a free valuation incentive. Borrowers looking to save on the upfront cost of their deal can also add the £900 product fee to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.79% fixed rate to 31.5.27
  • Product fee: £900
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

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