Moneyfacts Pick of the Week - 11/11/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
11/11/2021

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, 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

UBL UK – 3 Year Fixed Term Deposit

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

“In its latest update UBL UK has increased the rates on a selection of its Fixed Term Deposits by up to a notable 0.46%. Now paying 1.82% after receiving a rise of 0.44% the 3 Year Deposit takes the lead position in the top 10 compared to other bonds with similar terms currently on offer. Not only may investors find the return on this account tempting, but the appeal of this account is further boosted by the fact that earlier access (subject to a loss of interest penalty) may be permitted. Overall, the deal secures an Excellent Moneyfacts product rating

Key product details:

  • Rate: 1.82% gross / 1.82% AER payable on anniversary / on maturity interest option of 1.85% gross / 1.82% AER / monthly interest option of 1.80% gross / 1.82% AER also available
  • Notice / term: 3 years
  • Minimum opening amount: £2,000
  • Maximum investment amount: £1 million
  • Access: Permitted at the bank’s discretion, subject to a 270-day loss of interest penalty
  • Further additions: Not permitted
  • Opening account: Online, by post, in branch and via its mobile app
  • Managing account: Online, by phone, by post, in branch and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available

SmartSave – 2 Year Fixed Rate Saver

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

“In addition to launching a new 1 Year version, this week sees SmartSave increase the rate payable on its 2 Year Fixed Rate Saver. Now paying a competitive return of 1.60% on anniversary, this account is available to those with minimum investment amounts of £10,000. Early access is not available, so savers would need to be comfortable locking their savings pot away for the two-year term, however, some investors may be pleased to see that further additions can be made for 14 days from account opening. Cementing its position within the top 10 compared to other fixed bonds with similar terms that are currently on offer, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on anniversary
  • Notice / term: 2 years
  • 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. 

Union Bank of India (UK) Ltd – 18 Month Fixed Rate Deposit

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

“Savers who are happy to secure their nest egg away for a short period may be pleased to note that Union Bank of India (UK) Ltd has made increases to a selection of rates on its Fixed Rate Deposits and Union Premier Bonds this week. Following an uplift of 0.15%, the 18-month option now pays 1.40%, which sees this account secure a position in the top 10 compared to other bonds with similar terms. Early access and further additions are not permitted, as is common in the fixed rate market, however, for those with minimum of investments of £1,000 and above, the competitive return may be attractive. On assessment the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity / yearly interest option of 1.40% gross / 1.40% AER also available  
  • Notice / term: 18 month
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available.0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Mortgages

Yorkshire Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“Among the updates to its mortgage range this week, Yorkshire Building Society has reduced selected fixed rate products by up to 0.19%. One of the deals to receive a rate cut is the two-year fixed rate product at 85% loan-to-value which is available to those purchasing a home. Following the reduction of 0.05%, this deal is now fixed at 1.59% until 29 February 2024. Although this is not the lowest initial rate on offer in this sector of the market, when the deal is considered as a whole, the low fee of £495 balanced against the generous incentive package (which includes a free valuation and £250 cashback) ensure that this option holds a place in our top rate tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.59% fixed rate until 29.2.24
  • Product fee: £495
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made.
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Landlords who are looking for a remortgage deal and who have the required 40% equity available may wish to note that among the products to receive a rate cut from NatWest this week is the five-year fixed rate at 60% loan-to-value. Following a reduction of 0.05%, this is now priced at 1.64% until 28 February 2027. Although there are slightly lower rates on offer in this sector of the market, when considered as a whole, the reasonable fee of £995 and incentive package of free valuation and free legal fees boost the appeal of this product further and ensure that it receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.64% fixed rate until 28.2.27
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Remortgage borrowers only
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Loans

MBNA – Personal Loan

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

“This week, MBNA has reduced the rates on a number of the tiers of its Personal Loan. The £1,000 to £2,999 tier has taken the largest cut of 1.4% and now charges 13.5% APR; borrowing of between £3,000 and £4,999 is reduced by 0.6% to 8.3% APR and for those looking to borrow between £5,000 and £7,499 a fall of 0.1% sees this tier priced at 3.4% APR. Following the update this is one of the best options for borrowing across a number of lending tiers, and continues to offer an option to overpay without incurring an early repayment charge, which could further add to its appeal. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 2.8%
  • Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
  • Application available: Online and via its app
  • Other information: Minimum age 18. You may be offered an alternative APR dependent on credit rating.

Savings

UBL UK – 3 Year Fixed Term Deposit

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

“In its latest update UBL UK has increased the rates on a selection of its Fixed Term Deposits by up to a notable 0.46%. Now paying 1.82% after receiving a rise of 0.44% the 3 Year Deposit takes the lead position in the top 10 compared to other bonds with similar terms currently on offer. Not only may investors find the return on this account tempting, but the appeal of this account is further boosted by the fact that earlier access (subject to a loss of interest penalty) may be permitted. Overall, the deal secures an Excellent Moneyfacts product rating

Key product details:

  • Rate: 1.82% gross / 1.82% AER payable on anniversary / on maturity interest option of 1.85% gross / 1.82% AER / monthly interest option of 1.80% gross / 1.82% AER also available
  • Notice / term: 3 years
  • Minimum opening amount: £2,000
  • Maximum investment amount: £1 million
  • Access: Permitted at the bank’s discretion, subject to a 270-day loss of interest penalty
  • Further additions: Not permitted
  • Opening account: Online, by post, in branch and via its mobile app
  • Managing account: Online, by phone, by post, in branch and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available

SmartSave – 2 Year Fixed Rate Saver

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

“In addition to launching a new 1 Year version, this week sees SmartSave increase the rate payable on its 2 Year Fixed Rate Saver. Now paying a competitive return of 1.60% on anniversary, this account is available to those with minimum investment amounts of £10,000. Early access is not available, so savers would need to be comfortable locking their savings pot away for the two-year term, however, some investors may be pleased to see that further additions can be made for 14 days from account opening. Cementing its position within the top 10 compared to other fixed bonds with similar terms that are currently on offer, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on anniversary
  • Notice / term: 2 years
  • 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. 

Union Bank of India (UK) Ltd – 18 Month Fixed Rate Deposit

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

“Savers who are happy to secure their nest egg away for a short period may be pleased to note that Union Bank of India (UK) Ltd has made increases to a selection of rates on its Fixed Rate Deposits and Union Premier Bonds this week. Following an uplift of 0.15%, the 18-month option now pays 1.40%, which sees this account secure a position in the top 10 compared to other bonds with similar terms. Early access and further additions are not permitted, as is common in the fixed rate market, however, for those with minimum of investments of £1,000 and above, the competitive return may be attractive. On assessment the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on maturity / yearly interest option of 1.40% gross / 1.40% AER also available  
  • Notice / term: 18 month
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available.0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Mortgages

Yorkshire Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“Among the updates to its mortgage range this week, Yorkshire Building Society has reduced selected fixed rate products by up to 0.19%. One of the deals to receive a rate cut is the two-year fixed rate product at 85% loan-to-value which is available to those purchasing a home. Following the reduction of 0.05%, this deal is now fixed at 1.59% until 29 February 2024. Although this is not the lowest initial rate on offer in this sector of the market, when the deal is considered as a whole, the low fee of £495 balanced against the generous incentive package (which includes a free valuation and £250 cashback) ensure that this option holds a place in our top rate tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.59% fixed rate until 29.2.24
  • Product fee: £495
  • Maximum loan-to-value: 85%
  • Available to: House purchase customers
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made.
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Landlords who are looking for a remortgage deal and who have the required 40% equity available may wish to note that among the products to receive a rate cut from NatWest this week is the five-year fixed rate at 60% loan-to-value. Following a reduction of 0.05%, this is now priced at 1.64% until 28 February 2027. Although there are slightly lower rates on offer in this sector of the market, when considered as a whole, the reasonable fee of £995 and incentive package of free valuation and free legal fees boost the appeal of this product further and ensure that it receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.64% fixed rate until 28.2.27
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Remortgage borrowers only
  • Incentives: Free valuation and free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Loans

MBNA – Personal Loan

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

“This week, MBNA has reduced the rates on a number of the tiers of its Personal Loan. The £1,000 to £2,999 tier has taken the largest cut of 1.4% and now charges 13.5% APR; borrowing of between £3,000 and £4,999 is reduced by 0.6% to 8.3% APR and for those looking to borrow between £5,000 and £7,499 a fall of 0.1% sees this tier priced at 3.4% APR. Following the update this is one of the best options for borrowing across a number of lending tiers, and continues to offer an option to overpay without incurring an early repayment charge, which could further add to its appeal. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 2.8%
  • Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
  • Application available: Online and via its app
  • Other information: Minimum age 18. You may be offered an alternative APR dependent on credit rating.

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.

 

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.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert