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Moneyfacts Pick of the Week - 13/01/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
13/01/2022

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

Atom Bank – 2 Year Fixed Saver

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

“Atom Bank has made rate increases of up to 0.55% across a selection of its Fixed Savers this week. The two-year product receives a rise of 0.23%, now paying 1.60% gross on anniversary which sees the account secure a position in the top rate table compared to alternative bonds with similar terms. There is also a monthly interest option on offer, which could further tempt those looking to supplement their monthly income. As is common in the fixed bond market, early access to funds is not permitted, however, further additions can also be made for one week from account opening. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on anniversary / monthly interest option of 1.59% gross / 1.60% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted for one week from account opening
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18.

Oxbury Bank – Personal 95 Day Notice Account – Issue 9

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

“Despite making a small reduction of 0.05% to the rate this week, Oxbury Bank’s 95 Day Notice Account maintains a position in the top 10 when compared to other notice products currently on offer in the market. Now paying 1.00% monthly, this could tempt savers who are comfortable providing advance notice in order to access their funds, as may those looking to build their nest egg further as this account provides the flexibility for investors to make further additions as well as to withdraw their funds subject to the 95-day notice being provided. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable monthly
  • Notice / term: 95-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 95 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings have increased the rates on a handful of its Fixed Rate Cash ISA products this week. The 1 Year option rose by 0.05% and now pays 0.90% on maturity, securing the deal a place in our top tables when compared to other ISAs with similar terms. For those yet to utilise their full ISA allowance and who can meet the minimum investment amount of £10,000, not only does this ISA offer a competitive rate of return, but there may be a little flexibility with the account as well, as savers could access their funds in an emergency, subject to closure of the account and a 90-day interest penalty. Further additions can also be made within 10 days of account opening, which may be a plus for some investors. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.90% gross / 0.90% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Only on closure and subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts cash or stocks and shares ISAs
  • Transfers out: Permitted subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“Platform has refreshed its mortgage range this week, including rate re-pricing and the reintroduction of various fixed rate products. There is now a two-year fixed rate option which, following a reduction of 0.10%, is priced at 1.97% until 30 April 2024. Available to both those purchasing and those remortgaging who have the required 10% deposit or equity, this option is offered via selected intermediaries. There is no fee for borrowers to pay, and a generous incentive package on offer which includes £250 cashback, a free valuation and, for those remortgaging, free legal fees, which could make this deal even more attractive to those hoping to keep any outlay on mortgage set-up costs as low as possible. Following the rate cut, and when considered as a whole package, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.97% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages

Leeds Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Leeds Building Society has made rate cuts across the majority of its buy-to-let fixed rates this week. The five-year fixed option with a reasonable £999 fee could tempt landlords looking for the stability of a mid-term fixed rate. Available to a maximum of 60% loan-to-value and following a reduction of 0.12%, this product is now priced at 1.67% until 30 April 2027. While there are some slightly lower initial rates currently offered in this sector of the market, those tend to carry significantly higher fees than this deal. Additionally, the appeal of this mortgage is further boosted by the incentive of a free valuation, while landlords who are remortgaging could also benefit from help towards costs. On assessment, this product earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.67% fixed rate to 30.4.27
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation, and for those remortgaging help towards costs
  • Flexible features: Allows overpayments.
  • Lending area: England, Wales, Northern Ireland and mainland Scotland.

Savings

Atom Bank – 2 Year Fixed Saver

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

“Atom Bank has made rate increases of up to 0.55% across a selection of its Fixed Savers this week. The two-year product receives a rise of 0.23%, now paying 1.60% gross on anniversary which sees the account secure a position in the top rate table compared to alternative bonds with similar terms. There is also a monthly interest option on offer, which could further tempt those looking to supplement their monthly income. As is common in the fixed bond market, early access to funds is not permitted, however, further additions can also be made for one week from account opening. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% gross / 1.60% AER payable on anniversary / monthly interest option of 1.59% gross / 1.60% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted for one week from account opening
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18.

Oxbury Bank – Personal 95 Day Notice Account – Issue 9

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

“Despite making a small reduction of 0.05% to the rate this week, Oxbury Bank’s 95 Day Notice Account maintains a position in the top 10 when compared to other notice products currently on offer in the market. Now paying 1.00% monthly, this could tempt savers who are comfortable providing advance notice in order to access their funds, as may those looking to build their nest egg further as this account provides the flexibility for investors to make further additions as well as to withdraw their funds subject to the 95-day notice being provided. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable monthly
  • Notice / term: 95-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 95 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings have increased the rates on a handful of its Fixed Rate Cash ISA products this week. The 1 Year option rose by 0.05% and now pays 0.90% on maturity, securing the deal a place in our top tables when compared to other ISAs with similar terms. For those yet to utilise their full ISA allowance and who can meet the minimum investment amount of £10,000, not only does this ISA offer a competitive rate of return, but there may be a little flexibility with the account as well, as savers could access their funds in an emergency, subject to closure of the account and a 90-day interest penalty. Further additions can also be made within 10 days of account opening, which may be a plus for some investors. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.90% gross / 0.90% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Only on closure and subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Transfer instructions must be received within 10 days of account opening. Accepts cash or stocks and shares ISAs
  • Transfers out: Permitted subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“Platform has refreshed its mortgage range this week, including rate re-pricing and the reintroduction of various fixed rate products. There is now a two-year fixed rate option which, following a reduction of 0.10%, is priced at 1.97% until 30 April 2024. Available to both those purchasing and those remortgaging who have the required 10% deposit or equity, this option is offered via selected intermediaries. There is no fee for borrowers to pay, and a generous incentive package on offer which includes £250 cashback, a free valuation and, for those remortgaging, free legal fees, which could make this deal even more attractive to those hoping to keep any outlay on mortgage set-up costs as low as possible. Following the rate cut, and when considered as a whole package, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.97% fixed rate to 30.4.24
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: All borrowers
  • Incentives: Free valuation and £250 cashback, and for those remortgaging free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages

Leeds Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Leeds Building Society has made rate cuts across the majority of its buy-to-let fixed rates this week. The five-year fixed option with a reasonable £999 fee could tempt landlords looking for the stability of a mid-term fixed rate. Available to a maximum of 60% loan-to-value and following a reduction of 0.12%, this product is now priced at 1.67% until 30 April 2027. While there are some slightly lower initial rates currently offered in this sector of the market, those tend to carry significantly higher fees than this deal. Additionally, the appeal of this mortgage is further boosted by the incentive of a free valuation, while landlords who are remortgaging could also benefit from help towards costs. On assessment, this product earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.67% fixed rate to 30.4.27
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation, and for those remortgaging help towards costs
  • Flexible features: Allows overpayments.
  • Lending area: England, Wales, Northern Ireland and mainland Scotland.

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.

 

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