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Moneyfacts Pick of the Week - 14/04/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
14/04/2022

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

Close Brothers Savings – 2 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has launched a new 2 Year Fixed Rate Cash ISA to its range this week which pays a rate of 1.75%. The deal takes a firm position within its sector and may well entice savers who are planning to utilise their new 2022/23 tax-free ISA allowance. Savers who have £10,000 to invest, whether as a deposit or transfer in, can apply online to secure this attractive rate over the next two years. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.75% gross / 1.75% AER payable on its anniversary
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 150-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted, subject to 150-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – 3 Year Fixed Rate Bond

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

“This week Cynergy Bank has launched new fixed bonds, including a three-year fixed option that pays an attractive 2.28%. Savers who are looking for an enticing return and are happy to lock their cash away for the next three years may find this a desirable choice. As is common with a fixed bond, no earlier access is permitted, and investors will need a minimum of £10,000 to deposit to be eligible. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.28% gross / 2.28% AER payable on its anniversary
  • Notice / term: Three years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • 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. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 95% loan-to-value

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

“Barclays Mortgage has made several increases to fixed rates in its range this week, including a rise of 0.04% on its two-year fixed rate deal at 95% loan-to-value. Now priced at 2.67% to 31 May 2024, this deal is available to house purchase customers and charges no product fee, ideal for those wanting to save on the upfront cost. Those who have the required 5% deposit may also find the free valuation incentive beneficial. The deal overall retains a place within the top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.67% fixed rate to 31.5.24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

HSBC – Three-year fixed rate mortgage, 60% loan-to-value

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

“This week HSBC has cut selected fixed rates in its range, including a reduction of 0.05% on its three-year fixed rate mortgage at 60% loan-to-value. Now priced at 2.19%, the deal’s attractive rate is accompanied by a reasonable product fee of £999 and a free valuation incentive. Those borrowers hoping to lock into a competitive rate over the next three years may then find this an attractive choice. On assessment, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • 2.19% fixed rate to 31.7.25
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

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

“HSBC has reduced rates on a selection of fixed rate buy-to-let deals this week, including its five-year fixed rate option at 75% loan-to-value which has seen a reduction of 0.05%. Now priced at 2.59%, the deal may entice landlords looking for a competitive rate and who are looking to save on the upfront cost of their mortgage as it does not charge a product fee and offers a free valuation. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 2.59% fixed rate to 31.7.27
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Virgin Money – 34 Month Balance Transfer Credit Card Mastercard

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

“Virgin Money has increased the 0% introductory balance transfer deal on its 32 Month Balance Transfer Mastercard by two months this week. The length of the interest-free balance transfer period is now market-leading at 34 months. The card also carries a 0% introductory purchase offer for three months and customers can also enjoy exclusive offers and rewards on the Virgin Red app. Those hoping to consolidate credit card debt may then find the deal attractive, particularly as the upfront balance transfer fee has reduced to 2.70% down from 2.94%. 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 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.70% as an introductory charge for the first two months, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or in branch
  • Card management: By phone, by post and via its mobile app
  • Other information: Minimum age 18.

Savings

Close Brothers Savings – 2 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has launched a new 2 Year Fixed Rate Cash ISA to its range this week which pays a rate of 1.75%. The deal takes a firm position within its sector and may well entice savers who are planning to utilise their new 2022/23 tax-free ISA allowance. Savers who have £10,000 to invest, whether as a deposit or transfer in, can apply online to secure this attractive rate over the next two years. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.75% gross / 1.75% AER payable on its anniversary
  • Notice / term: Two years
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 150-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted, subject to 150-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – 3 Year Fixed Rate Bond

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

“This week Cynergy Bank has launched new fixed bonds, including a three-year fixed option that pays an attractive 2.28%. Savers who are looking for an enticing return and are happy to lock their cash away for the next three years may find this a desirable choice. As is common with a fixed bond, no earlier access is permitted, and investors will need a minimum of £10,000 to deposit to be eligible. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.28% gross / 2.28% AER payable on its anniversary
  • Notice / term: Three years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £1 million
  • 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. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 95% loan-to-value

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

“Barclays Mortgage has made several increases to fixed rates in its range this week, including a rise of 0.04% on its two-year fixed rate deal at 95% loan-to-value. Now priced at 2.67% to 31 May 2024, this deal is available to house purchase customers and charges no product fee, ideal for those wanting to save on the upfront cost. Those who have the required 5% deposit may also find the free valuation incentive beneficial. The deal overall retains a place within the top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.67% fixed rate to 31.5.24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

HSBC – Three-year fixed rate mortgage, 60% loan-to-value

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

“This week HSBC has cut selected fixed rates in its range, including a reduction of 0.05% on its three-year fixed rate mortgage at 60% loan-to-value. Now priced at 2.19%, the deal’s attractive rate is accompanied by a reasonable product fee of £999 and a free valuation incentive. Those borrowers hoping to lock into a competitive rate over the next three years may then find this an attractive choice. On assessment, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • 2.19% fixed rate to 31.7.25
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

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

“HSBC has reduced rates on a selection of fixed rate buy-to-let deals this week, including its five-year fixed rate option at 75% loan-to-value which has seen a reduction of 0.05%. Now priced at 2.59%, the deal may entice landlords looking for a competitive rate and who are looking to save on the upfront cost of their mortgage as it does not charge a product fee and offers a free valuation. On assessment, this deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • 2.59% fixed rate to 31.7.27
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Cards

Virgin Money – 34 Month Balance Transfer Credit Card Mastercard

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

“Virgin Money has increased the 0% introductory balance transfer deal on its 32 Month Balance Transfer Mastercard by two months this week. The length of the interest-free balance transfer period is now market-leading at 34 months. The card also carries a 0% introductory purchase offer for three months and customers can also enjoy exclusive offers and rewards on the Virgin Red app. Those hoping to consolidate credit card debt may then find the deal attractive, particularly as the upfront balance transfer fee has reduced to 2.70% down from 2.94%. 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 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.70% as an introductory charge for the first two months, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or in branch
  • Card management: By phone, by post and 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