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Moneyfacts Pick of the Week - 14/07/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
14/07/2022

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 

Gatehouse Bank – 18 Month Fixed Term Woodland Saver

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

“This week Gatehouse Bank has made various rate increases across its savings range. One of the accounts to see a significant 0.30% uplift is the 18 Month Fixed Term Woodland Saver. Rising from 2.40% to now pay an expected profit rate of 2.70% on anniversary, this account offers a very competitive return for those happy to secure their savings away for the fixed term. It takes a prominent place in our top rate table when compared to other similar bonds currently on offer. Savers may be tempted by the return alone, while those who are looking for ways to save that support sustainable principles may be further enticed by the fact that Gatehouse Bank plants a tree in UK woodland when an account is opened and funded. Following the update, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.70% gross / 2.70% AER payable on anniversary / monthly interest option of 2.67% gross / 2.70% AER also available
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded.

 

Close Brothers Savings – 1 Year Fixed Rate Bond

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Bond this week. After a rate rise of 0.05%, the deal now pays 2.65% and improves its position within its sector. Those savers looking for an enticing return who are happy to lock their cash away for the next year may find this a desirable choice, if they have the minimum investment amount of £10,000. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.65% gross / 2.65% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

OakNorth Bank – 12 Month Fixed Rate Cash ISA

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

“One of the accounts to receive a rate increase from OakNorth Bank this week is the 12 Month Fixed Rate Cash ISA. Rising by 0.25% to now pay 2.02% monthly, this ISA takes a position within the top 10 when compared against other fixed ISAs with similar terms which are currently on offer. To tempt savers there is an element of flexibility with this ISA, as it allows earlier access subject to a loss of interest penalty. Savers can also make further additions and transfers in for 30 days from account opening, which could be another useful feature. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.02% gross / 2.02% AER payable monthly
  • Notice / term: 12 months
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to 90 days’ loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – Easy Access Cash ISA - Issue 20

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

“Savers who want to maintain some access to their nest egg and are also looking to utilise their tax-free savings allowance may be interested to note that Shawbrook Bank has increased the rate on its straightforward Easy Access Cash ISA this week. Taking a place towards the top of our rate tables, this ISA pays 1.40% gross on anniversary and could be a tempting choice for those looking to maintain access to their savings pot. Another feature which may entice some investors is the monthly interest option, which could supplement their income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary / monthly interest option of 1.39% gross / 1.40% AER also available.
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, minimum withdrawal amount £500, via nominated account
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Virgin Money – Five-year fixed rate mortgage, 65% loan-to-value

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

“Virgin Money has applied various rate increases to selected deals this week, including the 65% loan-to-value five-year fixed rate. Available to those purchasing a home, this product received a small 0.06% rate increase and is now priced at 3.24% until 1 October 2027. Prospective house-buyers who want the stability and ability to budget which comes with a mid-term fixed rate may be tempted by the rate alone. Additionally, this deal carries a reasonable fee of £995, there is the option to add to the advance, and there is a cashback incentive attached to the product as well. It may be an attractive option for those wanting to keep mortgage set-up costs to a minimum. Considered as a whole, this deal maintains a position in our top tables and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.24% fixed rate to 1.10.27
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: House purchase customers
  • Incentives: £300 cashback
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Among the products to be amended by HSBC this week is the two-year fixed rate for landlords who are looking to purchase at 60% loan-to-value. Receiving a small rate increase of 0.05%, this option is now priced at 3.49% until 31 October 2024. Those who wish to keep any outgoings associated with taking on a new mortgage to a minimum may find this a particularly tempting proposition as there is no fee attached to this product, and there is also a generous incentive package of a free valuation and £500 cashback available. When assessed as a whole package, this deal retains a place in our top tables despite the small rate rise and receives an Outstanding Moneyfacts product rating.”

 

Key product details:

  • Rate: 3.49% fixed rate to 31.10.24
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has replaced products in its buy-to-let range which were temporarily withdrawn last week. The two-year discounted variable rate is now priced at 2.29% and available to landlords with either 20% deposit or equity. This may therefore be an appealing option for those landlords who are comfortable with a variable rate product, as this is the lowest initial rate currently offered in this sector of the market. This deal might also be tempting for those wanting to keep any set-up costs to a minimum as there is an incentive package including £250 cashback on offer, and there is the option to add the £995 fee to the mortgage advance. This deal re-enters our top tables for the intermediary sector and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% discounted-variable rate for two-years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £250 cashback and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

Savings 

Gatehouse Bank – 18 Month Fixed Term Woodland Saver

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

“This week Gatehouse Bank has made various rate increases across its savings range. One of the accounts to see a significant 0.30% uplift is the 18 Month Fixed Term Woodland Saver. Rising from 2.40% to now pay an expected profit rate of 2.70% on anniversary, this account offers a very competitive return for those happy to secure their savings away for the fixed term. It takes a prominent place in our top rate table when compared to other similar bonds currently on offer. Savers may be tempted by the return alone, while those who are looking for ways to save that support sustainable principles may be further enticed by the fact that Gatehouse Bank plants a tree in UK woodland when an account is opened and funded. Following the update, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.70% gross / 2.70% AER payable on anniversary / monthly interest option of 2.67% gross / 2.70% AER also available
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Gatehouse Bank will plant a tree in a UK woodland when an account is opened and funded.

 

Close Brothers Savings – 1 Year Fixed Rate Bond

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Bond this week. After a rate rise of 0.05%, the deal now pays 2.65% and improves its position within its sector. Those savers looking for an enticing return who are happy to lock their cash away for the next year may find this a desirable choice, if they have the minimum investment amount of £10,000. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.65% gross / 2.65% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

OakNorth Bank – 12 Month Fixed Rate Cash ISA

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

“One of the accounts to receive a rate increase from OakNorth Bank this week is the 12 Month Fixed Rate Cash ISA. Rising by 0.25% to now pay 2.02% monthly, this ISA takes a position within the top 10 when compared against other fixed ISAs with similar terms which are currently on offer. To tempt savers there is an element of flexibility with this ISA, as it allows earlier access subject to a loss of interest penalty. Savers can also make further additions and transfers in for 30 days from account opening, which could be another useful feature. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.02% gross / 2.02% AER payable monthly
  • Notice / term: 12 months
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to 90 days’ loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – Easy Access Cash ISA - Issue 20

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

“Savers who want to maintain some access to their nest egg and are also looking to utilise their tax-free savings allowance may be interested to note that Shawbrook Bank has increased the rate on its straightforward Easy Access Cash ISA this week. Taking a place towards the top of our rate tables, this ISA pays 1.40% gross on anniversary and could be a tempting choice for those looking to maintain access to their savings pot. Another feature which may entice some investors is the monthly interest option, which could supplement their income. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.40% gross / 1.40% AER payable on anniversary / monthly interest option of 1.39% gross / 1.40% AER also available.
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, minimum withdrawal amount £500, via nominated account
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Virgin Money – Five-year fixed rate mortgage, 65% loan-to-value

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

“Virgin Money has applied various rate increases to selected deals this week, including the 65% loan-to-value five-year fixed rate. Available to those purchasing a home, this product received a small 0.06% rate increase and is now priced at 3.24% until 1 October 2027. Prospective house-buyers who want the stability and ability to budget which comes with a mid-term fixed rate may be tempted by the rate alone. Additionally, this deal carries a reasonable fee of £995, there is the option to add to the advance, and there is a cashback incentive attached to the product as well. It may be an attractive option for those wanting to keep mortgage set-up costs to a minimum. Considered as a whole, this deal maintains a position in our top tables and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.24% fixed rate to 1.10.27
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: House purchase customers
  • Incentives: £300 cashback
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

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

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

“Among the products to be amended by HSBC this week is the two-year fixed rate for landlords who are looking to purchase at 60% loan-to-value. Receiving a small rate increase of 0.05%, this option is now priced at 3.49% until 31 October 2024. Those who wish to keep any outgoings associated with taking on a new mortgage to a minimum may find this a particularly tempting proposition as there is no fee attached to this product, and there is also a generous incentive package of a free valuation and £500 cashback available. When assessed as a whole package, this deal retains a place in our top tables despite the small rate rise and receives an Outstanding Moneyfacts product rating.”

 

Key product details:

  • Rate: 3.49% fixed rate to 31.10.24
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has replaced products in its buy-to-let range which were temporarily withdrawn last week. The two-year discounted variable rate is now priced at 2.29% and available to landlords with either 20% deposit or equity. This may therefore be an appealing option for those landlords who are comfortable with a variable rate product, as this is the lowest initial rate currently offered in this sector of the market. This deal might also be tempting for those wanting to keep any set-up costs to a minimum as there is an incentive package including £250 cashback on offer, and there is the option to add the £995 fee to the mortgage advance. This deal re-enters our top tables for the intermediary sector and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% discounted-variable rate for two-years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £250 cashback and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

 

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