Moneyfacts Pick of the Week - 14/10/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
14/10/2021

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

Cynergy Bank – Online ISA (Issue 17)

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

“Savers who are still looking to use their tax-free savings allowance and also require flexibility with their savings pot may be pleased to note that Cynergy Bank has included a rate increase on its Online ISA this week. Now paying 0.65% yearly the account improves its position in the top 10 compared to other variable rate ISAs currently available. The ISA must be opened and managed online and can be opened with investments as little as £1. The return of 0.65% is currently market-leading for its sector, and savers may be further tempted by the fact that withdrawals, further additions and transfers in from cash ISAs are all possible. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.65% gross / 0.65% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening only, accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

Mortgages

TSB – Three-year fixed rate mortgage, 90% loan-to-value

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

“In its latest update TSB has made rate amendments and launched a handful of new fixed rates in its residential mortgage range. One of the new products is a three-year fixed rate for those buying a home and who have a 10% deposit to put down. Priced at 1.99% and fixed until 28 February 2025, a fee of £995 is payable for the deal, which is balanced against a generous incentive package comprising a free valuation plus £500 cashback, ensuring that this is a tempting product based on its true cost and one which secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.99% fixed rate to 28.2.25
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain.

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

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

“Borrowers who are hoping to buy a property and have a 15% deposit available may be pleased to see that one of the products to receive a rate cut from Yorkshire Building Society this week is a five-year fixed rate option at 85% loan-to-value. Following a rate reduction of 0.25%, this deal is now priced at a competitive 2.02% and is fixed until 28 February 2027 and so could tempt those looking to secure a stable rate for the initial deal term. Although not the lowest rate currently available in this sector of the market, when considered as a whole package, this deal benefits from a low fee of £495. There is also an incentive package on offer of a free valuation and £250 cashback, which could interest those hoping to keep the outlay associated with taking on a new mortgage to a minimum. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.02% fixed rate to 28.2.27
  • 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 the level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland.

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 80% loan-to-value

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

“This week Digital Mortgages by Atom Bank has revamped its mortgage range Now priced at 1.69% and fixed until 31 January 2027, the five-year fixed rate option which is available up to 80% loan-to-value carries a reasonable £900 fee which can either be paid upfront or added to the advance. Available via selected intermediaries, this is currently one of the lowest rates available within this sector of the market, and its appeal is boosted further by a generous incentive package comprising both a free valuation and £500 cashback, which could tempt those who need to keep associated mortgage costs to a minimum. Overall, this deal earns an Outstanding Moneyfacts product rating and place in our top tables for intermediaries.”

Key product details:

  • Rate: 1.69% fixed rate to 31.1.27
  • Product fee: £900
  • Maximum loan-to-value: 80%
  • Available to: House purchase customers (remortgage options also available)
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Banking

NatWest – Select Account

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

“This week NatWest has launched a new £150 switching incentive across a number of its current accounts, including the Select Account. Switchers using the CASS (Current Account Switching Service) by 2 December 2021 who pay £1,500 into the account and log into either their online or mobile banking via the app may be eligible for an initial £100, with a further £50 available if they stay and make 10 or more eligible transactions per month between 1 January 2022 and 30 September 2022. Those considering the Select Account may be pleased to note that there is no monthly account fee, and although the overdraft facility carries a rate of 39.49% EAR, there is a free emergency cash service, which could be a plus for some. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.49% EAR
  • Opening account: Online, by phone and in branch
  • Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
  • Other information: Minimum applicant age 18.

Savings

Cynergy Bank – Online ISA (Issue 17)

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

“Savers who are still looking to use their tax-free savings allowance and also require flexibility with their savings pot may be pleased to note that Cynergy Bank has included a rate increase on its Online ISA this week. Now paying 0.65% yearly the account improves its position in the top 10 compared to other variable rate ISAs currently available. The ISA must be opened and managed online and can be opened with investments as little as £1. The return of 0.65% is currently market-leading for its sector, and savers may be further tempted by the fact that withdrawals, further additions and transfers in from cash ISAs are all possible. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.65% gross / 0.65% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening only, accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

Mortgages

TSB – Three-year fixed rate mortgage, 90% loan-to-value

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

“In its latest update TSB has made rate amendments and launched a handful of new fixed rates in its residential mortgage range. One of the new products is a three-year fixed rate for those buying a home and who have a 10% deposit to put down. Priced at 1.99% and fixed until 28 February 2025, a fee of £995 is payable for the deal, which is balanced against a generous incentive package comprising a free valuation plus £500 cashback, ensuring that this is a tempting product based on its true cost and one which secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.99% fixed rate to 28.2.25
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain.

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

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

“Borrowers who are hoping to buy a property and have a 15% deposit available may be pleased to see that one of the products to receive a rate cut from Yorkshire Building Society this week is a five-year fixed rate option at 85% loan-to-value. Following a rate reduction of 0.25%, this deal is now priced at a competitive 2.02% and is fixed until 28 February 2027 and so could tempt those looking to secure a stable rate for the initial deal term. Although not the lowest rate currently available in this sector of the market, when considered as a whole package, this deal benefits from a low fee of £495. There is also an incentive package on offer of a free valuation and £250 cashback, which could interest those hoping to keep the outlay associated with taking on a new mortgage to a minimum. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.02% fixed rate to 28.2.27
  • 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 the level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland.

Digital Mortgages by Atom Bank – Five-year fixed rate mortgage, 80% loan-to-value

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

“This week Digital Mortgages by Atom Bank has revamped its mortgage range Now priced at 1.69% and fixed until 31 January 2027, the five-year fixed rate option which is available up to 80% loan-to-value carries a reasonable £900 fee which can either be paid upfront or added to the advance. Available via selected intermediaries, this is currently one of the lowest rates available within this sector of the market, and its appeal is boosted further by a generous incentive package comprising both a free valuation and £500 cashback, which could tempt those who need to keep associated mortgage costs to a minimum. Overall, this deal earns an Outstanding Moneyfacts product rating and place in our top tables for intermediaries.”

Key product details:

  • Rate: 1.69% fixed rate to 31.1.27
  • Product fee: £900
  • Maximum loan-to-value: 80%
  • Available to: House purchase customers (remortgage options also available)
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Banking

NatWest – Select Account

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

“This week NatWest has launched a new £150 switching incentive across a number of its current accounts, including the Select Account. Switchers using the CASS (Current Account Switching Service) by 2 December 2021 who pay £1,500 into the account and log into either their online or mobile banking via the app may be eligible for an initial £100, with a further £50 available if they stay and make 10 or more eligible transactions per month between 1 January 2022 and 30 September 2022. Those considering the Select Account may be pleased to note that there is no monthly account fee, and although the overdraft facility carries a rate of 39.49% EAR, there is a free emergency cash service, which could be a plus for some. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.49% EAR
  • Opening account: Online, by phone and in branch
  • Managing account: Online, in branch, by phone, via mobile app, post office and text alerts
  • Other information: Minimum applicant 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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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