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Moneyfacts Pick of the Week - 14/12/2023

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
14/12/2023

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Ziraat Bank – Raisin UK - 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Ziraat Bank has increased the rate on its one-year Fixed Term Deposit with Raisin UK. Now paying 5.50%, it sits just outside our top tables, but continues to pay a competitive rate when compared against other bonds in its sector. As with many fixed term savings accounts, savers cannot gain early access or make further contributions, so they will need to plan carefully. But this deal may entice those looking for a guaranteed return over the next 12 months. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.50% gross / 5.50% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, and via mobile app by Raisin UK
  • Managing account: Online, and via mobile app by Raisin UK
  • Other information: Minimum applicant age 18.

 

Metro Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Metro Bank has reduced the rate on a selection of its Fixed Rate Cash ISAs and Fixed Term Savings Accounts this week. One account seeing a cut is its 1 Year Fixed Rate Cash ISA which now pays 5.41%. Despite the reduction this account retains its prominent position against similar fixed cash ISAs. Savers may be glad to hear that the account allows further additions for 30 days from the account opening, and allows early access on account closure, however, this is subject to 180 days’ loss of interest, which should be considered. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.41% gross / 5.41% AER payable yearly
  • Notice / term: One year bond
  • Minimum opening amount: None
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 180-day loss of interest penalty
  • Further additions: Permitted. For 30 days from account opening
  • Transfers in: Permitted within 30 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted subject to 180-day loss of interest
  • Opening account: In branch
  • Managing account: Online, in branch and by phone
  • Other information: Minimum applicant age 16.

 

Leeds Building Society – Limited Issue Online Access Account (Issue 53)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has increased the rate on its Limited Issue Online Access Account. Now paying 5.10%, the account takes a prominent position within its respective sector, savers may also be glad to hear that withdrawals are permitted, and further additions can be made for 30 days from the account opening. However, once this account matures on 2 February 2025 it will revert to an instant access maturity account, which investors may wish to note. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable on maturity
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Permitted via nominated account
  • Further additions: Permitted, while issue remains open
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Reverts into an instant access maturity account on 2 February 2025.

 

Beehive Money – Limited Issue Easy Access Issue 3

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Beehive Money has launched a new Limited Issue Easy Access Issue 3. The account pays 5.10%, taking a competitive position within its sector. This account is available to those who have a minimum of £1,000 to invest. It must be noted that this deal has an introductory bonus rate of 2.45%, which expires on 14 January 2025, so it may be sensible for savers to review the account before expiration. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable yearly, includes a bonus of 2.45% until 14.1.25
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18.

 

Mortgages

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“MPowered Mortgages has reduced most of its fixed rates for house purchase and remortgage borrowers by up to 0.30% this week, including its two-year fixed rate mortgage at 90% loan-to-value. Now priced at 5.39%, the deal is available, through selected intermediaries, for house purchase customers. The deal charges a reasonable upfront product fee of £999 and carries a generous incentive package of a free valuation and £500 cashback, which is an appealing option for borrowers looking to save on upfront costs. The reduction, along with its incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback (cashback available for advances over £200,000)
  • Flexible features: Allows overpayments
  • Lending area: England and Wales. Available through selected intermediaries.

 

Savings

Ziraat Bank – Raisin UK - 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Ziraat Bank has increased the rate on its one-year Fixed Term Deposit with Raisin UK. Now paying 5.50%, it sits just outside our top tables, but continues to pay a competitive rate when compared against other bonds in its sector. As with many fixed term savings accounts, savers cannot gain early access or make further contributions, so they will need to plan carefully. But this deal may entice those looking for a guaranteed return over the next 12 months. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.50% gross / 5.50% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, and via mobile app by Raisin UK
  • Managing account: Online, and via mobile app by Raisin UK
  • Other information: Minimum applicant age 18.

 

Metro Bank – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Metro Bank has reduced the rate on a selection of its Fixed Rate Cash ISAs and Fixed Term Savings Accounts this week. One account seeing a cut is its 1 Year Fixed Rate Cash ISA which now pays 5.41%. Despite the reduction this account retains its prominent position against similar fixed cash ISAs. Savers may be glad to hear that the account allows further additions for 30 days from the account opening, and allows early access on account closure, however, this is subject to 180 days’ loss of interest, which should be considered. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.41% gross / 5.41% AER payable yearly
  • Notice / term: One year bond
  • Minimum opening amount: None
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure only, subject to 180-day loss of interest penalty
  • Further additions: Permitted. For 30 days from account opening
  • Transfers in: Permitted within 30 days of account opening. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted subject to 180-day loss of interest
  • Opening account: In branch
  • Managing account: Online, in branch and by phone
  • Other information: Minimum applicant age 16.

 

Leeds Building Society – Limited Issue Online Access Account (Issue 53)

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Leeds Building Society has increased the rate on its Limited Issue Online Access Account. Now paying 5.10%, the account takes a prominent position within its respective sector, savers may also be glad to hear that withdrawals are permitted, and further additions can be made for 30 days from the account opening. However, once this account matures on 2 February 2025 it will revert to an instant access maturity account, which investors may wish to note. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable on maturity
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Permitted via nominated account
  • Further additions: Permitted, while issue remains open
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Reverts into an instant access maturity account on 2 February 2025.

 

Beehive Money – Limited Issue Easy Access Issue 3

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Beehive Money has launched a new Limited Issue Easy Access Issue 3. The account pays 5.10%, taking a competitive position within its sector. This account is available to those who have a minimum of £1,000 to invest. It must be noted that this deal has an introductory bonus rate of 2.45%, which expires on 14 January 2025, so it may be sensible for savers to review the account before expiration. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.10% gross / 5.10% AER payable yearly, includes a bonus of 2.45% until 14.1.25
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted via nominated account
  • Further additions: Permitted via nominated account
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18.

 

Mortgages

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“MPowered Mortgages has reduced most of its fixed rates for house purchase and remortgage borrowers by up to 0.30% this week, including its two-year fixed rate mortgage at 90% loan-to-value. Now priced at 5.39%, the deal is available, through selected intermediaries, for house purchase customers. The deal charges a reasonable upfront product fee of £999 and carries a generous incentive package of a free valuation and £500 cashback, which is an appealing option for borrowers looking to save on upfront costs. The reduction, along with its incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback (cashback available for advances over £200,000)
  • Flexible features: Allows overpayments
  • Lending area: England and Wales. Available through selected intermediaries.

 

Notes to editors

Pioneering financial comparison technology for over 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant