Moneyfacts Pick of the Week - 15/06/2023

Rachel Springall, Press Officer

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

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 Finance Expert, Rachel Springall, 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 Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Coventry Building Society - Four Access Saver (Online)

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

“Coventry Building Society has launched a new easy access account this week, the Four Access Saver (Online), which pays 4.00%. The account grabs a prominent position towards the top of its sector and may attract savers with as little as £1 to invest who are able to limit their withdrawals to four per year, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.00% gross / 4.00% AER payable on anniversary / monthly interest option of 3.93% gross / 4.00% AER also available
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Four penalty-free withdrawals permitted per annum, further withdrawals subject to 50-day loss of interest penalty. Withdrawals must be made via nominated account.
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Joint account option available.

Shawbrook Bank – Easy Access Cash ISA Issue 24

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

“Shawbrook Bank has increased the rate on its Easy Access Cash ISA this week, which improves its position in the market and may entice savers looking for flexibility. The deal now pays 3.78% and requires a minimum of £1,000 to be invested upfront. Unlimited withdrawals can be made, as well as further additions and transfers in from another Cash or Stocks and Shares ISA. Savers will also find a monthly interest option is available, which may appeal if they are looking to supplement their income. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.78% gross / 3.78% AER payable on anniversary / monthly interest rate option of rate 3.72% gross / 3.78% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted via nominated account. Minimum withdrawal amount £500
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.

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has increased the rate on its 1 Year Fixed Rate Saver this week, which takes a prominent position in the market. Paying a rate of 5.43%, the deal sits comfortably against its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £10,000 to invest. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.43% gross / 5.43% AER payable on maturity
Notice / term: One year
Minimum opening amount: £10,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Atom Bank – 1 Year Fixed Saver

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

“This week, Atom Bank has increased rates on a selection of its Fixed Savers, including its one-year fixed option, which improves its position in the sector. The deal now pays 5.40% gross and may well entice savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Savers may also find the monthly interest option appealing to supplement their income. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 5.40% gross / 5.40% AER payable on anniversary / monthly interest option of 5.27% gross / 5.40% AER also available
Notice / term: One year
Minimum opening amount: £50
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted for one week from account opening
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

UBL UK – 1 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has improved its position in the market. Now paying 4.64% on maturity, savers may find this an attractive choice if they have yet to use their ISA allowance, but they must be comfortable with their initial investment as further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.64% gross / 4.64% AER payable on maturity
Notice / term: One year
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

Mortgages

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

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

“HSBC has increased rates across selected fixed deals this week, including its three-year fixed mortgage at 75% loan-to-value. Now priced at 4.84% and fixed to 31 August 2026, this deal carries a free valuation incentive and charges a reasonable product fee of £999. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.84% fixed rate to 31.8.26
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland

first direct – Five-year fixed rate mortgage, 80% loan-to-value

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

“Borrowers searching for a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from first direct appealing. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 4.80% and charges a reasonable £490 product fee. The deal also includes an incentive package of free valuation for all borrowers and free legal fees. This product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% fixed rate for five years
Product fee: £490
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

TSB – Two-year variable tracker rate mortgage, 70% loan-to-value

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

“This week, TSB has reduced the rate on its variable tracker rates, including its two-year deal, which is now priced at 5.14%. Landlords searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive. There is a product fee of £995 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.14% variable tracker rate (BBR + 0.64%) to 31.7.25
Product fee: £995
Maximum loan-to-value: 70%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments. Underpayments and payment holidays considered, but not to exceed level of overpayments previously made
Lending area: Great Britain and Northern Ireland.

NatWest – Two-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive package may find the two-year fixed rate deal from NatWest attractive. After a rate rise this week, the deal is now priced at 5.40% and includes an incentive package of a free valuation. Overall, the package may appeal to borrowers with a 25% deposit looking to save on the upfront cost of their deal, as there is no product fee to pay. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.40% fixed rate to 31.10.25
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

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

“Landlords looking for a competitive rate to secure their monthly repayments over the next five years may find the latest deal from HSBC appealing. The deal has seen a rate rise and is now priced at 5.14% and fixed to 31 August 2028. However, the deal carries an attractive incentive package of a free valuation, but borrowers must pay the £1,999 product fee upfront. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.14% fixed rate to 31.8.28
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Savings

Coventry Building Society - Four Access Saver (Online)

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

“Coventry Building Society has launched a new easy access account this week, the Four Access Saver (Online), which pays 4.00%. The account grabs a prominent position towards the top of its sector and may attract savers with as little as £1 to invest who are able to limit their withdrawals to four per year, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.00% gross / 4.00% AER payable on anniversary / monthly interest option of 3.93% gross / 4.00% AER also available
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Four penalty-free withdrawals permitted per annum, further withdrawals subject to 50-day loss of interest penalty. Withdrawals must be made via nominated account.
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16. Joint account option available.

Shawbrook Bank – Easy Access Cash ISA Issue 24

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

“Shawbrook Bank has increased the rate on its Easy Access Cash ISA this week, which improves its position in the market and may entice savers looking for flexibility. The deal now pays 3.78% and requires a minimum of £1,000 to be invested upfront. Unlimited withdrawals can be made, as well as further additions and transfers in from another Cash or Stocks and Shares ISA. Savers will also find a monthly interest option is available, which may appeal if they are looking to supplement their income. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.78% gross / 3.78% AER payable on anniversary / monthly interest rate option of rate 3.72% gross / 3.78% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted via nominated account. Minimum withdrawal amount £500
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.

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has increased the rate on its 1 Year Fixed Rate Saver this week, which takes a prominent position in the market. Paying a rate of 5.43%, the deal sits comfortably against its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £10,000 to invest. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.43% gross / 5.43% AER payable on maturity
Notice / term: One year
Minimum opening amount: £10,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Atom Bank – 1 Year Fixed Saver

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

“This week, Atom Bank has increased rates on a selection of its Fixed Savers, including its one-year fixed option, which improves its position in the sector. The deal now pays 5.40% gross and may well entice savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Savers may also find the monthly interest option appealing to supplement their income. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 5.40% gross / 5.40% AER payable on anniversary / monthly interest option of 5.27% gross / 5.40% AER also available
Notice / term: One year
Minimum opening amount: £50
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted for one week from account opening
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

UBL UK – 1 Year Fixed Rate Cash ISA

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

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has improved its position in the market. Now paying 4.64% on maturity, savers may find this an attractive choice if they have yet to use their ISA allowance, but they must be comfortable with their initial investment as further additions are not permitted. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.64% gross / 4.64% AER payable on maturity
Notice / term: One year
Minimum opening amount: £2,000
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Not permitted
Transfers in: Permitted. Accepts cash ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online, via its mobile app, by post and in branch
Managing account: Online, via its mobile app, by phone, by post and in branch
Other information: Minimum applicant age 18.

Mortgages

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

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

“HSBC has increased rates across selected fixed deals this week, including its three-year fixed mortgage at 75% loan-to-value. Now priced at 4.84% and fixed to 31 August 2026, this deal carries a free valuation incentive and charges a reasonable product fee of £999. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.84% fixed rate to 31.8.26
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland

first direct – Five-year fixed rate mortgage, 80% loan-to-value

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

“Borrowers searching for a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from first direct appealing. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 4.80% and charges a reasonable £490 product fee. The deal also includes an incentive package of free valuation for all borrowers and free legal fees. This product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% fixed rate for five years
Product fee: £490
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

TSB – Two-year variable tracker rate mortgage, 70% loan-to-value

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

“This week, TSB has reduced the rate on its variable tracker rates, including its two-year deal, which is now priced at 5.14%. Landlords searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive. There is a product fee of £995 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.14% variable tracker rate (BBR + 0.64%) to 31.7.25
Product fee: £995
Maximum loan-to-value: 70%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments. Underpayments and payment holidays considered, but not to exceed level of overpayments previously made
Lending area: Great Britain and Northern Ireland.

NatWest – Two-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive package may find the two-year fixed rate deal from NatWest attractive. After a rate rise this week, the deal is now priced at 5.40% and includes an incentive package of a free valuation. Overall, the package may appeal to borrowers with a 25% deposit looking to save on the upfront cost of their deal, as there is no product fee to pay. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.40% fixed rate to 31.10.25
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

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

“Landlords looking for a competitive rate to secure their monthly repayments over the next five years may find the latest deal from HSBC appealing. The deal has seen a rate rise and is now priced at 5.14% and fixed to 31 August 2028. However, the deal carries an attractive incentive package of a free valuation, but borrowers must pay the £1,999 product fee upfront. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.14% fixed rate to 31.8.28
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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.

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

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.