Moneyfacts Pick of the Week - 15/09/2022

Eleanor Williams, Press Officer

Eleanor Williams, Press Officer / Finance Expert T: 01603 476200 E: Email the Press Team

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

SmartSave – 3 Year Fixed Rate Saver

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

“Now paying 3.61% on its anniversary following a rate increase this week, SmartSave has enhanced the appeal of its three-year fixed rate bond. Those with the minimum £10,000 needed to invest in this account may well be enticed by the return, which sees it take a prominent position within its sector. Savers would need to be happy to lock their nest egg away for the term of the account as earlier access is not permitted, however, they can make further additions for 14 days from account opening, which may be a benefit for some investors. On assessment, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.61% gross / 3.61% AER payable on its anniversary
Notice / term: Three years
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.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Among the accounts receiving a rate increase from Close Brothers Savings this week is the two-year fixed rate bond. Rising by 0.05%, this has increased its appeal in the market, now paying a rate of 3.55% yearly. This update sees this account secure the pole position in our top tables when compared to other bonds with similar terms, and may well tempt those with the minimum £10,000 investment requirement. Neither earlier access nor further additions are permitted, so savers must be comfortable they can commit their funds from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.55% gross / 3.55% AER payable yearly
Notice / term: Two years
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.

Hodge Bank – 2 Year Fixed Rate Cash ISA

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

“Hodge Bank has increased the rate on a selection of its Fixed Rate Cash ISAs by up to 0.26%. The 2 Year product has improved its position in the market and may well appeal to savers who are still to use their ISA allowance and who are happy to secure their nest egg away for the term of the account. Investors may be further tempted by the fact that earlier access to funds (subject to a loss of interest penalty) is an option, and there is also a monthly interest option, which could be attractive to those looking to boost their regular income. Overall, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.17% gross / 3.17% AER payable on anniversary / monthly interest option of 3.12% gross / 3.17% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted, for 10 working days from account opening
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs. Minimum transfer £1,000
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Castle Trust Bank – 3 Year Fixed Rate e-Cash ISA

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

“Receiving a noteworthy rise of 0.28% this week is the 3 Year Fixed Rate e-Cash ISA from Castle Trust Bank. Savers yet to use their tax-free savings allowance and who are happy to secure their nest egg away for the term of the account may well be tempted by the return of 3.13%, which sees the account take a prominent position in our top tables when compared against other fixed ISAs with similar terms on offer at the moment. There is a little flexibility as – subject to an interest penalty and account closure – it is possible to access funds early, and investors can also make further additions for up to 14 days from account opening. On assessment, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.13% gross / 3.13% AER payable on maturity
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 270-day loss of interest penalty and account closure
Further additions: Permitted, for 14 days from account opening
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs
Transfers out: Permitted, subject to 270-day loss of interest penalty and account closure
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18.

Santander – eISA (Issue 15)

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

“Santander has made various eye-catching updates across its savings range this week, which has included increasing the rate on its eISA. Following the rate rise, this now scoops the lead position in our top tables when compared to other variable ISAs currently on offer. This account pays 1.85% yearly and requires a minimum investment of £500. Savers will have the flexibility to access their cash as needed - a facility that may be a priority for many at the moment - and the ability to make further additions within their ISA allowance until 5 April 2023. Savvy savers may want to make a note to review though, as after 12 months from opening this eISA reverts into an ISA Saver account so the rate paid may fall. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.85% gross / 1.85% AER payable yearly
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: ISA allowance
Access: Permitted
Further additions: Permitted until 5.4.23. Reverts into ISA Saver after 12 months.
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs, Help to Buy ISAs, Cash and Stocks and Shares LISAs and Innovative Finance ISAs.
Transfers out: Permitted
Opening account: Online, in branch and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 16.

Mortgages

HSBC – Five-year fixed rate mortgage, 90% loan-to-value

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

“This week, HSBC has increased selected fixed rates across its range, including its five-year fixed rate product for first- and second-time buyers, now priced at 3.93% until 31 March 2028. Available at 90% loan-to-value, despite seeing a rise of 0.05% this week, this deal continues to carry a reasonable £999 fee, which is then offset by a generous incentive package including a free valuation and £500 cashback. This may further boost the appeal of this deal to those who have had to stretch to save their 10% deposit and who want to limit their outlay on mortgage set-up costs. Considered as a whole package, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.93% fixed rate to 31.3.28
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation and £500 cashback
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, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Landlords who wish to secure the stability of a mid-term fixed rate with which to purchase a rental property may want to note the amended five-year deal at 75% loan-to-value from HSBC. Rising by 0.18%, this deal is now priced at 3.78% to 31 March 2028. The fee of £1,999 in unchanged, and landlords can benefit from incentives of a free valuation and £500 cashback, which may boost the product’s appeal. On assessment, this deal retains a place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.78% fixed rate to 31.3.28
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Savings

SmartSave – 3 Year Fixed Rate Saver

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

“Now paying 3.61% on its anniversary following a rate increase this week, SmartSave has enhanced the appeal of its three-year fixed rate bond. Those with the minimum £10,000 needed to invest in this account may well be enticed by the return, which sees it take a prominent position within its sector. Savers would need to be happy to lock their nest egg away for the term of the account as earlier access is not permitted, however, they can make further additions for 14 days from account opening, which may be a benefit for some investors. On assessment, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.61% gross / 3.61% AER payable on its anniversary
Notice / term: Three years
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.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“Among the accounts receiving a rate increase from Close Brothers Savings this week is the two-year fixed rate bond. Rising by 0.05%, this has increased its appeal in the market, now paying a rate of 3.55% yearly. This update sees this account secure the pole position in our top tables when compared to other bonds with similar terms, and may well tempt those with the minimum £10,000 investment requirement. Neither earlier access nor further additions are permitted, so savers must be comfortable they can commit their funds from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.55% gross / 3.55% AER payable yearly
Notice / term: Two years
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.

Hodge Bank – 2 Year Fixed Rate Cash ISA

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

“Hodge Bank has increased the rate on a selection of its Fixed Rate Cash ISAs by up to 0.26%. The 2 Year product has improved its position in the market and may well appeal to savers who are still to use their ISA allowance and who are happy to secure their nest egg away for the term of the account. Investors may be further tempted by the fact that earlier access to funds (subject to a loss of interest penalty) is an option, and there is also a monthly interest option, which could be attractive to those looking to boost their regular income. Overall, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.17% gross / 3.17% AER payable on anniversary / monthly interest option of 3.12% gross / 3.17% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted, for 10 working days from account opening
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs. Minimum transfer £1,000
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Castle Trust Bank – 3 Year Fixed Rate e-Cash ISA

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

“Receiving a noteworthy rise of 0.28% this week is the 3 Year Fixed Rate e-Cash ISA from Castle Trust Bank. Savers yet to use their tax-free savings allowance and who are happy to secure their nest egg away for the term of the account may well be tempted by the return of 3.13%, which sees the account take a prominent position in our top tables when compared against other fixed ISAs with similar terms on offer at the moment. There is a little flexibility as – subject to an interest penalty and account closure – it is possible to access funds early, and investors can also make further additions for up to 14 days from account opening. On assessment, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.13% gross / 3.13% AER payable on maturity
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 270-day loss of interest penalty and account closure
Further additions: Permitted, for 14 days from account opening
Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs
Transfers out: Permitted, subject to 270-day loss of interest penalty and account closure
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18.

Santander – eISA (Issue 15)

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

“Santander has made various eye-catching updates across its savings range this week, which has included increasing the rate on its eISA. Following the rate rise, this now scoops the lead position in our top tables when compared to other variable ISAs currently on offer. This account pays 1.85% yearly and requires a minimum investment of £500. Savers will have the flexibility to access their cash as needed - a facility that may be a priority for many at the moment - and the ability to make further additions within their ISA allowance until 5 April 2023. Savvy savers may want to make a note to review though, as after 12 months from opening this eISA reverts into an ISA Saver account so the rate paid may fall. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.85% gross / 1.85% AER payable yearly
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: ISA allowance
Access: Permitted
Further additions: Permitted until 5.4.23. Reverts into ISA Saver after 12 months.
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs, Help to Buy ISAs, Cash and Stocks and Shares LISAs and Innovative Finance ISAs.
Transfers out: Permitted
Opening account: Online, in branch and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 16.

Mortgages

HSBC – Five-year fixed rate mortgage, 90% loan-to-value

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

“This week, HSBC has increased selected fixed rates across its range, including its five-year fixed rate product for first- and second-time buyers, now priced at 3.93% until 31 March 2028. Available at 90% loan-to-value, despite seeing a rise of 0.05% this week, this deal continues to carry a reasonable £999 fee, which is then offset by a generous incentive package including a free valuation and £500 cashback. This may further boost the appeal of this deal to those who have had to stretch to save their 10% deposit and who want to limit their outlay on mortgage set-up costs. Considered as a whole package, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.93% fixed rate to 31.3.28
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation and £500 cashback
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, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Landlords who wish to secure the stability of a mid-term fixed rate with which to purchase a rental property may want to note the amended five-year deal at 75% loan-to-value from HSBC. Rising by 0.18%, this deal is now priced at 3.78% to 31 March 2028. The fee of £1,999 in unchanged, and landlords can benefit from incentives of a free valuation and £500 cashback, which may boost the product’s appeal. On assessment, this deal retains a place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.78% fixed rate to 31.3.28
Product fee: £1,999
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation and £500 cashback
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

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©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.