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Moneyfacts Pick of the Week - 16/06/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
16/06/2022

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

Savings

Tesco Bank – Instant Access Cash ISA

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

“Tesco Bank has increased the rate on its Instant Access Cash ISA this week by 0.26% which has boosted its appeal. Now paying 1.21%, the deal has improved its position within this sector and sits within the top 10 in the market. Savers searching for a flexible account and wish to utilise their ISA allowance may find this deal appealing as it allows unlimited deposits, withdrawals and accepts cash ISA transfers. Savers may wish to note that the deal carries a bonus of 0.96% for 12 months so a review before this expires is wise. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.21% gross / 1.21% AER payable on its anniversary (rate includes a bonus of 0.96% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online or by phone
  • Managing account: Online, by phone or mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

 

Oxbury Bank – Personal 120 Day Notice Account – Issue 10

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

“Oxbury Bank has increased the rate on its 120-day notice account this week, which takes a market-leading position in the notice account top rate tables. The Personal 120 Day Notice Account pays an attractive rate of 1.90% and may entice savers looking for a higher rate than can be achieved on an easy access account. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.90% gross / 1.90% AER payable monthly
  • Notice / term: 120 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 120 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

 

Atom Bank – 1 Year Fixed Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.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 2.60% 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: 2.60% gross / 2.60% AER payable on anniversary / monthly interest option of 2.57% gross / 2.60% 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 Moneyfacts.co.uk, said:

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has boosted its position in the market. Now paying 2.01% 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: 2.01% gross / 2.01% 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.

 

SmartSave – 3 Year Fixed Rate Saver

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

“This week SmartSave has made a notable rate rise to its 3 Year Fixed Rate Saver, which propels itself into a more prominent position in its sector. Now paying 2.91% on its anniversary, savers who have the required £10,000 as lump sum to invest on outset may find this an attractive choice. As no earlier access is permitted savers must ensure they are comfortable to lock their money away for the full fixed term. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.91% gross / 2.91% AER payable on 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.

 

Buy-to-Let Mortgages

NatWest Intermediary Solutions – Five-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive package may find the latest five-year fixed rate deal from NatWest Intermediary Solutions attractive, despite a rate rise of 0.19% this week. Accompanying the competitive rate is a free valuation and the £1,495 product fee can be added to the mortgage advance, which may appeal to borrowers who have a 25% deposit and looking to save on upfront costs. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 2.78% fixed rate to 30.9.27
  • Product fee: £1,495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via intermediaries only.

Savings

Tesco Bank – Instant Access Cash ISA

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

“Tesco Bank has increased the rate on its Instant Access Cash ISA this week by 0.26% which has boosted its appeal. Now paying 1.21%, the deal has improved its position within this sector and sits within the top 10 in the market. Savers searching for a flexible account and wish to utilise their ISA allowance may find this deal appealing as it allows unlimited deposits, withdrawals and accepts cash ISA transfers. Savers may wish to note that the deal carries a bonus of 0.96% for 12 months so a review before this expires is wise. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.21% gross / 1.21% AER payable on its anniversary (rate includes a bonus of 0.96% gross for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash ISAs
  • Transfers out: Permitted
  • Opening account: Online or by phone
  • Managing account: Online, by phone or mobile app
  • Other information: Minimum applicant age 18. Flexible ISA rules apply.

 

Oxbury Bank – Personal 120 Day Notice Account – Issue 10

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

“Oxbury Bank has increased the rate on its 120-day notice account this week, which takes a market-leading position in the notice account top rate tables. The Personal 120 Day Notice Account pays an attractive rate of 1.90% and may entice savers looking for a higher rate than can be achieved on an easy access account. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 1.90% gross / 1.90% AER payable monthly
  • Notice / term: 120 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 120 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

 

Atom Bank – 1 Year Fixed Saver

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.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 2.60% 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: 2.60% gross / 2.60% AER payable on anniversary / monthly interest option of 2.57% gross / 2.60% 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 Moneyfacts.co.uk, said:

“UBL UK has increased the rate on its 1 Year Fixed Rate Cash ISA this week, which has boosted its position in the market. Now paying 2.01% 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: 2.01% gross / 2.01% 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.

 

SmartSave – 3 Year Fixed Rate Saver

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

“This week SmartSave has made a notable rate rise to its 3 Year Fixed Rate Saver, which propels itself into a more prominent position in its sector. Now paying 2.91% on its anniversary, savers who have the required £10,000 as lump sum to invest on outset may find this an attractive choice. As no earlier access is permitted savers must ensure they are comfortable to lock their money away for the full fixed term. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.91% gross / 2.91% AER payable on 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.

 

Buy-to-Let Mortgages

NatWest Intermediary Solutions – Five-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive package may find the latest five-year fixed rate deal from NatWest Intermediary Solutions attractive, despite a rate rise of 0.19% this week. Accompanying the competitive rate is a free valuation and the £1,495 product fee can be added to the mortgage advance, which may appeal to borrowers who have a 25% deposit and looking to save on upfront costs. As a result, the deal earns a Moneyfacts product rating of Outstanding.”

Key product details:

  • Rate: 2.78% fixed rate to 30.9.27
  • Product fee: £1,495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via intermediaries only.

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