Moneyfacts Pick of the Week - 16/09/2021

Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo Image of Moneyfacts.co.uk 'Pick of the Week' Logo
Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
16/09/2021

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

Isbank –  Raisin UK – 2 Year Fixed Term Deposit

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

“Isbank has increased the rates on its Raisin UK – Fixed Term Deposits this week. Rising by a substantial 0.44% is the 2 Year option, which now pays 1.70% on maturity and is available to those with minimum investment amounts of £1,000. Neither early access nor further additions are permitted on this account, so investors need to be confident that they are comfortable locking their savings away for the two-year term. Additionally, savers may also wish to note that a £50 welcome bonus can be claimed when customers open their first savings account via Raisins UK website. Following the update this account secures a position in the top 10 when compared to other bonds with similar terms and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER, payable on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

West Brom Building Society – 5 Year Fixed Rate ISA

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

“Amongst various changes to its range of savings products, this week sees West Brom Building Society make a 0.10% increase on its WeBSave 5 Year ISA. Savers yet to utilise their tax-free ISA allowance may be pleased to see that this now pays a rate of 1.30% yearly. Investors may be further tempted as although this ISA has a five-year term, earlier access and transfers out are permitted, subject to providing either 180-days notice or a loss of interest penalty, which could be a plus for some, as could the fact that further additions are an option whilst the issue remains open. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.30% gross / 1.30% AER payable yearly
  • Notice / term: To 30.9.26
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted subject to 180-day notice or loss of interest penalty
  • Further additions: Permitted whilst the issue remains open
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
  • Transfers out: Permitted subject to 180-day notice or loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Mortgages

Skipton Building Society – Three-year fixed rate mortgage, 95% loan-to-value

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

“Skipton Building Society has launched a couple of new products this week including a limited edition three-year fixed rate deal at 95% loan-to-value which borrowers with a 5% deposit may wish to note. Fixed until 30 November 2024, not only is the rate one of the most competitive in its bracket, but this deal could also be of particular interest to those with limited funds available to cover the costs associated with setting up a mortgage, as there is no product fee to pay, and there is also a free valuation incentive on offer. Overall, this product earns a position in our top tables for first-time buyers and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate to 30.11.24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered after six months, maximum six months holiday per year, subject to notice and approval
  • Lending area: Great Britain.

Virgin Money – Two-year fixed rate mortgage, 90% loan-to-value

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

“Borrowers who are looking to purchase with a 10% deposit may wish to note the newly launched two-year fixed rate from Virgin Money. Available via intermediaries this product is priced only slightly above the lowest rates currently offered in this sector of the market at 1.99% until 1 February 2024. It carries a reasonable fee of £995 for which there is the choice to either pay upfront or add to the advance. The fee is offset by a generous incentive of £1,000 cashback. On balance, this deal secures a position in our top tables for intermediaries and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.99% fixed rate to 1.2.24
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: £1,000 cashback
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland. Available via Intermediaries.

HSBC – Two-year fixed rate mortgage, 60% loan-to-value

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

“Amongst the products to receive a rate reduction in the latest update from HSBC is the two-year fixed fee-saver option at 60% loan-to-value. Taking a cut of 0.05% this is now priced at 1.09% until 30 November 2023. Whilst there are lower rates on offer in this sector of the market with options available below 1%, when considered as a whole package the appeal of this deal is apparent. There is no arrangement fee to pay, while borrowers are also able to benefit from the incentive of a free valuation, which could be of interest to those looking to keep any outlay on a new mortgage deal to a minimum.  On assessment, this product secures a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.09% fixed rate to 30.11.23
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Savings

Isbank –  Raisin UK – 2 Year Fixed Term Deposit

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

“Isbank has increased the rates on its Raisin UK – Fixed Term Deposits this week. Rising by a substantial 0.44% is the 2 Year option, which now pays 1.70% on maturity and is available to those with minimum investment amounts of £1,000. Neither early access nor further additions are permitted on this account, so investors need to be confident that they are comfortable locking their savings away for the two-year term. Additionally, savers may also wish to note that a £50 welcome bonus can be claimed when customers open their first savings account via Raisins UK website. Following the update this account secures a position in the top 10 when compared to other bonds with similar terms and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER, payable on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

West Brom Building Society – 5 Year Fixed Rate ISA

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

“Amongst various changes to its range of savings products, this week sees West Brom Building Society make a 0.10% increase on its WeBSave 5 Year ISA. Savers yet to utilise their tax-free ISA allowance may be pleased to see that this now pays a rate of 1.30% yearly. Investors may be further tempted as although this ISA has a five-year term, earlier access and transfers out are permitted, subject to providing either 180-days notice or a loss of interest penalty, which could be a plus for some, as could the fact that further additions are an option whilst the issue remains open. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.30% gross / 1.30% AER payable yearly
  • Notice / term: To 30.9.26
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted subject to 180-day notice or loss of interest penalty
  • Further additions: Permitted whilst the issue remains open
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
  • Transfers out: Permitted subject to 180-day notice or loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Mortgages

Skipton Building Society – Three-year fixed rate mortgage, 95% loan-to-value

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

“Skipton Building Society has launched a couple of new products this week including a limited edition three-year fixed rate deal at 95% loan-to-value which borrowers with a 5% deposit may wish to note. Fixed until 30 November 2024, not only is the rate one of the most competitive in its bracket, but this deal could also be of particular interest to those with limited funds available to cover the costs associated with setting up a mortgage, as there is no product fee to pay, and there is also a free valuation incentive on offer. Overall, this product earns a position in our top tables for first-time buyers and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.99% fixed rate to 30.11.24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments. Payment holidays considered after six months, maximum six months holiday per year, subject to notice and approval
  • Lending area: Great Britain.

Virgin Money – Two-year fixed rate mortgage, 90% loan-to-value

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

“Borrowers who are looking to purchase with a 10% deposit may wish to note the newly launched two-year fixed rate from Virgin Money. Available via intermediaries this product is priced only slightly above the lowest rates currently offered in this sector of the market at 1.99% until 1 February 2024. It carries a reasonable fee of £995 for which there is the choice to either pay upfront or add to the advance. The fee is offset by a generous incentive of £1,000 cashback. On balance, this deal secures a position in our top tables for intermediaries and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.99% fixed rate to 1.2.24
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: £1,000 cashback
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland. Available via Intermediaries.

HSBC – Two-year fixed rate mortgage, 60% loan-to-value

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

“Amongst the products to receive a rate reduction in the latest update from HSBC is the two-year fixed fee-saver option at 60% loan-to-value. Taking a cut of 0.05% this is now priced at 1.09% until 30 November 2023. Whilst there are lower rates on offer in this sector of the market with options available below 1%, when considered as a whole package the appeal of this deal is apparent. There is no arrangement fee to pay, while borrowers are also able to benefit from the incentive of a free valuation, which could be of interest to those looking to keep any outlay on a new mortgage deal to a minimum.  On assessment, this product secures a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.09% fixed rate to 30.11.23
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

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.

 

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