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Moneyfacts Pick of the Week - 17/02/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
17/02/2022

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, 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

Castle Trust Bank – Fixed Rate e-Saver

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

“This week Castle Trust Bank has launched a new 2 Year Fixed Rate e-Saver paying 1.61%. This account secures a position in the top 10 when assessed against other bonds currently on offer within this sector and could be appealing to those happy to lock their nest egg away for the term. As may be expected for a fixed rate bond, early access is not permitted so savers may wish to plan carefully, however, further additions can be made within 14 days of opening the account, which may be a plus for some. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% gross / 1.61% AER payable on anniversary / on maturity interest option of 1.61% gross / 1.62% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal. If minimum investment not made within 14 days of account opening, no interest is paid and the balance will be refunded.

Shawbrook Bank – 2 Year Fixed Rate Cash ISA Bond Issue 56

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

“Savers who have yet to use their ISA allowance may wish to note Shawbrook Bank has increased the rate on its 2 Year Fixed Rate Cash ISA Bond. Already an attractive proposition, this ISA now pays a competitive return of 1.27% on anniversary, which improves its position in our top rate tables when compared to other ISAs with similar terms. It also offers a monthly interest option which could also tempt those looking to supplement their income. Furthermore, the ISA provides a level of flexibility as savers can make further additions while the issue remains open, and earlier access is also possible subject to a loss of interest penalty. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.27% gross / 1.27% AER payable on anniversary / monthly interest option of 1.26% gross / 1.27% 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 while issue remains open
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs  
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

Secure Trust Bank – 1 Year Fixed Rate Cash ISA

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

“Savers considering a short-term ISA may be pleased to see that Secure Trust Bank has increased the rate on its offering by 0.10% this week. Now paying 1.05%, this ISA improves its position in the top 10 when compared to other ISAs with similar terms currently on offer. The account also allows further additions for 30 days from account opening. Investors may wish to note that early access is permitted, however it is subject to an interest penalty and account closure, so careful planning could be wise. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable yearly
  • Notice / term: To 13.3.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 30 days from account opening from a minimum of £1,000
  • Transfers in: Permitted. Accepts Cash ISAs.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Cumberland Building Society – Two-year discounted-variable rate mortgage, 75% loan-to-value

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

“Among the deals updated by Cumberland Building Society this week is a two-year discounted variable rate which is available to borrowers looking to purchase a home. Receiving a rate cut of 0.33%, this is now priced at 1.06% for two years, which sees this option move closer to the lowest initial rates on offer in this sector. This product carries a reasonable £999 fee, and when the incentive of a free valuation is taken into account as well, the deal earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.06% discounted variable rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let Mortgages

Virgin Money – Three-year fixed rate mortgage, 60% loan-to-value

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

“Virgin Money has applied rate increases across its buy-to-let range of up to 0.27% this week. One deal which sees a rise is the three-year fixed rate at 60% loan-to-value. This option continues to carry a fee of £1,995 and has gone up by 0.17% to now be priced at 1.60% until 1 June 2025. Despite the increase in rate, this option remains by far the lowest initial rate offered in this sector of the market, and the fee continues to be offset slightly by a generous incentive package. When assessed as an overall package, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% fixed rate to 1.6.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for house purchase customers, free valuation and either £300 cashback or free legal fees for remortgage borrowers
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • Lending area: Great Britain and Northern Ireland.

Savings

Castle Trust Bank – Fixed Rate e-Saver

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

“This week Castle Trust Bank has launched a new 2 Year Fixed Rate e-Saver paying 1.61%. This account secures a position in the top 10 when assessed against other bonds currently on offer within this sector and could be appealing to those happy to lock their nest egg away for the term. As may be expected for a fixed rate bond, early access is not permitted so savers may wish to plan carefully, however, further additions can be made within 14 days of opening the account, which may be a plus for some. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% gross / 1.61% AER payable on anniversary / on maturity interest option of 1.61% gross / 1.62% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Joint account option available. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal. If minimum investment not made within 14 days of account opening, no interest is paid and the balance will be refunded.

Shawbrook Bank – 2 Year Fixed Rate Cash ISA Bond Issue 56

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

“Savers who have yet to use their ISA allowance may wish to note Shawbrook Bank has increased the rate on its 2 Year Fixed Rate Cash ISA Bond. Already an attractive proposition, this ISA now pays a competitive return of 1.27% on anniversary, which improves its position in our top rate tables when compared to other ISAs with similar terms. It also offers a monthly interest option which could also tempt those looking to supplement their income. Furthermore, the ISA provides a level of flexibility as savers can make further additions while the issue remains open, and earlier access is also possible subject to a loss of interest penalty. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.27% gross / 1.27% AER payable on anniversary / monthly interest option of 1.26% gross / 1.27% 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 while issue remains open
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs  
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

Secure Trust Bank – 1 Year Fixed Rate Cash ISA

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

“Savers considering a short-term ISA may be pleased to see that Secure Trust Bank has increased the rate on its offering by 0.10% this week. Now paying 1.05%, this ISA improves its position in the top 10 when compared to other ISAs with similar terms currently on offer. The account also allows further additions for 30 days from account opening. Investors may wish to note that early access is permitted, however it is subject to an interest penalty and account closure, so careful planning could be wise. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.05% gross / 1.05% AER payable yearly
  • Notice / term: To 13.3.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 30 days from account opening from a minimum of £1,000
  • Transfers in: Permitted. Accepts Cash ISAs.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

Cumberland Building Society – Two-year discounted-variable rate mortgage, 75% loan-to-value

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

“Among the deals updated by Cumberland Building Society this week is a two-year discounted variable rate which is available to borrowers looking to purchase a home. Receiving a rate cut of 0.33%, this is now priced at 1.06% for two years, which sees this option move closer to the lowest initial rates on offer in this sector. This product carries a reasonable £999 fee, and when the incentive of a free valuation is taken into account as well, the deal earns a place in our top tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.06% discounted variable rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-Let Mortgages

Virgin Money – Three-year fixed rate mortgage, 60% loan-to-value

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

“Virgin Money has applied rate increases across its buy-to-let range of up to 0.27% this week. One deal which sees a rise is the three-year fixed rate at 60% loan-to-value. This option continues to carry a fee of £1,995 and has gone up by 0.17% to now be priced at 1.60% until 1 June 2025. Despite the increase in rate, this option remains by far the lowest initial rate offered in this sector of the market, and the fee continues to be offset slightly by a generous incentive package. When assessed as an overall package, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.60% fixed rate to 1.6.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for house purchase customers, free valuation and either £300 cashback or free legal fees for remortgage borrowers
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement
  • 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, 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