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Moneyfacts Pick of the Week - 17/03/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
17/03/2022

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

Hampshire Trust Bank – 2 Year Bond (Issue 65)

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

“Savers who are comfortable securing their savings pot away for a period may be interested to note that Hampshire Trust Bank has increased the rate payable on its 2 Year Bond by 0.09% this week. Improving its position in the top 10 when compared to other bonds with similar terms, this now pays a joint market-leading return of 1.91% on anniversary. As is common in the fixed rate arena, early access is not permitted, however, there is a little flexibility to make further additions for 14 days from account opening, which may be a plus for some. Following this update the account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.91% gross / 1.91% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Brown Shipley – Raisin UK – 1 Year Fixed Term Deposit

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

“This week has seen Brown Shipley increase the rates on its Raisin UK - Fixed Term Deposit accounts by up to 0.25%. One of the accounts to see this rise is the 1 Year Deposit, which now pays 1.55% on maturity. This could well attract savers with its competitive return which sees it take a place within the top 10 when compared to other bonds with similar terms currently on offer. As is often the case with fixed accounts, investors need to be comfortable with their initial deposit and the duration of the fixed term, as neither early access nor further additions are permitted until maturity. Overall, the deal may entice savers looking to secure a competitive short-term fixed rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable on maturity
  • Notice / term: One year
  • 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 Raisin UK. With Raisin UK a £30 welcome bonus can be claimed on savings

 

Cynergy Bank – Online Easy Access Account (Issue 47)

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

“Cynergy Bank has increased the introductory bonus rate on its online easy access account by 0.04% so the account now pays a rate of 0.84% on anniversary (which includes a bonus rate of 0.54% for 12 months). This account secures the lead position in the top rate tables when compared to other similar accounts offering a bonus currently available. Savers who prefer flexible access to their nest egg may well be tempted by not just the return, but also the fact that both access and further additions are permitted and unrestricted. However, savvy investors may find it wise to schedule in a review, as the bonus rate will expire after 12 months and the rate paid will then reduce. The account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.84% gross / 0.84% AER, (0.54% of which is a bonus that expires after 12 months), payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Melton Building Society – Easy Access ISA

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

“Melton Building Society has launched a new Easy Access ISA this week which pays a market-leading 0.80%. Savers looking for a flexible account which allows both additions and withdrawals and who are wanting to utilise their tax-free savings allowance could well be enticed by the return alone. However, the appeal of this straight-forward easy access product is enhanced further by the fact that it has a low minimum investment amount of just £25, which should appeal to multiple investors. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.80% gross / 0.80% AER payable yearly
  • Notice / term: Instant
  • Minimum opening amount: £25
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: By post or in branch
  • Managing account: By post or in branch
  • Other information: Minimum applicant age 16.

 

Leeds Building Society – Limited Issue Online Access ISA (Issue 44)

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

“Among various updates to its range of savings accounts, Leeds Building Society has increased the rate on its Limited Issue Online Access ISA. Now paying a rate of 0.71% on maturity, this takes a prominent position in our top rate tables when compared to similar variable rate ISAs currently on the market and could therefore tempt savers who want to maintain access to their money and who are still looking to make the most of their tax-free ISA allowance. This ISA allows further additions while the issue remains open, which could be a plus for some investors as well. On assessment this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.71% gross / 0.71% AER payable on maturity
  • Notice / term: None. Matures into an instant access cash ISA maturity account on 1.5.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted while issue remains open
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and LISAs (cash or stocks and shares)
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Mortgages

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

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

“Nationwide has made rate increases across the majority of its residential fixed rate products this week, including putting up the rate on its three-year fixed rate offering for those purchasing a home with a 40% deposit. Rising by 0.25%, this deal is now fixed at 2.04% for three years and the reasonable £999 fee it charges remains unchanged. This product also continues to provide a free valuation incentive, which could further tempt those looking to keep mortgage set-up costs to a minimum. Following the update, and despite the increase in rate, this option retains a place in our top tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.04% fixed rate for three years
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and ‘Green Reward’ £250 or £500 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and to level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

 

Cards

Halifax – Longest 0% Balance Transfer Credit Card Mastercard

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

“The latest update from Halifax sees it amend the introductory balance transfer term on its Longest 0% Balance Transfer card, increasing it to 32 months (previously 31 months). In this review it has also reduced the balance transfer fee on the card down to 2.89% from 2.99%. This update ensures that this card offers one of the longest introductory offers for those looking to transfer debit balances over a longer term, and with a cheaper fee. Additionally, card holders can benefit from an introductory 0% term of nine months for purchases, which is sure to broaden its appeal further. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for 9 months
  • Introductory rate for balance transfers: 0% for 32 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.89% during first three months from account opening, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post or via its mobile app
  • Other information: Minimum age 18.

Savings

Hampshire Trust Bank – 2 Year Bond (Issue 65)

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

“Savers who are comfortable securing their savings pot away for a period may be interested to note that Hampshire Trust Bank has increased the rate payable on its 2 Year Bond by 0.09% this week. Improving its position in the top 10 when compared to other bonds with similar terms, this now pays a joint market-leading return of 1.91% on anniversary. As is common in the fixed rate arena, early access is not permitted, however, there is a little flexibility to make further additions for 14 days from account opening, which may be a plus for some. Following this update the account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.91% gross / 1.91% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Brown Shipley – Raisin UK – 1 Year Fixed Term Deposit

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

“This week has seen Brown Shipley increase the rates on its Raisin UK - Fixed Term Deposit accounts by up to 0.25%. One of the accounts to see this rise is the 1 Year Deposit, which now pays 1.55% on maturity. This could well attract savers with its competitive return which sees it take a place within the top 10 when compared to other bonds with similar terms currently on offer. As is often the case with fixed accounts, investors need to be comfortable with their initial deposit and the duration of the fixed term, as neither early access nor further additions are permitted until maturity. Overall, the deal may entice savers looking to secure a competitive short-term fixed rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable on maturity
  • Notice / term: One year
  • 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 Raisin UK. With Raisin UK a £30 welcome bonus can be claimed on savings

 

Cynergy Bank – Online Easy Access Account (Issue 47)

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

“Cynergy Bank has increased the introductory bonus rate on its online easy access account by 0.04% so the account now pays a rate of 0.84% on anniversary (which includes a bonus rate of 0.54% for 12 months). This account secures the lead position in the top rate tables when compared to other similar accounts offering a bonus currently available. Savers who prefer flexible access to their nest egg may well be tempted by not just the return, but also the fact that both access and further additions are permitted and unrestricted. However, savvy investors may find it wise to schedule in a review, as the bonus rate will expire after 12 months and the rate paid will then reduce. The account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.84% gross / 0.84% AER, (0.54% of which is a bonus that expires after 12 months), payable on anniversary
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Melton Building Society – Easy Access ISA

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

“Melton Building Society has launched a new Easy Access ISA this week which pays a market-leading 0.80%. Savers looking for a flexible account which allows both additions and withdrawals and who are wanting to utilise their tax-free savings allowance could well be enticed by the return alone. However, the appeal of this straight-forward easy access product is enhanced further by the fact that it has a low minimum investment amount of just £25, which should appeal to multiple investors. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.80% gross / 0.80% AER payable yearly
  • Notice / term: Instant
  • Minimum opening amount: £25
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Not permitted
  • Transfers out: Permitted
  • Opening account: By post or in branch
  • Managing account: By post or in branch
  • Other information: Minimum applicant age 16.

 

Leeds Building Society – Limited Issue Online Access ISA (Issue 44)

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

“Among various updates to its range of savings accounts, Leeds Building Society has increased the rate on its Limited Issue Online Access ISA. Now paying a rate of 0.71% on maturity, this takes a prominent position in our top rate tables when compared to similar variable rate ISAs currently on the market and could therefore tempt savers who want to maintain access to their money and who are still looking to make the most of their tax-free ISA allowance. This ISA allows further additions while the issue remains open, which could be a plus for some investors as well. On assessment this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.71% gross / 0.71% AER payable on maturity
  • Notice / term: None. Matures into an instant access cash ISA maturity account on 1.5.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted via nominated account
  • Further additions: Permitted while issue remains open
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and LISAs (cash or stocks and shares)
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

Mortgages

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

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

“Nationwide has made rate increases across the majority of its residential fixed rate products this week, including putting up the rate on its three-year fixed rate offering for those purchasing a home with a 40% deposit. Rising by 0.25%, this deal is now fixed at 2.04% for three years and the reasonable £999 fee it charges remains unchanged. This product also continues to provide a free valuation incentive, which could further tempt those looking to keep mortgage set-up costs to a minimum. Following the update, and despite the increase in rate, this option retains a place in our top tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.04% fixed rate for three years
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers
  • Incentives: Free valuation and ‘Green Reward’ £250 or £500 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and to level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

 

Cards

Halifax – Longest 0% Balance Transfer Credit Card Mastercard

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

“The latest update from Halifax sees it amend the introductory balance transfer term on its Longest 0% Balance Transfer card, increasing it to 32 months (previously 31 months). In this review it has also reduced the balance transfer fee on the card down to 2.89% from 2.99%. This update ensures that this card offers one of the longest introductory offers for those looking to transfer debit balances over a longer term, and with a cheaper fee. Additionally, card holders can benefit from an introductory 0% term of nine months for purchases, which is sure to broaden its appeal further. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for 9 months
  • Introductory rate for balance transfers: 0% for 32 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.89% during first three months from account opening, 5.00% thereafter
  • Card fee: None
  • Opening method: Online or by phone
  • Card management: Online, by phone, by post or via its mobile app
  • Other information: Minimum age 18.

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