Moneyfacts Pick of the Week - 17/08/2023

Rachel Springall, Press Officer

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

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.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 Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Tandem Bank – Instant Access Savings Account

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

“This week, Tandem Bank has boosted the rate offered on its Instant Access Savings Account. The account now pays 4.55% gross monthly, and takes a prominent position in the market. Savers can also add 0.35% as a Top Up rate for 12 months, which adds to its appeal. If investors take advantage of the Top Up rate, it’s important they review the offer near its expiry. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.65% AER payable monthly. Option to add Top Up rate of 0.35% via app. Top Up rate expires after 12 months and can be re-applied, if available, 30 days before expiry.
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: £250,000
Access: Permitted, via nominated account
Further additions: Permitted, via nominated account
Opening account: Via smart phone app
Managing account: Telephone and via smart phone app
Other information: Minimum applicant age 18. By opening an account, applicants are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.

Hodge Bank – 1 Year Fixed Rate Cash ISA

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

“Hodge Bank has reduced the rate on its one-year fixed ISA this week to 5.72%. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal continues to hold a prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.72% gross / 5.72% AER payable yearly/ monthly interest option of 5.58% gross / 5.72% AER also available
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted, for 10 working days from account opening
Transfers in: Permitted, minimum of £1,000. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“This week, Close Brothers Savings has increased the rate on its 2 Year Fixed Rate Bond, which now pays an attractive 6.05%. The deal has improved its position within the market and may attract savers who are prepared to lock away their cash for a guaranteed return. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.05% gross / 6.05% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18. Joint account option available.

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has reduced the rate on its 1 Year Fixed Rate Saver this week, however, it keeps a prominent position in the market. Paying a rate of 6.01%, the deal sits above many of its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £10,000 to invest. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.01% gross / 6.01% AER payable on maturity
Notice / term: One year
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.

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 75% loan-to-value

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

“Barclays Mortgage has reduced selected fixed rates in its range this week, including its two-year fixed offer at 75% loan-to-value. Now priced at 6.09%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage and secure a competitive rate. A free valuation incentive is included, plus the deal does not charge a product fee. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.12.25
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

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

“Santander has made several rate reductions to its range this week, along with extending end dates. Its three-year fixed rate deal priced at 5.76% may appeal to house purchase customers looking to secure a competitive rate and package. A free valuation incentive is included and there is a reasonable product fee of £999, which can be added to the mortgage advance. This deal may then be attractive to those looking to save on the upfront cost of their deal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.76% fixed rate to 2.11.26
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain & Northern Ireland.

Coventry Building Society – Three-year fixed rate mortgage, 75% loan-to-value

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

“This week, Coventry Building Society has reduced its shorter-term fixed rates, including its three-year fixed deal at 75% loan-to-value. The deal is now priced at 5.77% and may appeal to borrowers looking to secure a competitive rate and save on the upfront cost of their deal. A free valuation incentive is included and a product fee of £999 is chargeable, but this can be added to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.77% fixed rate to 28.2.27
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain.

Cumberland Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Borrowers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Cumberland Building Society an attractive choice. The five-year fixed rate mortgage is priced at 5.33% and carries a reasonable product fee of £999, which can be added to the mortgage advance. The deal also includes both a free valuation and free legal fees inventive package, which may attract borrowers looking to save on the upfront cost of their mortgage. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.33% fixed rate to 1.10.28
Product fee: £999
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain

Cards

Virgin Money – 25 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees the 0% balance transfer offer increase by one month to 25 months. This card has taken a competitive position in the market and charges an upfront balance transfer fee, which is now 3.00%, up from 2.50%. The card also has an interest-free offer of three months for purchases and 12 months for money transfers. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. On assessment, the card earns an Excellent Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: 0% for three months
Introductory rate for balance transfers: 0% for 25 months
Standard rate for purchases: 23.9% APR
Balance transfer fee: 3.00% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
Card fee: None
Opening method: Online, and in branch
Card management: By phone, post and via its mobile app
Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Rates dependent on credit rating.

Savings

Tandem Bank – Instant Access Savings Account

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

“This week, Tandem Bank has boosted the rate offered on its Instant Access Savings Account. The account now pays 4.55% gross monthly, and takes a prominent position in the market. Savers can also add 0.35% as a Top Up rate for 12 months, which adds to its appeal. If investors take advantage of the Top Up rate, it’s important they review the offer near its expiry. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.65% AER payable monthly. Option to add Top Up rate of 0.35% via app. Top Up rate expires after 12 months and can be re-applied, if available, 30 days before expiry.
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: £250,000
Access: Permitted, via nominated account
Further additions: Permitted, via nominated account
Opening account: Via smart phone app
Managing account: Telephone and via smart phone app
Other information: Minimum applicant age 18. By opening an account, applicants are supporting Tandem Bank's green lending initiatives and helping to make UK homes more sustainable and environmentally friendly.

Hodge Bank – 1 Year Fixed Rate Cash ISA

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

“Hodge Bank has reduced the rate on its one-year fixed ISA this week to 5.72%. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal continues to hold a prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.72% gross / 5.72% AER payable yearly/ monthly interest option of 5.58% gross / 5.72% AER also available
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted, for 10 working days from account opening
Transfers in: Permitted, minimum of £1,000. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“This week, Close Brothers Savings has increased the rate on its 2 Year Fixed Rate Bond, which now pays an attractive 6.05%. The deal has improved its position within the market and may attract savers who are prepared to lock away their cash for a guaranteed return. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.05% gross / 6.05% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18. Joint account option available.

SmartSave – 1 Year Fixed Rate Saver

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

“SmartSave has reduced the rate on its 1 Year Fixed Rate Saver this week, however, it keeps a prominent position in the market. Paying a rate of 6.01%, the deal sits above many of its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £10,000 to invest. Savers will find early access is not permitted, but they can make further additions for 14 days from account opening. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.01% gross / 6.01% AER payable on maturity
Notice / term: One year
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.

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 75% loan-to-value

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

“Barclays Mortgage has reduced selected fixed rates in its range this week, including its two-year fixed offer at 75% loan-to-value. Now priced at 6.09%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage and secure a competitive rate. A free valuation incentive is included, plus the deal does not charge a product fee. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.12.25
Product fee: None
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

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

“Santander has made several rate reductions to its range this week, along with extending end dates. Its three-year fixed rate deal priced at 5.76% may appeal to house purchase customers looking to secure a competitive rate and package. A free valuation incentive is included and there is a reasonable product fee of £999, which can be added to the mortgage advance. This deal may then be attractive to those looking to save on the upfront cost of their deal. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.76% fixed rate to 2.11.26
Product fee: £999
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain & Northern Ireland.

Coventry Building Society – Three-year fixed rate mortgage, 75% loan-to-value

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

“This week, Coventry Building Society has reduced its shorter-term fixed rates, including its three-year fixed deal at 75% loan-to-value. The deal is now priced at 5.77% and may appeal to borrowers looking to secure a competitive rate and save on the upfront cost of their deal. A free valuation incentive is included and a product fee of £999 is chargeable, but this can be added to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.77% fixed rate to 28.2.27
Product fee: £999
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain.

Cumberland Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“Borrowers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Cumberland Building Society an attractive choice. The five-year fixed rate mortgage is priced at 5.33% and carries a reasonable product fee of £999, which can be added to the mortgage advance. The deal also includes both a free valuation and free legal fees inventive package, which may attract borrowers looking to save on the upfront cost of their mortgage. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.33% fixed rate to 1.10.28
Product fee: £999
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain

Cards

Virgin Money – 25 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees the 0% balance transfer offer increase by one month to 25 months. This card has taken a competitive position in the market and charges an upfront balance transfer fee, which is now 3.00%, up from 2.50%. The card also has an interest-free offer of three months for purchases and 12 months for money transfers. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. On assessment, the card earns an Excellent Moneyfacts product rating.”

Key product details:

Introductory rate for purchases: 0% for three months
Introductory rate for balance transfers: 0% for 25 months
Standard rate for purchases: 23.9% APR
Balance transfer fee: 3.00% as an introductory charge during the first two months from account opening, rising to 5.00% (no min) thereafter
Card fee: None
Opening method: Online, and in branch
Card management: By phone, post and via its mobile app
Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Rates dependent on credit rating.

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

©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.

©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.