Moneyfacts Pick of the Week - 18/11/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
18/11/2021

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

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

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

“Zenith Bank (UK) Ltd has increased the rates on a couple of its accounts this week, including its 3 Year Fixed Term Deposit. Rising from 1.78% to now pay 1.82% on anniversary, this account improves its position in the top 10 when compared to other bonds with similar terms currently on offer. Savers may well find the return appealing, but will need to be comfortable securing their savings pot away for the term of the account, as neither early access nor further additions are permitted so careful planning would be advised. Overall, the deal secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.82% gross / 1.82% AER payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post
  • Other information: Minimum applicant age 18. Joint account option available.

West Brom Building Society – WeBSave 2 Year Fixed Rate ISA

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

“Among other changes West Brom Building Society has launched new WeBSave ISAs in its latest update, including a two-year option which offers a market-leading return of 1.25% paid yearly. The return alone may tempt savers who are still to use their tax-free savings allowance, and the appeal of this ISA is enhanced by the fact that earlier access may be permitted, subject to providing notice or a loss of interest penalty. Overall, this secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.25% gross / 1.25% AER payable yearly 
  • Notice / term: 30.11.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to up to 90-day notice or loss of interest penalty in year one, reducing to 60 days in year two
  • Further additions: Permitted while 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 up to 90-day notice or loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. First interest payment on 30 November 2022.

Castle Trust Bank – 1 Year Fixed Rate e-Cash ISA

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

“Savers yet to utilise their full tax-free ISA allowance may be interested to see that among other updates to its range of savings products, this week Castle Trust Bank has launched a new 1 Year Fixed Rate e-Cash ISA. Paying 0.96% on maturity, this account assumes a position in our top rate tables and may well tempt investors happy to secure their nest egg away for the term. The ISA can be opened and operated online and via its mobile app and is available for those with minimum amounts of £1,000 to invest. Early access and transfers out are only possible on closure of the account and are subject to a loss of interest penalty which investors may wish to consider, but savers might be pleased to know that further additions can be made for 14-days from opening the account, which may be a plus for some. Overall, this secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.96% gross / 0.96% AER payable on maturity 
  • Notice / term: One year
  • Minimum opening amount: £1,000 (if minimum investment not made within 14 days of account opening, no interest is paid and the balance is refunded)
  • Maximum investment amount: ISA allowance
  • Access: Permitted only on closure and subject to a 90-day loss of interest penalty
  • Further additions: Permitted for 14-days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted subject to a 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open account via an online Self-Service Portal, after which they will gain access to the mobile app and can open subsequent accounts using either the Self-Service Portal or the mobile app.

 

Mortgages

TSB – Five-year fixed rate mortgage, 90% loan-to-value

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

“One of the deals to be re-priced by TSB this week is a five-year fixed rate product for those purchasing a property at 90% loan-to-value. Available to second-time buyers this option takes a notable cut of 0.20% and is now priced at 2.44% until 28 February 2027. While there are lower initial rates currently available in this sector, most of those carry significantly higher fees than the £995 associated with this deal. Furthermore, borrowers who may have stretched to meet a 10% deposit may find the appeal of this option is further boosted by the generous incentive package of a free valuation and £500 cashback. On assessment this mortgage earns a place in our top rate tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.44% fixed rate until 28.2.27
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval.
  • Lending area: Great Britain.

 

Buy-to-Let Mortgages

Skipton Building Society – Two-year variable tracker rate mortgage, 60% loan-to-value

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

“This week Skipton Building Society has made a small rate reduction to its two-year variable tracker rate deal for landlords with 40% equity or deposit available. This product is open to landlords who are purchasing and those who are remortgaging, and is now priced at 1.44% for two years. Based on rate alone, this is the lowest initial rate currently on offer within its sector of the market, and for investors who are comfortable with a variable rate product its appeal is boosted further when the total package is considered, balancing a relatively low fee of £995 against incentives of a free valuation and, for those remortgaging, free legal fees. Overall, the deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.44% variable tracker rate (collared at 1.44%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation and, for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Savings

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

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

“Zenith Bank (UK) Ltd has increased the rates on a couple of its accounts this week, including its 3 Year Fixed Term Deposit. Rising from 1.78% to now pay 1.82% on anniversary, this account improves its position in the top 10 when compared to other bonds with similar terms currently on offer. Savers may well find the return appealing, but will need to be comfortable securing their savings pot away for the term of the account, as neither early access nor further additions are permitted so careful planning would be advised. Overall, the deal secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.82% gross / 1.82% AER payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post
  • Other information: Minimum applicant age 18. Joint account option available.

West Brom Building Society – WeBSave 2 Year Fixed Rate ISA

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

“Among other changes West Brom Building Society has launched new WeBSave ISAs in its latest update, including a two-year option which offers a market-leading return of 1.25% paid yearly. The return alone may tempt savers who are still to use their tax-free savings allowance, and the appeal of this ISA is enhanced by the fact that earlier access may be permitted, subject to providing notice or a loss of interest penalty. Overall, this secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.25% gross / 1.25% AER payable yearly 
  • Notice / term: 30.11.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to up to 90-day notice or loss of interest penalty in year one, reducing to 60 days in year two
  • Further additions: Permitted while 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 up to 90-day notice or loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. First interest payment on 30 November 2022.

Castle Trust Bank – 1 Year Fixed Rate e-Cash ISA

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

“Savers yet to utilise their full tax-free ISA allowance may be interested to see that among other updates to its range of savings products, this week Castle Trust Bank has launched a new 1 Year Fixed Rate e-Cash ISA. Paying 0.96% on maturity, this account assumes a position in our top rate tables and may well tempt investors happy to secure their nest egg away for the term. The ISA can be opened and operated online and via its mobile app and is available for those with minimum amounts of £1,000 to invest. Early access and transfers out are only possible on closure of the account and are subject to a loss of interest penalty which investors may wish to consider, but savers might be pleased to know that further additions can be made for 14-days from opening the account, which may be a plus for some. Overall, this secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.96% gross / 0.96% AER payable on maturity 
  • Notice / term: One year
  • Minimum opening amount: £1,000 (if minimum investment not made within 14 days of account opening, no interest is paid and the balance is refunded)
  • Maximum investment amount: ISA allowance
  • Access: Permitted only on closure and subject to a 90-day loss of interest penalty
  • Further additions: Permitted for 14-days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted subject to a 90-day loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open account via an online Self-Service Portal, after which they will gain access to the mobile app and can open subsequent accounts using either the Self-Service Portal or the mobile app.

 

Mortgages

TSB – Five-year fixed rate mortgage, 90% loan-to-value

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

“One of the deals to be re-priced by TSB this week is a five-year fixed rate product for those purchasing a property at 90% loan-to-value. Available to second-time buyers this option takes a notable cut of 0.20% and is now priced at 2.44% until 28 February 2027. While there are lower initial rates currently available in this sector, most of those carry significantly higher fees than the £995 associated with this deal. Furthermore, borrowers who may have stretched to meet a 10% deposit may find the appeal of this option is further boosted by the generous incentive package of a free valuation and £500 cashback. On assessment this mortgage earns a place in our top rate tables and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.44% fixed rate until 28.2.27
  • Product fee: £995
  • Maximum loan-to-value: 90%
  • Available to: Second-time buyers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval.
  • Lending area: Great Britain.

 

Buy-to-Let Mortgages

Skipton Building Society – Two-year variable tracker rate mortgage, 60% loan-to-value

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

“This week Skipton Building Society has made a small rate reduction to its two-year variable tracker rate deal for landlords with 40% equity or deposit available. This product is open to landlords who are purchasing and those who are remortgaging, and is now priced at 1.44% for two years. Based on rate alone, this is the lowest initial rate currently on offer within its sector of the market, and for investors who are comfortable with a variable rate product its appeal is boosted further when the total package is considered, balancing a relatively low fee of £995 against incentives of a free valuation and, for those remortgaging, free legal fees. Overall, the deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.44% variable tracker rate (collared at 1.44%) for two years
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation and, for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

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.

 

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.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert