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Moneyfacts Pick of the Week - 19/05/2022

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
19/05/2022

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, Rachel Springall, 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, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Al Rayan Bank – 18 Month Fixed Term Deposit

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

“Taking a prominent position within the short-term fixed savings arena this week is Al Rayan Bank, after increasing the return on its 18 Month Fixed Term Deposit. Now paying an expected profit rate of 2.40% gross, the deal surpasses its nearest competition and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.40% gross / 2.42% AER payable quarterly
  • Notice / term: 18 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Vanquis Bank – 2 Year Vanquis Bank Savings

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

“This week Vanquis Bank has increased the rate on its two-year fixed bond, improving its position within the sector. Now paying a rate of 2.62% on its anniversary, the deal sits towards the top end of the market and may appeal to savers who are prepared to lock their cash away for two years. Those looking to supplement their income may find the monthly interest option appealing. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.62% gross / 2.62% AER payable on anniversary / monthly interest option of 2.59% gross / 2.62% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

United Trust Bank – UTB 3 Year Bond

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

“This week United Trust Bank has increased selected rates on its UTB bonds, including its three-year option. Now paying a rate of 2.68%, the UTB 3 Year Bond improves its position within its sector and may entice savers comfortable with locking their cash away for a competitive return. As no earlier access or further additions are permitted, savers must be sure they can commit from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.68% gross / 2.68% AER payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Cash ISA this week by 0.21%. Now paying 1.61%, the deal may appeal to savers looking to utilise their ISA allowance and are happy to lock their cash away for a year for a competitive return. Savers will need to invest at least £10,000, but the account does allow further additions and access subject to certain conditions which would be wise to review before investing. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% gross / 1.61% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Oxbury Bank – Personal 180 Day Notice Account – Issue 1

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

“Oxbury Bank has launched a new 180-day notice account this week, which takes a market-leading position in the notice account top rate tables. The Personal 180 Day Notice Account pays an attractive rate of 1.65% and may appeal to savers looking for a higher rate than can be achieved on an easy access account if they are comfortable with giving 180 days’ notice to access funds. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% gross / 1.65% AER payable monthly
  • Notice / term: 180 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 180 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

 

Mortgages

Yorkshire Building Society – Two-year variable tracker rate mortgage, 75% loan-to-value

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

“This week Yorkshire Building Society has re-launched its variable tracker rates, including its two-year deal priced at 1.74%. Borrowers searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive. There is a product fee of £995 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.74% variable tracker rate (collared at 1.74%) to 31.7.24
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has introduced a new two-year discounted variable rate mortgage to its range this week, priced at 2.45%. Landlords looking for a low rate and hoping to limit the upfront cost of their mortgage may find the overall package attractive as it comes with £250 cashback for all applicants, and for those remortgaging, a free valuation in addition. The product fee of £995 can also be added to the mortgage advance. Overall, this receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.45% discounted variable rate for two years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £250 cashback for all and free valuation for those remortgaging (max £665)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Virgin Money – Three-year fixed rate mortgage, 75% loan-to-value

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

“Landlords searching for a competitive deal with a generous incentive package may find the three-year fixed deal from Virgin Money appealing. Despite a rate rise this week, the deal now priced at 2.36% to 1.10.25, comes with an attractive incentive package which varies depending on the type of borrower. The deal does carry a product fee of £1,995, but this can be added to the mortgage advance should borrowers wish to do so. Overall, this receives a place in our top tables for intermediaries and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.36% fixed rate to 1.10.25
  • Product fee: £1,995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for second-time buyers, while those remortgaging can benefit from a free valuation and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

 

Banking

Lloyds Bank – Club Lloyds

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

“This week Lloyds Bank launched a new £125 switching incentive for Club Lloyds Account or Club Lloyds Platinum Account customers. Applicants must switch and close their existing account held elsewhere using the Current Account Switch Service to be eligible. The cashback offer may be enticing for customers, but the account also offers a range of lifestyle benefits worth exploring. Customers will need to pay a £3 monthly fee or pay in £1,500 each month. As with any account, customers will need to weigh up all the benefits and charges to ensure it’s the right choice for them. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 0.60% gross pa on balances below £4,000, then 1.49% gross on balances from £4,000 up to £5,000. Customers can also choose a reward each year.
  • Cashback on debit card purchases: Get up to 15% cashback with Everyday Offers
  • Account fee: £3 per month, waived if account funded by £1,500 each month
  • Arranged overdraft: 27.50% EAR, and £50 interest-free buffer
  • Opening account: Online, by phone, in branch and mobile app
  • Managing account: Online, in branch, by phone, by post, via mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. £125 free cash offer, using the Current Account Switch Service.

Savings

Al Rayan Bank – 18 Month Fixed Term Deposit

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

“Taking a prominent position within the short-term fixed savings arena this week is Al Rayan Bank, after increasing the return on its 18 Month Fixed Term Deposit. Now paying an expected profit rate of 2.40% gross, the deal surpasses its nearest competition and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.40% gross / 2.42% AER payable quarterly
  • Notice / term: 18 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £999,999
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online, by phone and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 16. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate. Quarterly profit can be taken as an income with a reduced rate.

 

Vanquis Bank – 2 Year Vanquis Bank Savings

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

“This week Vanquis Bank has increased the rate on its two-year fixed bond, improving its position within the sector. Now paying a rate of 2.62% on its anniversary, the deal sits towards the top end of the market and may appeal to savers who are prepared to lock their cash away for two years. Those looking to supplement their income may find the monthly interest option appealing. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.62% gross / 2.62% AER payable on anniversary / monthly interest option of 2.59% gross / 2.62% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

United Trust Bank – UTB 3 Year Bond

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

“This week United Trust Bank has increased selected rates on its UTB bonds, including its three-year option. Now paying a rate of 2.68%, the UTB 3 Year Bond improves its position within its sector and may entice savers comfortable with locking their cash away for a competitive return. As no earlier access or further additions are permitted, savers must be sure they can commit from the outset. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.68% gross / 2.68% AER payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Joint account option available.

 

Close Brothers Savings - 1 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on its 1 Year Fixed Rate Cash ISA this week by 0.21%. Now paying 1.61%, the deal may appeal to savers looking to utilise their ISA allowance and are happy to lock their cash away for a year for a competitive return. Savers will need to invest at least £10,000, but the account does allow further additions and access subject to certain conditions which would be wise to review before investing. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.61% gross / 1.61% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure, subject to 90-day loss of interest penalty
  • Further additions: Permitted for 10 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs. Transfer requests must be received within 10 days of account opening.
  • Transfers out: Permitted on account closure, subject to 90-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18.

 

Oxbury Bank – Personal 180 Day Notice Account – Issue 1

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

“Oxbury Bank has launched a new 180-day notice account this week, which takes a market-leading position in the notice account top rate tables. The Personal 180 Day Notice Account pays an attractive rate of 1.65% and may appeal to savers looking for a higher rate than can be achieved on an easy access account if they are comfortable with giving 180 days’ notice to access funds. Savers must note that their initial deposit must be made within the first 90 days of account opening or the account will close automatically. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% gross / 1.65% AER payable monthly
  • Notice / term: 180 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 180 days’ notice. Withdrawals can only be made via a nominated account.
  • Further additions: Permitted via a nominated account only
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Oxbury App required to use online banking. Initial deposit must be made within 90 days of account opening, or account will automatically close.

 

Mortgages

Yorkshire Building Society – Two-year variable tracker rate mortgage, 75% loan-to-value

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

“This week Yorkshire Building Society has re-launched its variable tracker rates, including its two-year deal priced at 1.74%. Borrowers searching for a competitive rate, coupled with an incentive package to reduce the upfront cost of their mortgage, may find this appealing as it includes a free valuation incentive. There is a product fee of £995 to pay, but this can be added to the advance of the mortgage. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 1.74% variable tracker rate (collared at 1.74%) to 31.7.24
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let Mortgages

Furness Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Furness Building Society has introduced a new two-year discounted variable rate mortgage to its range this week, priced at 2.45%. Landlords looking for a low rate and hoping to limit the upfront cost of their mortgage may find the overall package attractive as it comes with £250 cashback for all applicants, and for those remortgaging, a free valuation in addition. The product fee of £995 can also be added to the mortgage advance. Overall, this receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.45% discounted variable rate for two years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £250 cashback for all and free valuation for those remortgaging (max £665)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Virgin Money – Three-year fixed rate mortgage, 75% loan-to-value

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

“Landlords searching for a competitive deal with a generous incentive package may find the three-year fixed deal from Virgin Money appealing. Despite a rate rise this week, the deal now priced at 2.36% to 1.10.25, comes with an attractive incentive package which varies depending on the type of borrower. The deal does carry a product fee of £1,995, but this can be added to the mortgage advance should borrowers wish to do so. Overall, this receives a place in our top tables for intermediaries and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.36% fixed rate to 1.10.25
  • Product fee: £1,995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for second-time buyers, while those remortgaging can benefit from a free valuation and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

 

Banking

Lloyds Bank – Club Lloyds

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

“This week Lloyds Bank launched a new £125 switching incentive for Club Lloyds Account or Club Lloyds Platinum Account customers. Applicants must switch and close their existing account held elsewhere using the Current Account Switch Service to be eligible. The cashback offer may be enticing for customers, but the account also offers a range of lifestyle benefits worth exploring. Customers will need to pay a £3 monthly fee or pay in £1,500 each month. As with any account, customers will need to weigh up all the benefits and charges to ensure it’s the right choice for them. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 0.60% gross pa on balances below £4,000, then 1.49% gross on balances from £4,000 up to £5,000. Customers can also choose a reward each year.
  • Cashback on debit card purchases: Get up to 15% cashback with Everyday Offers
  • Account fee: £3 per month, waived if account funded by £1,500 each month
  • Arranged overdraft: 27.50% EAR, and £50 interest-free buffer
  • Opening account: Online, by phone, in branch and mobile app
  • Managing account: Online, in branch, by phone, by post, via mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. £125 free cash offer, using the Current Account Switch Service.

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