Moneyfacts Pick of the Week - 19/08/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
19/08/2021

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

Atom Bank – 2 Year Fixed Saver

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

“This week, Atom Bank has increased the rate payable on its 2 Year Fixed Saver account. Rising by a substantial 0.93% to 1.43% payable on anniversary, this increase has enabled the deal to claim a position within the top rate table for its term. Savers who are hoping to supplement their income may find the monthly interest option appealing. Early access may not be permitted, however, savers are able to make further additions for one week from account opening. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.43% gross / 1.43% AER payable on anniversary, monthly interest option of 1.42% gross / 1.43% AER available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted for one week from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Tandem Bank – 1 Year Fixed Saver

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

“Tandem Bank has increased the rate on its 1 Year Fixed Rate Deposit account this week, which has taken the lead position within the 12-month fixed term market as it now pays 1.31% on anniversary. Savers who are happy to lock away their cash for a year could be drawn to the competitive return but must ensure they can commit at the outset as early access is not permitted on this account. However, further additions can be made within 14-days of the account opening, which, with careful planning, could be a plus for some investors. Overall, the account receives an Excellent Moneyfacts product rating and a position in our top rate tables.”

Key product details:

  • Rate: 1.31% gross / 1.31% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £2,500,000
  • Access: Not permitted
  • Further additions: Permitted within 14 days of account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Newcastle Building Society – Monthly Access ISA

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

“Newcastle Building Society has launched a new Monthly Access ISA this week. Paying 0.50% monthly, this could be an attractive option to those looking to boost their monthly income and also have the flexibility to add to their savings pot when possible, as further additions are permitted for this account. The ISA secures a position within the top 10 of its sector when compared against similar accounts and could be a tempting choice for those yet to utilise their tax-free savings allowance. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.50% gross / 0.50% AER payable monthly (rate reduces to 0.10% gross / 0.10% AER if two or more withdrawals made per month)
  • Notice / term: Instant
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted, up to one withdrawal per month. If two or more withdrawals are made, the rate will reduce.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: In branch
  • Managing account: In branch, by phone and by post
  • Other information: Minimum applicant age 16.

 

Mortgages

Nationwide Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Amongst the products to see a rate reduction this week is Nationwide Building Society’s five-year fixed rate at 95% loan-to-value. Taking a cut of 0.20% this option is now priced at 3.39% for five years, only fractionally higher than the lowest rate available in this sector of the market. Not only is the initial rate enticing, but while the product continues to carry a fee of £999, this is slightly offset by the incentive package on offer, which includes a free valuation and £500 cashback, and could be of interest to those who have stretched their savings to meet a 5% deposit and who therefore have limited money available to meet mortgage set up costs. When considered as a whole package, this deal earns a place in our top tables for first-time buyers and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.39% fixed rate for five years
  • Product fee: £999
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers (second-time buyer option also available)
  • Incentives: Free valuation, £500 cashback and Green reward
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and prior overpayments having been made.
  • Lending area: Great Britain and Northern Ireland, excluding Scilly Isles.

Leek United Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“Amongst various changes to its range, Leek United Building Society has amended its two-year fixed rate offering at 85% loan-to-value this week. Priced at 2.19% to 31 January 2024, whilst there are lower initial rates available elsewhere within the sector, the appeal of this product is enhanced by the fact that it no longer charges an arrangement fee. Additionally, those with limited spare funds to cover mortgage set up costs might be further pleased to note that the product continues to offer a generous incentive package of a free valuation and also £400 cashback as well, making it a tempting choice for those with the required 15% equity or deposit. The combination of rate and features sees this product receive an Outstanding Moneyfacts product rating and top rate table status.”

Key product details:

  • Rate: 2.19% fixed rate to 31.1.24
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation and £400 cashback
  • Flexible features: Allows overpayments.
  • Lending area: England and Wales

Accord Mortgages – Five-year fixed rate mortgage, 80% loan-to-value

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

“Borrowers looking to either purchase a home or remortgage their current one and who have 20% deposit or equity available may wish to note this five-year fixed rate at 80% loan-to-value from Accord Mortgages has received a rate cut of 0.05% this week. Now priced at 1.98% until 30 November 2026 and available via selected intermediaries, the product offers the stability of a fixed rate over the medium term which could suit those looking to secure a stable monthly repayment they can budget towards each month. This deal retains a reasonable fee of £995, which borrowers have the option to either pay upfront or add to the mortgage balance and it also offers a very generous incentive package, comprising of a free valuation and also £1,000 cashback, which could be tempting to those hoping to keep any outgoings associated with taking on a new mortgage to a minimum. Following this update, the product receives an Excellent Moneyfacts product rating and maintains its place in our top tables for Flexible products.”

Key product details:

  • Rate: 1.98% fixed rate to 30.11.26
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £1,000 cashback
  • Flexible features: Allows overpayments. With notice, payment holidays and underpayments considered, but not to exceed level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

Savings

Atom Bank – 2 Year Fixed Saver

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

“This week, Atom Bank has increased the rate payable on its 2 Year Fixed Saver account. Rising by a substantial 0.93% to 1.43% payable on anniversary, this increase has enabled the deal to claim a position within the top rate table for its term. Savers who are hoping to supplement their income may find the monthly interest option appealing. Early access may not be permitted, however, savers are able to make further additions for one week from account opening. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.43% gross / 1.43% AER payable on anniversary, monthly interest option of 1.42% gross / 1.43% AER available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted for one week from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Tandem Bank – 1 Year Fixed Saver

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

“Tandem Bank has increased the rate on its 1 Year Fixed Rate Deposit account this week, which has taken the lead position within the 12-month fixed term market as it now pays 1.31% on anniversary. Savers who are happy to lock away their cash for a year could be drawn to the competitive return but must ensure they can commit at the outset as early access is not permitted on this account. However, further additions can be made within 14-days of the account opening, which, with careful planning, could be a plus for some investors. Overall, the account receives an Excellent Moneyfacts product rating and a position in our top rate tables.”

Key product details:

  • Rate: 1.31% gross / 1.31% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £2,500,000
  • Access: Not permitted
  • Further additions: Permitted within 14 days of account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Newcastle Building Society – Monthly Access ISA

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

“Newcastle Building Society has launched a new Monthly Access ISA this week. Paying 0.50% monthly, this could be an attractive option to those looking to boost their monthly income and also have the flexibility to add to their savings pot when possible, as further additions are permitted for this account. The ISA secures a position within the top 10 of its sector when compared against similar accounts and could be a tempting choice for those yet to utilise their tax-free savings allowance. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.50% gross / 0.50% AER payable monthly (rate reduces to 0.10% gross / 0.10% AER if two or more withdrawals made per month)
  • Notice / term: Instant
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted, up to one withdrawal per month. If two or more withdrawals are made, the rate will reduce.
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: In branch
  • Managing account: In branch, by phone and by post
  • Other information: Minimum applicant age 16.

 

Mortgages

Nationwide Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Amongst the products to see a rate reduction this week is Nationwide Building Society’s five-year fixed rate at 95% loan-to-value. Taking a cut of 0.20% this option is now priced at 3.39% for five years, only fractionally higher than the lowest rate available in this sector of the market. Not only is the initial rate enticing, but while the product continues to carry a fee of £999, this is slightly offset by the incentive package on offer, which includes a free valuation and £500 cashback, and could be of interest to those who have stretched their savings to meet a 5% deposit and who therefore have limited money available to meet mortgage set up costs. When considered as a whole package, this deal earns a place in our top tables for first-time buyers and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.39% fixed rate for five years
  • Product fee: £999
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers (second-time buyer option also available)
  • Incentives: Free valuation, £500 cashback and Green reward
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and prior overpayments having been made.
  • Lending area: Great Britain and Northern Ireland, excluding Scilly Isles.

Leek United Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“Amongst various changes to its range, Leek United Building Society has amended its two-year fixed rate offering at 85% loan-to-value this week. Priced at 2.19% to 31 January 2024, whilst there are lower initial rates available elsewhere within the sector, the appeal of this product is enhanced by the fact that it no longer charges an arrangement fee. Additionally, those with limited spare funds to cover mortgage set up costs might be further pleased to note that the product continues to offer a generous incentive package of a free valuation and also £400 cashback as well, making it a tempting choice for those with the required 15% equity or deposit. The combination of rate and features sees this product receive an Outstanding Moneyfacts product rating and top rate table status.”

Key product details:

  • Rate: 2.19% fixed rate to 31.1.24
  • Product fee: None
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation and £400 cashback
  • Flexible features: Allows overpayments.
  • Lending area: England and Wales

Accord Mortgages – Five-year fixed rate mortgage, 80% loan-to-value

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

“Borrowers looking to either purchase a home or remortgage their current one and who have 20% deposit or equity available may wish to note this five-year fixed rate at 80% loan-to-value from Accord Mortgages has received a rate cut of 0.05% this week. Now priced at 1.98% until 30 November 2026 and available via selected intermediaries, the product offers the stability of a fixed rate over the medium term which could suit those looking to secure a stable monthly repayment they can budget towards each month. This deal retains a reasonable fee of £995, which borrowers have the option to either pay upfront or add to the mortgage balance and it also offers a very generous incentive package, comprising of a free valuation and also £1,000 cashback, which could be tempting to those hoping to keep any outgoings associated with taking on a new mortgage to a minimum. Following this update, the product receives an Excellent Moneyfacts product rating and maintains its place in our top tables for Flexible products.”

Key product details:

  • Rate: 1.98% fixed rate to 30.11.26
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £1,000 cashback
  • Flexible features: Allows overpayments. With notice, payment holidays and underpayments considered, but not to exceed level of overpayments previously made
  • Lending area: Great Britain and Northern Ireland. Available via selected intermediaries.

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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