Moneyfacts Pick of the Week - 19/10/2023

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 Spokesperson, James Hyde, 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 Spokesperson, James Hyde, has analysed the following deals, along with their perks, of note:

Savings

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 622

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Virgin Money has changed the issue number and reduced the rate on its 1 Year Fixed Rate Cash E-ISA. The deal now pays a rate 5.52% gross/5.66% AER, and may appeal to savers who want to utilise their ISA allowance and are happy to lock their cash away for a year. The account can be opened and managed online, and can be set up with a balance of just £1. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.52% gross / 5.66% AER payable yearly
Notice / term: To 24.10.24
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 60-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Chorley Building Society – Easy Access Saver (1 Withdrawal)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Chorley Building Society takes top spot in our table compared with products in the same sector. The deal pays a rate of 5.30% gross, although investors should be aware that making more than the permitted one withdrawal per annum will mean the account is transferred into a Chorleian Instant Access Account for the remainder of the year. Available with a minimum investment of £500, the account can be managed online, by post or in branch. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.30% gross / 5.30% AER payable yearly
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: £500,000
Access: Permitted. Transferred to Instant Access Account for remainder of year than one withdrawal made per annum
Further additions: Permitted, while issue remains open
Opening account: Online, post and in branch
Managing account: Online, post and in branch
Other information: Minimum applicant age 18. Joint account option available. Reverts to 2.50% rate if more than one withdrawal is made.

TSB – 3 Year Fixed Rate Cash ISA

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Despite reducing the rates on its Fixed Rate Cash ISAs and fixed bonds this week, TSB remains near the top of our Best Buys in the relevant market with its 3 Year Fixed Rate Cash ISA. Paying 5.10% gross/5.10% AER, it can be opened with just £1 and allows transfers in for 30 days from account opening. The account can be opened in branch or online. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary
Notice / term: Three years
Minimum opening amount: £1
Maximum investment amount: Maximum ISA allowance
Access: Permitted, subject to 270-day loss of interest penalty
Further additions: Permitted for 30 days from account opening, flexible ISA rules apply
Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Branch, and online
Managing account: Branch, online, by phone and via mobile app
Other information: Minimum applicant age 16.

Close Brothers Savings – Easy Access Account (Issue 1)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Close Brothers has increased the rate on its Easy Access Account (Issue 1) by 0.05%. The product, which pays 5.10% gross/5.10% AER on anniversary, does require an amount of £10,000 to open, however. Up to £2 million can be invested in the account, which savers may wish to note can only be set up and managed online. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary
Notice / term: None
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Permitted, via nominated current account
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

Mortgages

The Co-operative Bank – Three-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“The Co-operative Bank has reduced a selection of its rates this week, with its three-year fixed mortgage at 75% LTV seeing a significant drop. The product is now priced at 5.23%. Other noteworthy factors include a £999 product fee, free valuation, £250 cashback and free legal fees. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.23% fixed rate to 28.2.27
Product fee: £999
Maximum loan-to-value: 75%
Available to: All borrower types
Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, £250 cashback and free legal fees
Flexible features: Allows overpayments, option to reduce capital by up to maximum of 10% outstanding balance per annum
Lending area: Great Britain.

Newcastle Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Newcastle Building Society has introduced a new two-year fixed rate at 95% loan-to-value, which takes a position in our Best Buys for equivalent products. There is a £999 fee payable, and no further incentives to note, but at 5.99% the deal is competitively priced in its sector. On assessment, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.99% fixed rate to 28.2.26
Product fee: £999
Maximum loan-to-value: 95%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments, option to reduce capital by up to maximum of 10% outstanding balance per annum
Lending area: Great Britain.

Skipton Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society reduced selected fixed rates. The three-year option at 95% LTV is now priced at 6.14%, which is one of the lowest in the equivalent area. There is a product fee of £495 to consider, although a free valuation is included. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.14% fixed rate to 31.1.27
Product fee: £495
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after six months, subject to approval, notice required.
Lending area: Great Britain.

Buy-to-Let

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

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Barclays Mortgage’s 75% LTV buy-to-let product has had a significant decrease in rate, and now charges just 5.42%. There is a product fee of £1,295 to note, but the product does allow for overpayments to be made. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.42% fixed rate to 31.12.28
Product fee: £1,295
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: None
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Savings

Virgin Money – 1 Year Fixed Rate Cash E-ISA Issue 622

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Virgin Money has changed the issue number and reduced the rate on its 1 Year Fixed Rate Cash E-ISA. The deal now pays a rate 5.52% gross/5.66% AER, and may appeal to savers who want to utilise their ISA allowance and are happy to lock their cash away for a year. The account can be opened and managed online, and can be set up with a balance of just £1. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.52% gross / 5.66% AER payable yearly
Notice / term: To 24.10.24
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 60-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 60-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

Chorley Building Society – Easy Access Saver (1 Withdrawal)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Chorley Building Society takes top spot in our table compared with products in the same sector. The deal pays a rate of 5.30% gross, although investors should be aware that making more than the permitted one withdrawal per annum will mean the account is transferred into a Chorleian Instant Access Account for the remainder of the year. Available with a minimum investment of £500, the account can be managed online, by post or in branch. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.30% gross / 5.30% AER payable yearly
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: £500,000
Access: Permitted. Transferred to Instant Access Account for remainder of year than one withdrawal made per annum
Further additions: Permitted, while issue remains open
Opening account: Online, post and in branch
Managing account: Online, post and in branch
Other information: Minimum applicant age 18. Joint account option available. Reverts to 2.50% rate if more than one withdrawal is made.

TSB – 3 Year Fixed Rate Cash ISA

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Despite reducing the rates on its Fixed Rate Cash ISAs and fixed bonds this week, TSB remains near the top of our Best Buys in the relevant market with its 3 Year Fixed Rate Cash ISA. Paying 5.10% gross/5.10% AER, it can be opened with just £1 and allows transfers in for 30 days from account opening. The account can be opened in branch or online. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary
Notice / term: Three years
Minimum opening amount: £1
Maximum investment amount: Maximum ISA allowance
Access: Permitted, subject to 270-day loss of interest penalty
Further additions: Permitted for 30 days from account opening, flexible ISA rules apply
Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs
Transfers out: Permitted, subject to a 270-day loss of interest penalty
Opening account: Branch, and online
Managing account: Branch, online, by phone and via mobile app
Other information: Minimum applicant age 16.

Close Brothers Savings – Easy Access Account (Issue 1)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Close Brothers has increased the rate on its Easy Access Account (Issue 1) by 0.05%. The product, which pays 5.10% gross/5.10% AER on anniversary, does require an amount of £10,000 to open, however. Up to £2 million can be invested in the account, which savers may wish to note can only be set up and managed online. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary
Notice / term: None
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Permitted, via nominated current account
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

Mortgages

The Co-operative Bank – Three-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“The Co-operative Bank has reduced a selection of its rates this week, with its three-year fixed mortgage at 75% LTV seeing a significant drop. The product is now priced at 5.23%. Other noteworthy factors include a £999 product fee, free valuation, £250 cashback and free legal fees. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.23% fixed rate to 28.2.27
Product fee: £999
Maximum loan-to-value: 75%
Available to: All borrower types
Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, £250 cashback and free legal fees
Flexible features: Allows overpayments, option to reduce capital by up to maximum of 10% outstanding balance per annum
Lending area: Great Britain.

Newcastle Building Society – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week Newcastle Building Society has introduced a new two-year fixed rate at 95% loan-to-value, which takes a position in our Best Buys for equivalent products. There is a £999 fee payable, and no further incentives to note, but at 5.99% the deal is competitively priced in its sector. On assessment, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.99% fixed rate to 28.2.26
Product fee: £999
Maximum loan-to-value: 95%
Available to: All borrower types
Incentives: None
Flexible features: Allows overpayments, option to reduce capital by up to maximum of 10% outstanding balance per annum
Lending area: Great Britain.

Skipton Building Society – Three-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society reduced selected fixed rates. The three-year option at 95% LTV is now priced at 6.14%, which is one of the lowest in the equivalent area. There is a product fee of £495 to consider, although a free valuation is included. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.14% fixed rate to 31.1.27
Product fee: £495
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after six months, subject to approval, notice required.
Lending area: Great Britain.

Buy-to-Let

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

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Barclays Mortgage’s 75% LTV buy-to-let product has had a significant decrease in rate, and now charges just 5.42%. There is a product fee of £1,295 to note, but the product does allow for overpayments to be made. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.42% fixed rate to 31.12.28
Product fee: £1,295
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: None
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

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

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©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.