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Moneyfacts Pick of the Week - 20/04/2023

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
20/04/2023

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 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

GB Bank – Raisin UK – Easy Access Account

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

“This week GB Bank has launched variable rate Raisin UK products, which include an Easy Access Account paying 3.35% gross. Savers searching for an account that offers flexibility and a competitive rate may find this an attractive choice as it allows unlimited withdrawals, subject to a minimum of £500. Savers should be aware that there is a minimum amount on further additions of £500 and they must open the account with at least £1,000. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.35% gross / 3.40% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal £500
  • Further additions: Permitted, minimum addition £500
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 1 Year Fixed Rate Saver

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

Investec Bank plc has increased the rate on its 1 Year Fixed Rate Saver this week, which now pays 4.60%. The deal improves its position within its sector against its peers and may well attract savers who are looking to lock their money away for a year for a guaranteed return. Savers must have £5,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.60% gross / 4.60% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Secure Trust Bank – 1 Year Fixed Rate Cash ISA (29.May.24)

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

“Secure Trust Bank has increased rates on selected fixed ISAs this week, including its 1 Year Fixed Rate Cash ISA. Now paying a rate of 4.16%, the deal secures a more prominent place in the market. Further additions can be made within the first 30 days of opening the account. Savers looking to earn an attractive rate over the short-term and wishing to utilise their ISA allowance may then find this an attractive choice. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.16% gross / 4.16% AER payable yearly
  • Notice / term: To 29.5.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening. Minimum addition £1,000.
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“HSBC has reduced rates across selected fixed deals this week, including a cut to its three-year fixed mortgage at 60% loan-to-value. Priced at 4.39% and fixed to 30 June 2026, this deal carries a free valuation incentive and does not charge a product fee. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.39% fixed rate to 30.6.26
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-let

Platform – Two-year fixed rate mortgage, 60% loan-to-value

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

“Landlords looking to save on the upfront cost of their mortgage may find the latest deal from Platform an enticing choice after a rate cut this week, which is available through selected intermediaries. Priced at 4.86% and fixed to 30 September 2025, this deal carries an attractive incentive package of a free valuation as well as free legal fees for those remortgaging. The mortgage does not charge a product fee, ideal for those looking to minimise the upfront cost. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.86% fixed rate to 30.9.25
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and free legal fees for those remortgaging
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Banking

HSBC – Advance Current Account

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

“HSBC has introduced a switching incentive this week for customers who switch to either the Advance or Premier Bank Account. Customers who switch using the CASS (Current Account Switch Service) will now receive £200 cashback, so long as the account is credited with £1,500 within the first 60 days of account opening. The Advance Current Account does not pay any credit interest, but it does include an overdraft interest-free buffer of £25. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.90% EAR, plus £25 interest-free buffer
  • Opening account: Online and in branch
  • Managing account: Online, in branch, via mobile app, post, post office and text alerts
  • Other information: Minimum applicant age 18. £200 free cash offer for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switch Service within 30 days of account opening and at least £1,500 is credited within 60 days of account opening. Customers must qualify for an overdraft of at least £1,000 in order to open an Advance account.

Savings

GB Bank – Raisin UK – Easy Access Account

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

“This week GB Bank has launched variable rate Raisin UK products, which include an Easy Access Account paying 3.35% gross. Savers searching for an account that offers flexibility and a competitive rate may find this an attractive choice as it allows unlimited withdrawals, subject to a minimum of £500. Savers should be aware that there is a minimum amount on further additions of £500 and they must open the account with at least £1,000. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.35% gross / 3.40% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal £500
  • Further additions: Permitted, minimum addition £500
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 1 Year Fixed Rate Saver

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

Investec Bank plc has increased the rate on its 1 Year Fixed Rate Saver this week, which now pays 4.60%. The deal improves its position within its sector against its peers and may well attract savers who are looking to lock their money away for a year for a guaranteed return. Savers must have £5,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.60% gross / 4.60% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for seven days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Secure Trust Bank – 1 Year Fixed Rate Cash ISA (29.May.24)

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

“Secure Trust Bank has increased rates on selected fixed ISAs this week, including its 1 Year Fixed Rate Cash ISA. Now paying a rate of 4.16%, the deal secures a more prominent place in the market. Further additions can be made within the first 30 days of opening the account. Savers looking to earn an attractive rate over the short-term and wishing to utilise their ISA allowance may then find this an attractive choice. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.16% gross / 4.16% AER payable yearly
  • Notice / term: To 29.5.24
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening. Minimum addition £1,000.
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“HSBC has reduced rates across selected fixed deals this week, including a cut to its three-year fixed mortgage at 60% loan-to-value. Priced at 4.39% and fixed to 30 June 2026, this deal carries a free valuation incentive and does not charge a product fee. Those borrowers who are looking to save on the upfront cost of their mortgage and lock into a competitive rate for peace of mind may find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.39% fixed rate to 30.6.26
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-let

Platform – Two-year fixed rate mortgage, 60% loan-to-value

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

“Landlords looking to save on the upfront cost of their mortgage may find the latest deal from Platform an enticing choice after a rate cut this week, which is available through selected intermediaries. Priced at 4.86% and fixed to 30 September 2025, this deal carries an attractive incentive package of a free valuation as well as free legal fees for those remortgaging. The mortgage does not charge a product fee, ideal for those looking to minimise the upfront cost. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.86% fixed rate to 30.9.25
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and free legal fees for those remortgaging
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Banking

HSBC – Advance Current Account

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

“HSBC has introduced a switching incentive this week for customers who switch to either the Advance or Premier Bank Account. Customers who switch using the CASS (Current Account Switch Service) will now receive £200 cashback, so long as the account is credited with £1,500 within the first 60 days of account opening. The Advance Current Account does not pay any credit interest, but it does include an overdraft interest-free buffer of £25. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 39.90% EAR, plus £25 interest-free buffer
  • Opening account: Online and in branch
  • Managing account: Online, in branch, via mobile app, post, post office and text alerts
  • Other information: Minimum applicant age 18. £200 free cash offer for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switch Service within 30 days of account opening and at least £1,500 is credited within 60 days of account opening. Customers must qualify for an overdraft of at least £1,000 in order to open an Advance account.

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.

 

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.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant