Moneyfacts Pick of the Week - 20/07/2023

Rachel Springall, Press Officer

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

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

Chip – Chip Instant Access Account powered by ClearBank

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

“This week, Chip has increased the rate on its Instant Access powered by ClearBank product to 4.42% gross, enhancing its position in the market. Savers searching for a flexible savings account with a competitive rate may find this deal enticing as it allows unlimited withdrawals. Savers should be aware that they need to hold a Chip subscription (for which both free and paid options are available). The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.42% gross / 4.51% AER payable monthly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Open banking connection to current account is required. Investors have the choice between holding a fee-free Chip subscription or paying a £4.99 fee per 28-days subscription.

Vanquis Bank – 1 Year Vanquis Bank Savings

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

“Vanquis Bank has increased the rate on its one-year fixed bond this week, improving its position within the sector. Now paying a rate of 6.15% 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 over the shorter-term. 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: 6.15% gross / 6.15% AER payable on anniversary / monthly interest option of 5.98% gross / 6.15% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Additions permitted for five working days from the initial deposit, via a nominated account
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“This week, Close Brothers Savings has increased the rate on its 2 Year Fixed Rate Bond, which now pays an attractive 6.07%. The deal has improved its position within its sector and may entice savers who are prepared to lock away their cash for a guaranteed return. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.07% gross / 6.07% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18. Joint account option available.

NatWest – 1 Year Fixed Rate ISA Issue 326

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

“NatWest has increased the rate on its 1 Year Fixed Rate ISA this week, which now pays 5.70%. The deal takes a more prominent position within its sector against its peers and may well attract savers who plan to use their tax-free ISA allowance. Savers who are happy to lock their cash away until 2024 can make further additions until a certain date, which may appeal to those who may have extra cash to invest or transfer in. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.70% gross / 5.70% AER payable yearly
Notice / term: To 4.9.24
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted until 1.9.23, then earlier access on closure on up to 90-day loss.
Further additions: Permitted until 1.9.23.
Transfers in: Permitted. Accepts cash and stocks and shares ISAs and more. External ISA transfer requests by 14.8.23, internal ISA transfer requests by 28.8.23.
Transfers out: Permitted, subject to up to 90-day loss of interest penalty
Opening account: Online, via its mobile app or by phone. Telephone opening available to current account holders only.
Managing account: In branch and by phone
Other information: Minimum applicant age 16.

Shawbrook Bank – 2 Year Fixed Rate Cash ISA Bond Issue 75

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

“Shawbrook Bank has increased the rate on its two-year fixed ISA this week to 5.58%, which takes a prominent position in its sector. Savers who still need to use their ISA allowance and desire a guaranteed return on their cash may find this an attractive option. The account allows transfers in from both cash and stocks and shares ISAs, and earlier access is permitted subject to a loss of interest penalty. Those savers looking to supplement their income will also find the account offers a monthly interest option. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.58% gross / 5.58% AER payable on anniversary / monthly interest option of 5.44% gross / 5.58% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts cash and stocks and shares ISAs
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

The Co-operative Bank – Three-year fixed rate mortgage, 95% loan-to-value

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

“The Co-operative Bank has launched a selection of fixed deals this week, including a three-year fixed mortgage at 95% loan-to-value. Priced at 6.83%, this deal does not carry a product fee and offers borrowers a free valuation plus £500 cashback. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.83% fixed rate to 31.12.26
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase only
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Yorkshire Building Society – Five-year fixed rate mortgage, 80% loan-to-value

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

“Remortgage customers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Yorkshire Building Society an attractive choice. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 5.66%. The deal offers both a free valuation and free legal fees incentive, alongside £250 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.66% fixed rate to 30.11.28
Product fee: £495
Maximum loan-to-value: 80%
Available to: Remortgage customers
Incentives: £250 cashback, free valuation and free legal fees
Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made
Lending area: Great Britain and Northern Ireland.

Cumberland Building Society – Two-year discounted-variable rate mortgage, 75% loan-to-value

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

“This week, Cumberland Building Society has increased the rate on its two-year discounted-variable rate mortgage. Now charging a rate of 5.14%, the deal maintains a competitive incentive package of free valuation and free legal fees. Those borrowers who are looking to save on the upfront cost of their mortgage may then find this an attractive choice, particularly as the product fee of £999 can also be added to the mortgage advance. This deal secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.14% discounted-variable rate (3.10% discount) for two years
Product fee: £999
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-let

TSB – Two-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive mortgage may find the latest deal from TSB enticing. After a small rate rise this week, the deal now charges a fixed rate of 6.19% to 31 October 2025 and includes an incentive package of free valuation. However, borrowers must be prepared to pay for the upfront product fee of £1,995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.19% fixed rate to 31.10.25
Product fee: £1,995
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
Lending area: Great Britain.

Savings

Chip – Chip Instant Access Account powered by ClearBank

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

“This week, Chip has increased the rate on its Instant Access powered by ClearBank product to 4.42% gross, enhancing its position in the market. Savers searching for a flexible savings account with a competitive rate may find this deal enticing as it allows unlimited withdrawals. Savers should be aware that they need to hold a Chip subscription (for which both free and paid options are available). The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.42% gross / 4.51% AER payable monthly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Open banking connection to current account is required. Investors have the choice between holding a fee-free Chip subscription or paying a £4.99 fee per 28-days subscription.

Vanquis Bank – 1 Year Vanquis Bank Savings

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

“Vanquis Bank has increased the rate on its one-year fixed bond this week, improving its position within the sector. Now paying a rate of 6.15% 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 over the shorter-term. 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: 6.15% gross / 6.15% AER payable on anniversary / monthly interest option of 5.98% gross / 6.15% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Additions permitted for five working days from the initial deposit, via a nominated account
Opening account: Online
Managing account: Online, by phone and by post
Other information: Minimum applicant age 18. Joint account option available.

Close Brothers Savings – 2 Year Fixed Rate Bond

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

“This week, Close Brothers Savings has increased the rate on its 2 Year Fixed Rate Bond, which now pays an attractive 6.07%. The deal has improved its position within its sector and may entice savers who are prepared to lock away their cash for a guaranteed return. Savers need £10,000 to invest but they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.07% gross / 6.07% AER payable yearly
Notice / term: Two years
Minimum opening amount: £10,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 10 days from account opening
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18. Joint account option available.

NatWest – 1 Year Fixed Rate ISA Issue 326

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

“NatWest has increased the rate on its 1 Year Fixed Rate ISA this week, which now pays 5.70%. The deal takes a more prominent position within its sector against its peers and may well attract savers who plan to use their tax-free ISA allowance. Savers who are happy to lock their cash away until 2024 can make further additions until a certain date, which may appeal to those who may have extra cash to invest or transfer in. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.70% gross / 5.70% AER payable yearly
Notice / term: To 4.9.24
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted until 1.9.23, then earlier access on closure on up to 90-day loss.
Further additions: Permitted until 1.9.23.
Transfers in: Permitted. Accepts cash and stocks and shares ISAs and more. External ISA transfer requests by 14.8.23, internal ISA transfer requests by 28.8.23.
Transfers out: Permitted, subject to up to 90-day loss of interest penalty
Opening account: Online, via its mobile app or by phone. Telephone opening available to current account holders only.
Managing account: In branch and by phone
Other information: Minimum applicant age 16.

Shawbrook Bank – 2 Year Fixed Rate Cash ISA Bond Issue 75

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

“Shawbrook Bank has increased the rate on its two-year fixed ISA this week to 5.58%, which takes a prominent position in its sector. Savers who still need to use their ISA allowance and desire a guaranteed return on their cash may find this an attractive option. The account allows transfers in from both cash and stocks and shares ISAs, and earlier access is permitted subject to a loss of interest penalty. Those savers looking to supplement their income will also find the account offers a monthly interest option. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.58% gross / 5.58% AER payable on anniversary / monthly interest option of 5.44% gross / 5.58% AER also available
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 180-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts cash and stocks and shares ISAs
Transfers out: Permitted, subject to 180-day loss of interest penalty
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

The Co-operative Bank – Three-year fixed rate mortgage, 95% loan-to-value

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

“The Co-operative Bank has launched a selection of fixed deals this week, including a three-year fixed mortgage at 95% loan-to-value. Priced at 6.83%, this deal does not carry a product fee and offers borrowers a free valuation plus £500 cashback. Those borrowers who are looking to save on the upfront cost of their deal may then find this an attractive choice. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.83% fixed rate to 31.12.26
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase only
Incentives: Free valuation and £500 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Yorkshire Building Society – Five-year fixed rate mortgage, 80% loan-to-value

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

“Remortgage customers seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Yorkshire Building Society an attractive choice. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 5.66%. The deal offers both a free valuation and free legal fees incentive, alongside £250 cashback, and borrowers can also add the £495 product fee to the advance of the mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.66% fixed rate to 30.11.28
Product fee: £495
Maximum loan-to-value: 80%
Available to: Remortgage customers
Incentives: £250 cashback, free valuation and free legal fees
Flexible features: Allows overpayments. Underpayments and payment holidays considered, not to exceed level of overpayments previously made
Lending area: Great Britain and Northern Ireland.

Cumberland Building Society – Two-year discounted-variable rate mortgage, 75% loan-to-value

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

“This week, Cumberland Building Society has increased the rate on its two-year discounted-variable rate mortgage. Now charging a rate of 5.14%, the deal maintains a competitive incentive package of free valuation and free legal fees. Those borrowers who are looking to save on the upfront cost of their mortgage may then find this an attractive choice, particularly as the product fee of £999 can also be added to the mortgage advance. This deal secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.14% discounted-variable rate (3.10% discount) for two years
Product fee: £999
Maximum loan-to-value: 75%
Available to: Remortgage customers
Incentives: Free valuation and free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-let

TSB – Two-year fixed rate mortgage, 75% loan-to-value

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

“Landlords looking for a competitive mortgage may find the latest deal from TSB enticing. After a small rate rise this week, the deal now charges a fixed rate of 6.19% to 31 October 2025 and includes an incentive package of free valuation. However, borrowers must be prepared to pay for the upfront product fee of £1,995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.19% fixed rate to 31.10.25
Product fee: £1,995
Maximum loan-to-value: 75%
Available to: Second-time buyers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
Lending area: Great Britain.

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

©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.

©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.