Moneyfacts Pick of the Week - 05/10/2023

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant 01603 476169 Email Caitlyn

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, Caitlyn Eastell, 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, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Monument Bank – 35 Day Notice Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Monument Bank has increased the rate on its 35-day notice account this week. It is available to those who can invest £25,000 upfront, paying a rate of 5.10% gross / 5.22% AER. This account may be an attractive option for savers looking to supplement their income and happy to give notice to access their funds. To open and manage this account, savers will need to do so via the mobile app. However, they must note that the initial investment should be made within the first 14 days of account opening or it may automatically close. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.22% AER payable monthly
Notice / term: 35 days
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Initial deposit must be made within 14 days of account opening

JN Bank – Three Year Fixed Term Savings Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“JN Bank has increased the rates on a selection of its accounts this week, including its 3 Year Fixed Term Savings Account. Paying a rate of 5.97% gross, this scoops the lead position in the top 10 in its respective sector, so those who are comfortable with locking away their investments for a guaranteed return on their savings may well find this an attractive option. Savers may be glad to hear up to 11 additional deposits can be made after initial funding for 14 days from account opening. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.97% gross / 5.97% AER payable on its anniversary
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening, maximum of 11 additions after initial funding, minimum £100
Opening account: Online and by phone
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Close Brothers Savings has launched a new 1 Year Fixed Rate Cash ISA. This account pays an attractive 5.65%, taking a position within the top 10 when compared to other fixed ISAs of a similar term and may attract savers who are prepared to lock away their cash for a guaranteed return. However, savers should note that earlier access is permitted subject to 90 days’ loss of interest and account closure. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.65% gross / 5.65% AER payable on maturity
Notice / term: One year
Minimum opening amount: £10,000
Maximum investment amount: Maximum 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 for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Moneybox – Moneybox Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Moneybox has increased the rate on its Cash ISA this week, improving its position in the market and its spot in our top rate tables for variable Cash ISAs. The deal pays a rate of 5.00%, payable on its anniversary and may appeal to savers who want flexibility and instant access to their ISA. This account also includes a bonus of 0.85% for the first 12 months, which may appeal to savers. However, investors must note that if they make more than three withdrawals per annum the rate drops significantly to 0.75%. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.00% gross / 5.00% AER payable on anniversary (includes a 0.85% bonus for 12 months)
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: ISA allowance
Access: Permitted. 0.75% gross / AER paid if more than three withdrawals made per annum
Further additions: Permitted
Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
Transfers out: Permitted
Opening account: Via mobile app
Managing account: Via mobile app
Other information: Minimum applicant age 18. Reverts to 0.75% rate if more than three withdrawals are made.

Mortgages

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week TSB has reduced selected fixed rates within its residential mortgage range, including its five-year fixed rate at 75% loan-to-value. Priced at 4.94% until 31 December 2028, borrowers looking for a competitive mortgage may find this latest deal enticing. This offer carries an incentive of a free valuation. Borrowers may be glad to hear that it also carries a fair fee of £995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.94% fixed rate to 31.12.28

Product fee: £995
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
Lending area: Great Britain.

first direct – Three-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, first direct has reduced all the fixed rates in its range, including its three-year fixed offer at 75% loan-to-value. Now priced at 5.49%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage, with only a small fee of £490. As part of its incentive package this deal offers a free valuation for all borrowers and, for those remortgaging, free legal fees. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.49% fixed rate for three years
Product fee: £490
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments.
Lending area: Great Britain and Northern Ireland.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society has reduced most of its fixed deals, including its five-year fixed mortgage at 95% loan-to-value for first- time buyers. Priced at 6.19% until 31 January 2027, this deal offers borrowers a free valuation incentive and charges a small fee of £495, which may be ideal for those borrowers who are looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.19% 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 6 months, subject to approval, notice required.
Lending area: Great Britain.

Buy-to-Let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Skipton Building Society has made changes to a selection of its buy-to-let deals this week, including a two-year fixed mortgage at 75% loan-to-value. Priced at 6.09%, this deal offers a free valuation incentive to all borrowers and, for those remortgaging, free legal fees. Charging a reasonable fee of £995, this may be a suitable option for those looking to save on the upfront cost of their deal. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.1.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments.
Lending area: Great Britain.

Suffolk Building Society – Two-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Suffolk Building Society has reduced selected fixed rates this week, including its Two-Year fixed at 80% loan-to-value available to landlords making a house purchase. Priced at 6.49%, this deal has consolidated its position as a Moneyfacts Best Buy. This deal also carries a range of incentives for those remortgaging, including free valuation and free legal fees. Landlords should note, this deal comes with a fee of £1,198. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.49% fixed rate to 31.12.25
Product fee: £1,198
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: England and Wales.

Savings

Monument Bank – 35 Day Notice Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Monument Bank has increased the rate on its 35-day notice account this week. It is available to those who can invest £25,000 upfront, paying a rate of 5.10% gross / 5.22% AER. This account may be an attractive option for savers looking to supplement their income and happy to give notice to access their funds. To open and manage this account, savers will need to do so via the mobile app. However, they must note that the initial investment should be made within the first 14 days of account opening or it may automatically close. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.22% AER payable monthly
Notice / term: 35 days
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Initial deposit must be made within 14 days of account opening

JN Bank – Three Year Fixed Term Savings Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“JN Bank has increased the rates on a selection of its accounts this week, including its 3 Year Fixed Term Savings Account. Paying a rate of 5.97% gross, this scoops the lead position in the top 10 in its respective sector, so those who are comfortable with locking away their investments for a guaranteed return on their savings may well find this an attractive option. Savers may be glad to hear up to 11 additional deposits can be made after initial funding for 14 days from account opening. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.97% gross / 5.97% AER payable on its anniversary
Notice / term: Three years
Minimum opening amount: £1,000
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening, maximum of 11 additions after initial funding, minimum £100
Opening account: Online and by phone
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Close Brothers Savings – 1 Year Fixed Rate Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Close Brothers Savings has launched a new 1 Year Fixed Rate Cash ISA. This account pays an attractive 5.65%, taking a position within the top 10 when compared to other fixed ISAs of a similar term and may attract savers who are prepared to lock away their cash for a guaranteed return. However, savers should note that earlier access is permitted subject to 90 days’ loss of interest and account closure. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.65% gross / 5.65% AER payable on maturity
Notice / term: One year
Minimum opening amount: £10,000
Maximum investment amount: Maximum 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 for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Moneybox – Moneybox Cash ISA

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Moneybox has increased the rate on its Cash ISA this week, improving its position in the market and its spot in our top rate tables for variable Cash ISAs. The deal pays a rate of 5.00%, payable on its anniversary and may appeal to savers who want flexibility and instant access to their ISA. This account also includes a bonus of 0.85% for the first 12 months, which may appeal to savers. However, investors must note that if they make more than three withdrawals per annum the rate drops significantly to 0.75%. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.00% gross / 5.00% AER payable on anniversary (includes a 0.85% bonus for 12 months)
Notice / term: None
Minimum opening amount: £500
Maximum investment amount: ISA allowance
Access: Permitted. 0.75% gross / AER paid if more than three withdrawals made per annum
Further additions: Permitted
Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
Transfers out: Permitted
Opening account: Via mobile app
Managing account: Via mobile app
Other information: Minimum applicant age 18. Reverts to 0.75% rate if more than three withdrawals are made.

Mortgages

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week TSB has reduced selected fixed rates within its residential mortgage range, including its five-year fixed rate at 75% loan-to-value. Priced at 4.94% until 31 December 2028, borrowers looking for a competitive mortgage may find this latest deal enticing. This offer carries an incentive of a free valuation. Borrowers may be glad to hear that it also carries a fair fee of £995. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.94% fixed rate to 31.12.28

Product fee: £995
Maximum loan-to-value: 75%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
Lending area: Great Britain.

first direct – Three-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, first direct has reduced all the fixed rates in its range, including its three-year fixed offer at 75% loan-to-value. Now priced at 5.49%, the deal may appeal to borrowers looking to save on the upfront cost of their mortgage, with only a small fee of £490. As part of its incentive package this deal offers a free valuation for all borrowers and, for those remortgaging, free legal fees. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.49% fixed rate for three years
Product fee: £490
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments.
Lending area: Great Britain and Northern Ireland.

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

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society has reduced most of its fixed deals, including its five-year fixed mortgage at 95% loan-to-value for first- time buyers. Priced at 6.19% until 31 January 2027, this deal offers borrowers a free valuation incentive and charges a small fee of £495, which may be ideal for those borrowers who are looking to save on the upfront cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.19% 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 6 months, subject to approval, notice required.
Lending area: Great Britain.

Buy-to-Let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Skipton Building Society has made changes to a selection of its buy-to-let deals this week, including a two-year fixed mortgage at 75% loan-to-value. Priced at 6.09%, this deal offers a free valuation incentive to all borrowers and, for those remortgaging, free legal fees. Charging a reasonable fee of £995, this may be a suitable option for those looking to save on the upfront cost of their deal. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.09% fixed rate to 31.1.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments.
Lending area: Great Britain.

Suffolk Building Society – Two-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Suffolk Building Society has reduced selected fixed rates this week, including its Two-Year fixed at 80% loan-to-value available to landlords making a house purchase. Priced at 6.49%, this deal has consolidated its position as a Moneyfacts Best Buy. This deal also carries a range of incentives for those remortgaging, including free valuation and free legal fees. Landlords should note, this deal comes with a fee of £1,198. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 6.49% fixed rate to 31.12.25
Product fee: £1,198
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation for all borrowers and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: England and Wales.

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

Caitlyn Eastell Apprentice Press & PR Assistant

©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.