Moneyfacts Pick of the Week - 06/04/2023

Rachel Springall, Press Officer

Rachel Springall, Press Officer / Finance Expert 01603 476210 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 – Instant Access powered by ClearBank

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

“This week Chip increased the rate on its Instant Access powered by ClearBank product to 3.49%. Savers searching for a competitive rate on a flexible savings account may find this deal attractive 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: 3.49% gross / 3.55% 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.

Atom Bank – 1 Year Fixed Saver

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

“Atom Bank has increased rates on a selection of its Fixed Savers this week, including its one-year fixed option, which improves its position in the sector. The deal now pays 4.50% gross and may well entice savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Savers may also find the monthly interest option appealing to supplement their income. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 4.50% gross / 4.50% AER payable on anniversary / monthly interest option of 4.41% gross / 4.50% AER also available
Notice / term: One year
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.

Bank of London and the Middle East (BLME) – 90 Day Notice Account (Issue 5) (Anticipated Profit Rate)

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

“Bank of London and the Middle East (BLME) has increased the rate on its 90 Day Notice Account this week, which improves its position in the market. Savers searching for a competitive rate, but also happy to give notice to access their cash, may find the profit rate of 3.60% appealing, but they must have £10,000 to invest upfront. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.60% gross / 3.60% AER payable quarterly
Notice / term: 90 days
Minimum opening amount: £10,000
Maximum investment amount: £1 million
Access: Permitted via a nominated account, subject to 90 days’ notice, minimum of £1,000 for withdrawals
Further additions: Permitted via nominated account, while the issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available. BLME transfer account required to hold funds pending investment. Shari’ah compliant account – rates shown are expected profit rate.

Coventry Building Society – Fixed Rate ISA (209) 31.05.2024

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

“Coventry Building Society has increased rates on selected fixed ISAs this week, including its one-year fixed deal. Now paying 4.12%, this deal may entice savers looking for a competitive return, but savers who wish to access their cash can do so, subject to a 90-day loss of interest penalty. Savers may also make further additions with a 14-day window, either with a cash deposit or ISA transfer. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.12% gross / 4.12% AER payable yearly / monthly interest option of 4.04% gross / 4.12% AER also available
Notice / term: To 31.05.2024
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Permitted for 14 days from account opening or while issue remains open, whichever is longer
Transfers in: Permitted for 14 days from account opening or while issue remains open, whichever is longer. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
Transfers out: Permitted subject to 90-day loss of interest penalty and closure of the account
Opening account: Online, by phone, by post and in branch
Managing account: Online, by phone, by post and in branch
Other information: Minimum applicant age 16.

Secure Trust Bank – 18 Month Fixed Rate Cash ISA (30.Oct.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 18-month option. Now paying a rate of 4.15%, the deal takes a more prominent place in the market against its peers and can be opened from £1,000. 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 appealing option. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.15% gross / 4.15% AER payable yearly
Notice / term: To 30.10.24
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to account closure and 120 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 120 days’ loss of interest penalty
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

Coventry Building Society – Three-year fixed rate mortgage, 80% loan-to-value

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

“This week Coventry Building Society has reduced its shorter-term fixed rates, including its three-year fixed deal at 80% loan-to-value. The deal is now priced at 4.23% and may appeal to borrowers looking to secure a competitive rate and save on the upfront cost of their deal. A free valuation incentive is included, plus free legal fees or £350 cashback for those remortgaging. A £999 product fee is chargeable, but this can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.23% fixed rate to 31.10.26
Product fee: £999
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, free legal fees or £350 cashback
Flexible features: Allows overpayments.
Lending area: Great Britain.

Leeds Building Society – Three-year fixed rate mortgage, 75% loan-to-value

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

“Leeds Building Society has cut selected fixed rates in its range this week, including its three-year fixed mortgage at 75% loan-to-value. Now priced at 4.53%, this deal carries an attractive incentive package of free valuation and, for those remortgaging, help with costs. This deal overall could attract borrowers looking to save on the upfront cost of their mortgage, both due to the incentive package and that there is no upfront product fee to pay. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.53% fixed rate to 30.6.26
Product fee: None
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, help with costs
Flexible features: Allows overpayments
Lending area: England, Wales, mainland Scotland and Northern Ireland.

first direct – Five-year fixed rate mortgage, 60% loan-to-value

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

“Borrowers searching for a competitive mortgage rate with a low upfront cost may find this week’s rate cut by first direct appealing. Its five-year fixed rate mortgage at 60% loan-to-value is now priced at 3.89% and charges a reasonable £490 product fee. The deal also includes an incentive package of free valuation for all borrowers and free legal fees for remortgage customers. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.89% fixed rate for five years
Product fee: £490
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and, for remortgage customers, free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

Principality Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Landlords comparing fixed rate deals may be enticed by the latest rate cut from Principality Building Society. Now priced at 4.40% and fixed to 30 June 2028, the deal charges an upfront product fee of £1,395 which can be added to the advance of the mortgage, but also includes an incentive of a free valuation. Borrowers looking to secure a competitive fixed rate over the longer-term for peace of mind may then find it an attractive option. The deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.40% fixed rate to 30.6.28
Product fee: £1,395
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Accord Mortgages – Three-year fixed rate mortgage, 75% loan-to-value

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

“Accord Mortgages has reduced selected fixed deals in its range this week, including a three-year fixed rate 75% loan-to-value deal. Now priced at 4.96%, and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive, alongside £250 cashback, and borrowers can also add the £995 product fee to the advance of the mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.96% fixed rate until 31.8.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments.
Lending area: Great Britain. Available via selected intermediaries.

Savings

Chip – Instant Access powered by ClearBank

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

“This week Chip increased the rate on its Instant Access powered by ClearBank product to 3.49%. Savers searching for a competitive rate on a flexible savings account may find this deal attractive 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: 3.49% gross / 3.55% 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.

Atom Bank – 1 Year Fixed Saver

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

“Atom Bank has increased rates on a selection of its Fixed Savers this week, including its one-year fixed option, which improves its position in the sector. The deal now pays 4.50% gross and may well entice savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Savers may also find the monthly interest option appealing to supplement their income. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 4.50% gross / 4.50% AER payable on anniversary / monthly interest option of 4.41% gross / 4.50% AER also available
Notice / term: One year
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.

Bank of London and the Middle East (BLME) – 90 Day Notice Account (Issue 5) (Anticipated Profit Rate)

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

“Bank of London and the Middle East (BLME) has increased the rate on its 90 Day Notice Account this week, which improves its position in the market. Savers searching for a competitive rate, but also happy to give notice to access their cash, may find the profit rate of 3.60% appealing, but they must have £10,000 to invest upfront. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.60% gross / 3.60% AER payable quarterly
Notice / term: 90 days
Minimum opening amount: £10,000
Maximum investment amount: £1 million
Access: Permitted via a nominated account, subject to 90 days’ notice, minimum of £1,000 for withdrawals
Further additions: Permitted via nominated account, while the issue remains open
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available. BLME transfer account required to hold funds pending investment. Shari’ah compliant account – rates shown are expected profit rate.

Coventry Building Society – Fixed Rate ISA (209) 31.05.2024

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

“Coventry Building Society has increased rates on selected fixed ISAs this week, including its one-year fixed deal. Now paying 4.12%, this deal may entice savers looking for a competitive return, but savers who wish to access their cash can do so, subject to a 90-day loss of interest penalty. Savers may also make further additions with a 14-day window, either with a cash deposit or ISA transfer. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.12% gross / 4.12% AER payable yearly / monthly interest option of 4.04% gross / 4.12% AER also available
Notice / term: To 31.05.2024
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Only on closure and subject to 90-day loss of interest penalty
Further additions: Permitted for 14 days from account opening or while issue remains open, whichever is longer
Transfers in: Permitted for 14 days from account opening or while issue remains open, whichever is longer. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
Transfers out: Permitted subject to 90-day loss of interest penalty and closure of the account
Opening account: Online, by phone, by post and in branch
Managing account: Online, by phone, by post and in branch
Other information: Minimum applicant age 16.

Secure Trust Bank – 18 Month Fixed Rate Cash ISA (30.Oct.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 18-month option. Now paying a rate of 4.15%, the deal takes a more prominent place in the market against its peers and can be opened from £1,000. 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 appealing option. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.15% gross / 4.15% AER payable yearly
Notice / term: To 30.10.24
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to account closure and 120 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 120 days’ loss of interest penalty
Opening account: Online
Managing account: Online and by phone
Other information: Minimum applicant age 18.

Mortgages

Coventry Building Society – Three-year fixed rate mortgage, 80% loan-to-value

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

“This week Coventry Building Society has reduced its shorter-term fixed rates, including its three-year fixed deal at 80% loan-to-value. The deal is now priced at 4.23% and may appeal to borrowers looking to secure a competitive rate and save on the upfront cost of their deal. A free valuation incentive is included, plus free legal fees or £350 cashback for those remortgaging. A £999 product fee is chargeable, but this can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.23% fixed rate to 31.10.26
Product fee: £999
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, free legal fees or £350 cashback
Flexible features: Allows overpayments.
Lending area: Great Britain.

Leeds Building Society – Three-year fixed rate mortgage, 75% loan-to-value

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

“Leeds Building Society has cut selected fixed rates in its range this week, including its three-year fixed mortgage at 75% loan-to-value. Now priced at 4.53%, this deal carries an attractive incentive package of free valuation and, for those remortgaging, help with costs. This deal overall could attract borrowers looking to save on the upfront cost of their mortgage, both due to the incentive package and that there is no upfront product fee to pay. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.53% fixed rate to 30.6.26
Product fee: None
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and, for those remortgaging, help with costs
Flexible features: Allows overpayments
Lending area: England, Wales, mainland Scotland and Northern Ireland.

first direct – Five-year fixed rate mortgage, 60% loan-to-value

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

“Borrowers searching for a competitive mortgage rate with a low upfront cost may find this week’s rate cut by first direct appealing. Its five-year fixed rate mortgage at 60% loan-to-value is now priced at 3.89% and charges a reasonable £490 product fee. The deal also includes an incentive package of free valuation for all borrowers and free legal fees for remortgage customers. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.89% fixed rate for five years
Product fee: £490
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation and, for remortgage customers, free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Buy-to-let

Principality Building Society – Five-year fixed rate mortgage, 60% loan-to-value

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

“Landlords comparing fixed rate deals may be enticed by the latest rate cut from Principality Building Society. Now priced at 4.40% and fixed to 30 June 2028, the deal charges an upfront product fee of £1,395 which can be added to the advance of the mortgage, but also includes an incentive of a free valuation. Borrowers looking to secure a competitive fixed rate over the longer-term for peace of mind may then find it an attractive option. The deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.40% fixed rate to 30.6.28
Product fee: £1,395
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Accord Mortgages – Three-year fixed rate mortgage, 75% loan-to-value

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

“Accord Mortgages has reduced selected fixed deals in its range this week, including a three-year fixed rate 75% loan-to-value deal. Now priced at 4.96%, and available via selected intermediaries, those searching for a competitive rate and incentive package may find this an appealing choice. The deal offers a free valuation incentive, alongside £250 cashback, and borrowers can also add the £995 product fee to the advance of the mortgage. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.96% fixed rate until 31.8.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments.
Lending area: Great Britain. Available via selected intermediaries.

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.