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Moneyfacts Pick of the Week - 06/07/2023

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert 01603 476210 Email Rachel
06/07/2023

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 

Chip – Instant Access powered by ClearBank

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

“Chip has increased the rate on its Instant Access powered by ClearBank product to 4.18% gross this week, improving 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: 4.18% gross / 4.26% 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.

 

Coventry Building Society – Fixed Rate ISA (219) 30.09.2024

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

“Coventry Building Society has increased the rates on its Fixed Rate ISAs this week, including its one-year deal which grabs a prominent position in the market. The deal now pays a rate of 5.30% yearly and may appeal to savers who want to invest over the next year and use their ISA allowance. Savers will also find a monthly interest option is available that pays 5.18% gross, which may appeal if they are looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.30% gross / 5.30% AER payable yearly / monthly interest option of 5.18% gross / 5.30% AER also available
  • Notice / term: To 30.9.24
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to a 90-day loss of interest penalty
  • Further additions: Permitted for 14 days from account opening, or while the issue remains open, whichever is longer
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 90-day loss of interest penalty
  • Opening account: Online, by post, by telephone and in branch
  • Managing account: Online, by post, by telephone and in branch
  • Other information: Minimum applicant age 16.

 

FirstSave – FirstSave 1 Year Fixed Rate Bond (Jul23)

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

“FirstSave has increased the rate on its 1 Year Fixed Rate Bond this week, which takes a prominent position in the market. Now paying a rate of 6.10%, the deal sits comfortably against its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £1,000 to invest. Savers will find earlier access or further additions are not permitted, but there is a monthly interest option for those looking to supplement their income if they have £5,000 to invest. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 6.10% gross / 6.10% AER payable on its anniversary / monthly interest option of 5.94% gross / 6.10% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by post, by telephone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages 

The Co-operative Bank – Three-year fixed rate mortgage, 60% loan-to-value

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

“This week, The Co-operative Bank has launched a selection of fixed deals, including a three-year fixed mortgage at 60% loan-to-value. Priced at 5.67%, this deal does not carry a product fee and offers all borrowers a free valuation and £250 cashback, with remortgage customers also offered free legal fees. 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: 5.67% fixed rate to 31.12.26
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-let 

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

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

“Borrowers looking to save on the upfront cost of their mortgage may find the latest deal from Platform an attractive choice, which is available through selected intermediaries. Priced at 5.08% and fixed to 31 December 2028, this deal carries an attractive incentive package of a free valuation as well as free legal fees for those remortgaging, plus £500 cashback for all borrowers. However, those who have limited upfront funds may also wish to note the deal charges a £1,999 product fee, but this can be added to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 5.08% fixed rate to 31.12.28
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and free legal fees for those remortgaging, £500 cashback for all borrowers
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

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

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

“Landlords searching for a new fixed rate deal may be enticed by the latest offer from Principality Building Society. Priced at 5.63% and fixed to 30 September 2025, the deal charges an upfront product fee of £895 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 for peace of mind may then find it an attractive option. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.63% fixed rate to 30.9.25
  • Product fee: £895
  • 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.

Savings 

Chip – Instant Access powered by ClearBank

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

“Chip has increased the rate on its Instant Access powered by ClearBank product to 4.18% gross this week, improving 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: 4.18% gross / 4.26% 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.

 

Coventry Building Society – Fixed Rate ISA (219) 30.09.2024

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

“Coventry Building Society has increased the rates on its Fixed Rate ISAs this week, including its one-year deal which grabs a prominent position in the market. The deal now pays a rate of 5.30% yearly and may appeal to savers who want to invest over the next year and use their ISA allowance. Savers will also find a monthly interest option is available that pays 5.18% gross, which may appeal if they are looking to supplement their income. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.30% gross / 5.30% AER payable yearly / monthly interest option of 5.18% gross / 5.30% AER also available
  • Notice / term: To 30.9.24
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to a 90-day loss of interest penalty
  • Further additions: Permitted for 14 days from account opening, or while the issue remains open, whichever is longer
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to a 90-day loss of interest penalty
  • Opening account: Online, by post, by telephone and in branch
  • Managing account: Online, by post, by telephone and in branch
  • Other information: Minimum applicant age 16.

 

FirstSave – FirstSave 1 Year Fixed Rate Bond (Jul23)

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

“FirstSave has increased the rate on its 1 Year Fixed Rate Bond this week, which takes a prominent position in the market. Now paying a rate of 6.10%, the deal sits comfortably against its peers and may entice savers looking for a guaranteed return over the next year if they have a minimum of £1,000 to invest. Savers will find earlier access or further additions are not permitted, but there is a monthly interest option for those looking to supplement their income if they have £5,000 to invest. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 6.10% gross / 6.10% AER payable on its anniversary / monthly interest option of 5.94% gross / 6.10% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by post, by telephone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages 

The Co-operative Bank – Three-year fixed rate mortgage, 60% loan-to-value

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

“This week, The Co-operative Bank has launched a selection of fixed deals, including a three-year fixed mortgage at 60% loan-to-value. Priced at 5.67%, this deal does not carry a product fee and offers all borrowers a free valuation and £250 cashback, with remortgage customers also offered free legal fees. 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: 5.67% fixed rate to 31.12.26
  • Product fee: None
  • Maximum loan-to-value: 60%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Buy-to-let 

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

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

“Borrowers looking to save on the upfront cost of their mortgage may find the latest deal from Platform an attractive choice, which is available through selected intermediaries. Priced at 5.08% and fixed to 31 December 2028, this deal carries an attractive incentive package of a free valuation as well as free legal fees for those remortgaging, plus £500 cashback for all borrowers. However, those who have limited upfront funds may also wish to note the deal charges a £1,999 product fee, but this can be added to the mortgage advance. Overall, this product earns an Excellent Moneyfacts product rating.” 

Key product details:

  • Rate: 5.08% fixed rate to 31.12.28
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and free legal fees for those remortgaging, £500 cashback for all borrowers
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

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

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

“Landlords searching for a new fixed rate deal may be enticed by the latest offer from Principality Building Society. Priced at 5.63% and fixed to 30 September 2025, the deal charges an upfront product fee of £895 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 for peace of mind may then find it an attractive option. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.63% fixed rate to 30.9.25
  • Product fee: £895
  • 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.

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