Moneyfacts Pick of the Week - 26/09/2024

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

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has launched a new 12 Month Fixed Term Deposit this week which pays a competitive rate of 4.81% gross. The deal takes a place in the top rate tables and may entice savers looking for a guaranteed return on their cash over the short-term. Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted. This account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.81% gross / 4.81% AER payable on maturity
Notice / term: 12 months
Minimum opening amount: £25,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 14 days from account opening via a nominated account
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

Zenith Bank (UK) Ltd – 2 Year Fixed Term Deposit

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

“This week, Zenith Bank (UK) Ltd has reduced the rate on its 2 Year Fixed Term Deposit. The account remains competitive despite the rate cut and now pays 4.55% gross. The deal may entice savers looking for a guaranteed return over the next two years if they have a minimum of £1,000 to invest. Savers will find earlier access is not permitted and they will not be able to make any further additions, so they must be comfortable with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.55% AER, payable on anniversary
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: By post
Other information: Minimum applicant age 18. Joint account option available.

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 106

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

“Shawbrook Bank has increased the rate on its one-year fixed ISA this week by 0.36%, to 4.56% gross, improving its overall appeal. Unlike some of its peers, this deal also offers a monthly interest option, which pays 4.47% gross. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal holds a more prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.56% gross / 4.56% AER payable on maturity/ monthly interest option of 4.47% gross / 4.56% AER also available
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: By phone and internet
Other information: Minimum applicant age 18.

Investec Bank plc – 90-Day Notice Saver Issue 2

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

“This week, Investec Bank has reduced the rate on its 90-Day Notice Account, but despite the cut, it remains an attractive choice. Now paying 4.94% gross, the account may appeal to savers who are happy to give notice to access their cash, but they will need £5,000 to invest upfront. The interest is paid monthly, which may appeal to those looking to supplement their income. The deal secures a position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.94% gross / 5.05% AER payable monthly
Notice / term: 90 days
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Permitted, subject to 90 days’ notice
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Mortgages

Nationwide Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Nationwide Building Society has this week reduced selected fixed rates in its range, including its two-year fixed rate deal at 95% loan-to-value. Now priced at 5.59%, the deal includes an attractive incentive package of a free valuation and the option of £500 cashback as well as a Green Reward. The mortgage does not charge a product fee so those looking to save on the upfront cost of their deal may then find the package appealing. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.59% fixed rate for two years
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation and £500 cashback. £250 Green Reward for properties with an EPC score of 86 to 91, or £500 Green Reward for properties with an EPC score of 92+.
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

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

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

“Barclays Mortgage has reduced selected fixed rates in its range this week, including its five-year fixed offer at 60% loan-to-value. The deal is now priced at 3.71% and may appeal to borrowers looking to save on the upfront cost of their deal and secure a competitive rate. A free valuation incentive is included, and the £899 product fee can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.71% fixed rate to 31.12.29
Product fee: £899
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

West Brom Building Society – Two-year fixed rate mortgage, 90% loan-to-value

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

“West Brom Building Society has reduced a selection of its two-year fixed rate deals this week. One of its deals is now priced at 4.99% at 90% loan-to-value and offers a free valuation incentive and carries a reasonable fee of £999, which can be added to the advance of the mortgage. 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: 4.99% fixed rate to 31.3.27
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-let

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

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

“Landlords looking for a competitive package may find the two-year fixed rate deal from NatWest attractive. After a rate reduction this week, the deal is now priced at 3.69% and includes an incentive package of a free valuation. The deal does charge a £3,499 product fee, but this can be added to the mortgage advance. Overall, the package may appeal to borrowers looking to lock into a competitive rate over the short-term. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.69% fixed rate to 31.12.26
Product fee: £3,499
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Leek Building Society – Five-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 rate to secure their monthly repayments over the next five years may find the latest deal from Leek Building Society appealing. Priced at 4.30% and fixed to 31 December 2029, the deal boasts an incentive package of a free valuation and £400 cashback. There is a product fee of £1,495 payable, but this can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.30% fixed rate to 31.12.29
Product fee: £1,495
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Banking

Nationwide Building Society – FlexDirect

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

“In this latest review, Nationwide Building Society has launched a free cash switching offer of £175 for customers using the CASS (Current Account Switch Service). In addition to the generous credit interest of 4.89% gross / 5.00% AER, the account now offers an incentive for spenders, in the form of 1% cashback when they spend using their debit card, capped at £5 per month. As with any current account customers may weigh up all the benefits along with any eligibility criteria to ensure it’s the right choice for them. Overall, the account earns an Outstanding product rating.”

Key product details:

Credit interest / reward: 4.89% gross per annum / 5.00% AER on balances up to £1,500. Rate reverts to 0.99% gross thereafter.
Account fee: None
Arranged overdraft: 39.9% EAR
Opening account: Online and by phone
Managing account: Online, by phone, by post, via its mobile app, post office and text alerts
Other information: Minimum applicant age 18. Earn 1% cashback on debit card spend, capped at £5 per month. £175 free cash offer, using the Current Account Switch Service for new accounts when a minimum of two direct debits are switched. Must deposit £1,000 and make at least 1 debit card payment within 31 days.

Savings

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has launched a new 12 Month Fixed Term Deposit this week which pays a competitive rate of 4.81% gross. The deal takes a place in the top rate tables and may entice savers looking for a guaranteed return on their cash over the short-term. Savers must be able to invest at least £25,000 on outset and be comfortable with the fixed term, as early access is not permitted. This account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.81% gross / 4.81% AER payable on maturity
Notice / term: 12 months
Minimum opening amount: £25,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Permitted for 14 days from account opening via a nominated account
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

Zenith Bank (UK) Ltd – 2 Year Fixed Term Deposit

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

“This week, Zenith Bank (UK) Ltd has reduced the rate on its 2 Year Fixed Term Deposit. The account remains competitive despite the rate cut and now pays 4.55% gross. The deal may entice savers looking for a guaranteed return over the next two years if they have a minimum of £1,000 to invest. Savers will find earlier access is not permitted and they will not be able to make any further additions, so they must be comfortable with their initial deposit. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.55% AER, payable on anniversary
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £2 million
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: By post
Other information: Minimum applicant age 18. Joint account option available.

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 106

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

“Shawbrook Bank has increased the rate on its one-year fixed ISA this week by 0.36%, to 4.56% gross, improving its overall appeal. Unlike some of its peers, this deal also offers a monthly interest option, which pays 4.47% gross. Savers searching for a guaranteed return on their cash and wishing to utilise their ISA allowance may find this a competitive choice as the deal holds a more prominent position in its sector. Consumers can make Cash and Stocks and Shares ISA transfers into the account, and if they so wish, access their deposit subject to a loss of interest penalty. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.56% gross / 4.56% AER payable on maturity/ monthly interest option of 4.47% gross / 4.56% AER also available
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty
Further additions: Permitted
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online
Managing account: By phone and internet
Other information: Minimum applicant age 18.

Investec Bank plc – 90-Day Notice Saver Issue 2

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

“This week, Investec Bank has reduced the rate on its 90-Day Notice Account, but despite the cut, it remains an attractive choice. Now paying 4.94% gross, the account may appeal to savers who are happy to give notice to access their cash, but they will need £5,000 to invest upfront. The interest is paid monthly, which may appeal to those looking to supplement their income. The deal secures a position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.94% gross / 5.05% AER payable monthly
Notice / term: 90 days
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Permitted, subject to 90 days’ notice
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Mortgages

Nationwide Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Nationwide Building Society has this week reduced selected fixed rates in its range, including its two-year fixed rate deal at 95% loan-to-value. Now priced at 5.59%, the deal includes an attractive incentive package of a free valuation and the option of £500 cashback as well as a Green Reward. The mortgage does not charge a product fee so those looking to save on the upfront cost of their deal may then find the package appealing. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.59% fixed rate for two years
Product fee: None
Maximum loan-to-value: 95%
Available to: First-time buyers
Incentives: Free valuation and £500 cashback. £250 Green Reward for properties with an EPC score of 86 to 91, or £500 Green Reward for properties with an EPC score of 92+.
Flexible features: Allows overpayments. Underpayments considered subject to approval and overpayments having been made
Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

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

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

“Barclays Mortgage has reduced selected fixed rates in its range this week, including its five-year fixed offer at 60% loan-to-value. The deal is now priced at 3.71% and may appeal to borrowers looking to save on the upfront cost of their deal and secure a competitive rate. A free valuation incentive is included, and the £899 product fee can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 3.71% fixed rate to 31.12.29
Product fee: £899
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

West Brom Building Society – Two-year fixed rate mortgage, 90% loan-to-value

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

“West Brom Building Society has reduced a selection of its two-year fixed rate deals this week. One of its deals is now priced at 4.99% at 90% loan-to-value and offers a free valuation incentive and carries a reasonable fee of £999, which can be added to the advance of the mortgage. 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: 4.99% fixed rate to 31.3.27
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-let

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

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

“Landlords looking for a competitive package may find the two-year fixed rate deal from NatWest attractive. After a rate reduction this week, the deal is now priced at 3.69% and includes an incentive package of a free valuation. The deal does charge a £3,499 product fee, but this can be added to the mortgage advance. Overall, the package may appeal to borrowers looking to lock into a competitive rate over the short-term. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 3.69% fixed rate to 31.12.26
Product fee: £3,499
Maximum loan-to-value: 60%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Leek Building Society – Five-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 rate to secure their monthly repayments over the next five years may find the latest deal from Leek Building Society appealing. Priced at 4.30% and fixed to 31 December 2029, the deal boasts an incentive package of a free valuation and £400 cashback. There is a product fee of £1,495 payable, but this can be added to the mortgage advance. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.30% fixed rate to 31.12.29
Product fee: £1,495
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Banking

Nationwide Building Society – FlexDirect

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

“In this latest review, Nationwide Building Society has launched a free cash switching offer of £175 for customers using the CASS (Current Account Switch Service). In addition to the generous credit interest of 4.89% gross / 5.00% AER, the account now offers an incentive for spenders, in the form of 1% cashback when they spend using their debit card, capped at £5 per month. As with any current account customers may weigh up all the benefits along with any eligibility criteria to ensure it’s the right choice for them. Overall, the account earns an Outstanding product rating.”

Key product details:

Credit interest / reward: 4.89% gross per annum / 5.00% AER on balances up to £1,500. Rate reverts to 0.99% gross thereafter.
Account fee: None
Arranged overdraft: 39.9% EAR
Opening account: Online and by phone
Managing account: Online, by phone, by post, via its mobile app, post office and text alerts
Other information: Minimum applicant age 18. Earn 1% cashback on debit card spend, capped at £5 per month. £175 free cash offer, using the Current Account Switch Service for new accounts when a minimum of two direct debits are switched. Must deposit £1,000 and make at least 1 debit card payment within 31 days.

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.