Moneyfacts Pick of the Week - 10/10/2024

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 Spokesperson 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 Spokesperson at Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Kent Reliance – 60 Day Notice Savings Account – Issue 55

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

“This week, Kent Reliance increased the rate on its 60 Day Notice Savings Account by 0.18%, which sees it take a position within the notice and monthly interest sectors. It pays a yearly rate of 5.04% for savers who have £1,000 to invest, and those looking to boost their income each month may be pleased to see that there is a monthly interest option which pays 4.93% gross / 5.04% AER. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.04% gross / 5.04% AER payable yearly, monthly interest option of 4.93% gross / 5.04% AER
Notice / term: 60 days
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Permitted. Withdrawal method dependent on how account is opened
Further additions: Permitted. Via cash at branch, cheque or bank transfer
Opening account: Online and in branch
Managing account: Online and in branch
Other information: Minimum applicant age 18 to open and operate online. Joint account option available.

Union Bank of India (UK) Ltd – 1 Year Fixed Rate Deposit

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

“Union Bank of India (UK) Ltd has increased the rate on its 1 Year Fixed Rate Deposit which now pays 5.00% on a minimum investment of £1,000, paid on maturity. The account grabs the market-leading rate for its sector. Investors who can pay a bit extra can opt into the 1 Year Union Premier Bond, which requires a minimum investment of £5,000 and also pays 5.00%. As is common in the fixed market, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.00% gross / 5.00% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: By post and in branch
Managing account: By post and in branch
Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

Paragon Bank – Double Access Cash ISA - Issue 6

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

“Paragon Bank has launched a new issue of its Double Access ISA Account this week. Issue 6 takes a competitive position within the variable rate ISA market paying a rate of 4.87% on the account’s anniversary. Alternatively, there is a monthly interest option for those looking to boost their income. However, it is important savers note that this deal provides limited access to their pots, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%, so careful planning is necessary. On a more positive note further additions are permitted via a nominated account. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.87% gross / 4.87% AER payable on anniversary / monthly interest rate option of 4.76% gross / 4.87% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, up to two withdrawals per 12-month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
Further additions: Permitted via nominated account
Transfer in: Permitted. Accepts Cash and Stocks & Share ISAs
Transfers out: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Flexible ISA. Investors can choose to split their Cash ISA savings across multiple ISAs within Paragon’s range.

Atom Bank – 2 Year Fixed Saver

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

“This week, Atom Bank has increased the rates on a selection of its Fixed Savers, including its two-year fixed option. The account pays a market-leading rate for its term, paying 4.60% on the account’s anniversary. It only requires a minimum investment of £50, making it accessible to many savers, and there is also a monthly interest option for those looking to supplement their income. It is important investors are comfortable with locking up their cash as earlier access is not permitted; however, further additions can be made for a week from the account opening. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable on anniversary / monthly interest option of 4.51% gross / 4.60% AER also available
Notice / term: Two years
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.

Secure Trust Bank– 1 Year Fixed Rate Cash ISA (19.Nov.25)

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

“This week, Secure Trust Bank has launched a range of new fixed rate cash ISAs, including a 1 Year Fixed Cash ISA. The account pays 4.55% and secures a prominent position within the market. Savers will need to invest a minimum of £1,000 but they may be glad to see that further additions can be made for 30 days. Investors should consider any early withdrawals carefully as they will be subject to 90 days’ loss of interest payment and closure of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.55% AER payable yearly
Notice / term: 19.11.2025
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted via a nominated account, on account closure and subject to a 90-day loss of interest penalty
Further additions: Permitted via a nominated account, for 30 days from account opening. Minimum addition £1,000
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, by phone and via mobile app
Other information: Minimum applicant age 18.

Mortgages

Earl Shilton Building Society – Five-year discounted-variable rate mortgage, 75% loan-to-value

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

“The latest update from Earl Shilton Building Society sees it launching a new five-year discounted rate at 75% loan-to-value. The deal is priced at 4.99% with a 3.20% discount and becomes the lowest option on rate alone within its sector. Borrowers will find there is a £1,350 product fee attached which can be added to the mortgage advance, however, this is offset by an enticing incentive package which includes a free valuation for all borrowers and free legal fees for those remortgaging. It is worth noting that there is a minimum loan requirement of £150k. Overall, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% discounted-variable rate (3.20% discount) for five years
Product fee: £1,350
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all and, for remortgage borrowers, free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

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

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

“This week Furness Building Society has reduced a handful of rates within its range. One deal to see a 0.20% cut is the two-year fixed deal at 95% loan-to-value for house purchase customers. Priced at 5.44% for two years, this product could be an enticing option for those looking to secure a competitive package. The appeal of this product is further boosted for borrowers trying to keep the initial cost of their mortgage low as it does not charge any product fees and comes with an attractive incentive package, which includes a free valuation and £250 cashback. Overall, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.44% fixed rate for two years
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Buy-to-Let

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

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

“This week Principality Building Society has made both rate increases and decreases across selected loan-to-values within its range. One deal to see a 0.10% cut is the five-year fixed rate deal at 60% loan-to-value; it now charges a competitive 4.13% until 31 December 2029. Landlords will be pleased to note the attractive incentive package which includes a free valuation, however, there is a £1,395 product fee which may need to be considered. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.13% fixed rate to 31.12.29
Product fee: £1,395
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

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

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

“Virgin Money has reduced selected fixed rates across its buy-to-let mortgage range this week. Its two-year fixed rate deal at 75% loan-to-value has seen a cut of 0.15% and is now priced at 4.69% until 1 December 2026. It continues to carry a reasonable fee of £995 along with incentives of £500 cashback for those purchasing or, for those remortgaging, a free valuation as well as either £300 cashback or free legal fees. As such, this enters the Moneyfacts 'Best Buys'. The reduction, along with its fee and incentive package, enhances its position and earns it an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.69% fixed rate to 1.12.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage borrowers
Incentives: £500 cashback for house purchases. For remortgage borrowers a free valuation, and either £300 cashback or free legal fees
Flexible features: Allows overpayments and payment holidays
Lending area: Great Britain and Northern Ireland.

Savings

Kent Reliance – 60 Day Notice Savings Account – Issue 55

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

“This week, Kent Reliance increased the rate on its 60 Day Notice Savings Account by 0.18%, which sees it take a position within the notice and monthly interest sectors. It pays a yearly rate of 5.04% for savers who have £1,000 to invest, and those looking to boost their income each month may be pleased to see that there is a monthly interest option which pays 4.93% gross / 5.04% AER. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.04% gross / 5.04% AER payable yearly, monthly interest option of 4.93% gross / 5.04% AER
Notice / term: 60 days
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Permitted. Withdrawal method dependent on how account is opened
Further additions: Permitted. Via cash at branch, cheque or bank transfer
Opening account: Online and in branch
Managing account: Online and in branch
Other information: Minimum applicant age 18 to open and operate online. Joint account option available.

Union Bank of India (UK) Ltd – 1 Year Fixed Rate Deposit

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

“Union Bank of India (UK) Ltd has increased the rate on its 1 Year Fixed Rate Deposit which now pays 5.00% on a minimum investment of £1,000, paid on maturity. The account grabs the market-leading rate for its sector. Investors who can pay a bit extra can opt into the 1 Year Union Premier Bond, which requires a minimum investment of £5,000 and also pays 5.00%. As is common in the fixed market, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.00% gross / 5.00% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Not permitted
Further additions: Not permitted
Opening account: By post and in branch
Managing account: By post and in branch
Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

Paragon Bank – Double Access Cash ISA - Issue 6

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

“Paragon Bank has launched a new issue of its Double Access ISA Account this week. Issue 6 takes a competitive position within the variable rate ISA market paying a rate of 4.87% on the account’s anniversary. Alternatively, there is a monthly interest option for those looking to boost their income. However, it is important savers note that this deal provides limited access to their pots, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%, so careful planning is necessary. On a more positive note further additions are permitted via a nominated account. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.87% gross / 4.87% AER payable on anniversary / monthly interest rate option of 4.76% gross / 4.87% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, up to two withdrawals per 12-month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
Further additions: Permitted via nominated account
Transfer in: Permitted. Accepts Cash and Stocks & Share ISAs
Transfers out: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Flexible ISA. Investors can choose to split their Cash ISA savings across multiple ISAs within Paragon’s range.

Atom Bank – 2 Year Fixed Saver

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

“This week, Atom Bank has increased the rates on a selection of its Fixed Savers, including its two-year fixed option. The account pays a market-leading rate for its term, paying 4.60% on the account’s anniversary. It only requires a minimum investment of £50, making it accessible to many savers, and there is also a monthly interest option for those looking to supplement their income. It is important investors are comfortable with locking up their cash as earlier access is not permitted; however, further additions can be made for a week from the account opening. On assessment, this account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.60% gross / 4.60% AER payable on anniversary / monthly interest option of 4.51% gross / 4.60% AER also available
Notice / term: Two years
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.

Secure Trust Bank– 1 Year Fixed Rate Cash ISA (19.Nov.25)

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

“This week, Secure Trust Bank has launched a range of new fixed rate cash ISAs, including a 1 Year Fixed Cash ISA. The account pays 4.55% and secures a prominent position within the market. Savers will need to invest a minimum of £1,000 but they may be glad to see that further additions can be made for 30 days. Investors should consider any early withdrawals carefully as they will be subject to 90 days’ loss of interest payment and closure of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.55% gross / 4.55% AER payable yearly
Notice / term: 19.11.2025
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted via a nominated account, on account closure and subject to a 90-day loss of interest penalty
Further additions: Permitted via a nominated account, for 30 days from account opening. Minimum addition £1,000
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online, by phone and via mobile app
Other information: Minimum applicant age 18.

Mortgages

Earl Shilton Building Society – Five-year discounted-variable rate mortgage, 75% loan-to-value

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

“The latest update from Earl Shilton Building Society sees it launching a new five-year discounted rate at 75% loan-to-value. The deal is priced at 4.99% with a 3.20% discount and becomes the lowest option on rate alone within its sector. Borrowers will find there is a £1,350 product fee attached which can be added to the mortgage advance, however, this is offset by an enticing incentive package which includes a free valuation for all borrowers and free legal fees for those remortgaging. It is worth noting that there is a minimum loan requirement of £150k. Overall, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.99% discounted-variable rate (3.20% discount) for five years
Product fee: £1,350
Maximum loan-to-value: 75%
Available to: All borrowers
Incentives: Free valuation for all and, for remortgage borrowers, free legal fees
Flexible features: Allows overpayments
Lending area: England and Wales.

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

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

“This week Furness Building Society has reduced a handful of rates within its range. One deal to see a 0.20% cut is the two-year fixed deal at 95% loan-to-value for house purchase customers. Priced at 5.44% for two years, this product could be an enticing option for those looking to secure a competitive package. The appeal of this product is further boosted for borrowers trying to keep the initial cost of their mortgage low as it does not charge any product fees and comes with an attractive incentive package, which includes a free valuation and £250 cashback. Overall, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.44% fixed rate for two years
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase
Incentives: Free valuation and £250 cashback
Flexible features: Allows overpayments
Lending area: Great Britain.

Buy-to-Let

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

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

“This week Principality Building Society has made both rate increases and decreases across selected loan-to-values within its range. One deal to see a 0.10% cut is the five-year fixed rate deal at 60% loan-to-value; it now charges a competitive 4.13% until 31 December 2029. Landlords will be pleased to note the attractive incentive package which includes a free valuation, however, there is a £1,395 product fee which may need to be considered. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.13% fixed rate to 31.12.29
Product fee: £1,395
Maximum loan-to-value: 60%
Available to: All borrowers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

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

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

“Virgin Money has reduced selected fixed rates across its buy-to-let mortgage range this week. Its two-year fixed rate deal at 75% loan-to-value has seen a cut of 0.15% and is now priced at 4.69% until 1 December 2026. It continues to carry a reasonable fee of £995 along with incentives of £500 cashback for those purchasing or, for those remortgaging, a free valuation as well as either £300 cashback or free legal fees. As such, this enters the Moneyfacts 'Best Buys'. The reduction, along with its fee and incentive package, enhances its position and earns it an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 4.69% fixed rate to 1.12.26
Product fee: £995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage borrowers
Incentives: £500 cashback for house purchases. For remortgage borrowers a free valuation, and either £300 cashback or free legal fees
Flexible features: Allows overpayments and payment holidays
Lending area: Great Britain and Northern Ireland.

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.