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Moneyfacts Pick of the Week - 11/04/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant 01603 476169 Email Caitlyn
11/04/2024

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfactscompare.co.uk.

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

Moneyfacts Pick of the Week

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfactscompare.co.uk.

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

Savings

Beehive Money – One Year Bond Issue 10

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

“Paying the top rate in the market for its term is the Beehive Money One Year Bond. The account has seen a rate increase to an attractive 5.18% available to those who have a minimum of £500 to invest. Withdrawals are not permitted for the duration of the bond, meaning savers may need to plan carefully, but they may be pleased to note that further additions can be made while the issue remains open. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% gross / 5.18% AER payable on maturity
  • Notice / term: 31.05.25
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted while the issue remains open
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – Online ISA (Issue 44)

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

“This week, Cynergy Bank has re-launched its Online ISA, paying 5.00%. The deal secures a competitive position within its sector and may appeal to savers looking for flexibility with their ISA cash, and they can invest as little as £1. Upon opening the account, investors are able to make cash ISA transfers into the account, which may be an added bonus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening only. Accepts Cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 92

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

“Shawbrook Bank has changed the issue number and reduced the rate on its one year fixed rate cash ISA. Despite paying less than its predecessor, the account still offers an attractive 4.76% gross/AER and maintains a prominent position in the market. For savers looking to boost their monthly income there is the choice to receive a monthly interest payment at 4.66% gross / 4.76% AER. It is possible for consumers to access their cash early, however, this is subject to a 90-day loss of interest, so they may wish to consider carefully. On a positive note, further additions are permitted for the duration of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.76% gross / 4.76% AER payable on anniversary / monthly interest option of 4.66% gross / 4.76% 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: Online and by phone
  • Other information: Minimum applicant age 18.

 

Atom Bank – 3 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 three-year fixed option. The account pays a market-leading rate for its term. Paying a competitive 4.70% gross/AER, 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 for the longer-term 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: 4.70% gross / 4.70% AER payable on anniversary / monthly interest option of 4.60% gross / 4.70% AER also available
  • Notice / term: Three 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.

 

OakNorth Bank – 24 Month Fixed Rate Cash ISA

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

“This week, OakNorth Bank has launched a new range of fixed ISAs, including a 24 Month Fixed Rate Cash ISA. It grabs a competitive position in the fixed ISA market and pays 4.57% gross/4.67% AER monthly, which may be an incentive for those looking to boost their income each month. Investors who want to utilise their ISA allowance and are comfortable with locking their cash away for the full term may find this an appealing choice. However, it is wise for investors to note that the account must be funded within 30 days of account approval, or it will be closed. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.57% gross / 4.67% AER, payable monthly
  • Notice / term: 24 months
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 180 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 180 days’ loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Account must be funded within 30 days of account approval or it will be closed.

 

Buy-to-Let

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

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

“HSBC has reduced a handful of fixed rates this week, one of which includes the five-year fixed rate deal at 75% loan-to-value for all house purchase customers. Despite only seeing a minimal drop of 0.02% the deal may still appeal to many. Charging 4.77% until 31 July 2029, it may be ideal for borrowers looking to save on the upfront cost of their mortgage as there is no product fee associated. There is also an enticing incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.77% fixed rate to 31.7.29
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Savings

Beehive Money – One Year Bond Issue 10

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

“Paying the top rate in the market for its term is the Beehive Money One Year Bond. The account has seen a rate increase to an attractive 5.18% available to those who have a minimum of £500 to invest. Withdrawals are not permitted for the duration of the bond, meaning savers may need to plan carefully, but they may be pleased to note that further additions can be made while the issue remains open. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% gross / 5.18% AER payable on maturity
  • Notice / term: 31.05.25
  • Minimum opening amount: £500
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted while the issue remains open
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – Online ISA (Issue 44)

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

“This week, Cynergy Bank has re-launched its Online ISA, paying 5.00%. The deal secures a competitive position within its sector and may appeal to savers looking for flexibility with their ISA cash, and they can invest as little as £1. Upon opening the account, investors are able to make cash ISA transfers into the account, which may be an added bonus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER payable yearly
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted via a nominated account
  • Further additions: Permitted
  • Transfers in: Permitted on account opening only. Accepts Cash ISAs
  • Transfers out: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 92

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

“Shawbrook Bank has changed the issue number and reduced the rate on its one year fixed rate cash ISA. Despite paying less than its predecessor, the account still offers an attractive 4.76% gross/AER and maintains a prominent position in the market. For savers looking to boost their monthly income there is the choice to receive a monthly interest payment at 4.66% gross / 4.76% AER. It is possible for consumers to access their cash early, however, this is subject to a 90-day loss of interest, so they may wish to consider carefully. On a positive note, further additions are permitted for the duration of the account. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.76% gross / 4.76% AER payable on anniversary / monthly interest option of 4.66% gross / 4.76% 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: Online and by phone
  • Other information: Minimum applicant age 18.

 

Atom Bank – 3 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 three-year fixed option. The account pays a market-leading rate for its term. Paying a competitive 4.70% gross/AER, 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 for the longer-term 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: 4.70% gross / 4.70% AER payable on anniversary / monthly interest option of 4.60% gross / 4.70% AER also available
  • Notice / term: Three 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.

 

OakNorth Bank – 24 Month Fixed Rate Cash ISA

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

“This week, OakNorth Bank has launched a new range of fixed ISAs, including a 24 Month Fixed Rate Cash ISA. It grabs a competitive position in the fixed ISA market and pays 4.57% gross/4.67% AER monthly, which may be an incentive for those looking to boost their income each month. Investors who want to utilise their ISA allowance and are comfortable with locking their cash away for the full term may find this an appealing choice. However, it is wise for investors to note that the account must be funded within 30 days of account approval, or it will be closed. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.57% gross / 4.67% AER, payable monthly
  • Notice / term: 24 months
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 180 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 180 days’ loss of interest penalty
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. Account must be funded within 30 days of account approval or it will be closed.

 

Buy-to-Let

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

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

“HSBC has reduced a handful of fixed rates this week, one of which includes the five-year fixed rate deal at 75% loan-to-value for all house purchase customers. Despite only seeing a minimal drop of 0.02% the deal may still appeal to many. Charging 4.77% until 31 July 2029, it may be ideal for borrowers looking to save on the upfront cost of their mortgage as there is no product fee associated. There is also an enticing incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.77% fixed rate to 31.7.29
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • 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.

 

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