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Moneyfacts Pick of the Week - 11/07/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
11/07/2024

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 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

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has reduced the rate on its 1 Year Fixed Rate Saver. Despite this it maintains a competitive position within its sector. The account pays 5.21%, for those able to invest a minimum of £10,000. However, savers should note that earlier access is not permitted, but they may be happy to see that further additions can be made for 14 days from the account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.21% gross / 5.21% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Monument Bank – Easy Access Account

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

“Monument Bank has increased the rate on its easy access account this week. Paying 4.92% gross / 5.03% AER, the deal takes a place in our top rate tables when compared against other easy access accounts. This may be an ideal option for savers looking for some flexibility when it comes to their savings and for those looking to boost their income each month. However, to receive this rate savers will need to invest a minimum of £25,000, which may need to be considered. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.92% gross / 5.03% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £25,000
  • Maximum investment amount: £2 million
  • Access: Permitted, via a nominated account
  • Further additions: Permitted, via a nominated account
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

Castle Trust Bank – 1 Year Fixed Rate e-Cash ISA

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

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA, this week which improves its position within the market. The account pays an attractive 4.94% and may well appeal to savers looking to utilise their ISA allowance and receive a guaranteed return on their investments. Earlier access is permitted; however, it will be subject to 90 days’ loss of interest penalty and closure of the account, which should be carefully considered. It is crucial savers fund their account with at least the minimum opening investment of £1,000 within the first 14 days, otherwise they will receive no interest payment and their money will be refunded. Savers can contribute more funds if they wish as further additions are permitted for 14 days from the account opening. On assessment, the account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% gross / 4.94% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty and closure of the account
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via the website, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

GB Bank – Raisin UK – 3 Year Fixed Term Deposit

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

“This week GB Bank has launched a new 3-year Fixed Term Deposit on the Raisin UK platform. The deal pays an appealing 4.78% to savers who have a minimum of £1,000 to invest and are looking to receive a guaranteed return. As is common in the fixed market, earlier access and further additions are not permitted so it is important that investors are comfortable with locking their cash in for the full term. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.78% gross / 4.78% AER payable on maturity
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app, via the Raisin UK platform
  • Managing account: Online and via mobile app, via the Raisin UK platform
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“first direct has reduced most of its fixed rates for house purchase customers this week. The two-year deal at 60% loan-to-value has seen a small cut of 0.07% and is now priced at a competitive 4.73%. Borrowers may well find this deal an enticing option if they are trying to save on upfront costs as there is a reasonable £490 fee charged and it has a free valuation incentive attached. The reduction, along with its fee and incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.73% fixed rate for two years
  • Product fee: £490
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

Virgin Money – Five-year fixed rate mortgage, 80% loan-to-value

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

“Virgin Money has reduced many fixed rates this week, including the five-year fixed rate buy-to-let mortgage at 80% loan-to-value. It has been cut by 0.15% and is now priced at 5.14% to 1 October 2029. It continues to carry a 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: 5.14% fixed rate to 1.10.29
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • 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.

 

Banking

Barclays Bank – Bank Account

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

“For customers looking to switch their current account provider, Barclays Bank has introduced a new switching incentive this week for those who switch to its standard Bank Account. Customers who switch using the CASS (Current Account Switch Service) will now receive £175 cashback following certain conditions. However, the account does not pay any credit interest, which some customers may wish to consider. As is the case when switching to any account, customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 35.00% EAR
  • Opening account: Online, in branch and via mobile app
  • Managing account: Online, in branch, by phone, via mobile app, by post, at the Post Office and text alerts.
  • Other information: Minimum applicant age 18. £175 free cash offer, using the Current Account Switch Service via the Barclays app. Have a minimum of two direct debits, deposit £800 into the account and join Barclays Blue Rewards by 30.8.24.

Savings

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has reduced the rate on its 1 Year Fixed Rate Saver. Despite this it maintains a competitive position within its sector. The account pays 5.21%, for those able to invest a minimum of £10,000. However, savers should note that earlier access is not permitted, but they may be happy to see that further additions can be made for 14 days from the account opening. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.21% gross / 5.21% AER payable on maturity (compounded annually)
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Monument Bank – Easy Access Account

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

“Monument Bank has increased the rate on its easy access account this week. Paying 4.92% gross / 5.03% AER, the deal takes a place in our top rate tables when compared against other easy access accounts. This may be an ideal option for savers looking for some flexibility when it comes to their savings and for those looking to boost their income each month. However, to receive this rate savers will need to invest a minimum of £25,000, which may need to be considered. The account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.92% gross / 5.03% AER payable monthly
  • Notice / term: None
  • Minimum opening amount: £25,000
  • Maximum investment amount: £2 million
  • Access: Permitted, via a nominated account
  • Further additions: Permitted, via a nominated account
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

 

Castle Trust Bank – 1 Year Fixed Rate e-Cash ISA

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

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA, this week which improves its position within the market. The account pays an attractive 4.94% and may well appeal to savers looking to utilise their ISA allowance and receive a guaranteed return on their investments. Earlier access is permitted; however, it will be subject to 90 days’ loss of interest penalty and closure of the account, which should be carefully considered. It is crucial savers fund their account with at least the minimum opening investment of £1,000 within the first 14 days, otherwise they will receive no interest payment and their money will be refunded. Savers can contribute more funds if they wish as further additions are permitted for 14 days from the account opening. On assessment, the account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% gross / 4.94% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty and closure of account
  • Further additions: Permitted for 14 days from account opening
  • Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty and closure of the account
  • Opening account: Online and via its mobile app
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18. New customers can only open an account via the website, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

 

GB Bank – Raisin UK – 3 Year Fixed Term Deposit

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

“This week GB Bank has launched a new 3-year Fixed Term Deposit on the Raisin UK platform. The deal pays an appealing 4.78% to savers who have a minimum of £1,000 to invest and are looking to receive a guaranteed return. As is common in the fixed market, earlier access and further additions are not permitted so it is important that investors are comfortable with locking their cash in for the full term. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.78% gross / 4.78% AER payable on maturity
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app, via the Raisin UK platform
  • Managing account: Online and via mobile app, via the Raisin UK platform
  • Other information: Minimum applicant age 18.

 

Mortgages

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

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

“first direct has reduced most of its fixed rates for house purchase customers this week. The two-year deal at 60% loan-to-value has seen a small cut of 0.07% and is now priced at a competitive 4.73%. Borrowers may well find this deal an enticing option if they are trying to save on upfront costs as there is a reasonable £490 fee charged and it has a free valuation incentive attached. The reduction, along with its fee and incentive package, enhances its position and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.73% fixed rate for two years
  • Product fee: £490
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Buy-to-Let

Virgin Money – Five-year fixed rate mortgage, 80% loan-to-value

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

“Virgin Money has reduced many fixed rates this week, including the five-year fixed rate buy-to-let mortgage at 80% loan-to-value. It has been cut by 0.15% and is now priced at 5.14% to 1 October 2029. It continues to carry a 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: 5.14% fixed rate to 1.10.29
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • 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.

 

Banking

Barclays Bank – Bank Account

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

“For customers looking to switch their current account provider, Barclays Bank has introduced a new switching incentive this week for those who switch to its standard Bank Account. Customers who switch using the CASS (Current Account Switch Service) will now receive £175 cashback following certain conditions. However, the account does not pay any credit interest, which some customers may wish to consider. As is the case when switching to any account, customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: None
  • Cashback on debit card purchases: None
  • Account fee: None
  • Arranged overdraft: 35.00% EAR
  • Opening account: Online, in branch and via mobile app
  • Managing account: Online, in branch, by phone, via mobile app, by post, at the Post Office and text alerts.
  • Other information: Minimum applicant age 18. £175 free cash offer, using the Current Account Switch Service via the Barclays app. Have a minimum of two direct debits, deposit £800 into the account and join Barclays Blue Rewards by 30.8.24.

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