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Moneyfacts Pick of the Week - 13/06/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
13/06/2024

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

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“This week, National Bank of Egypt (UK) Limited has reduced the rate offered on its one-year fixed term deposit available via the Raisin UK platform. Despite the reduction, the deal maintains a competitive position in the market and pays an enticing 5.18%. This may appeal to savers looking for a competitive return over the short-term, but careful planning is essential from the outset as earlier access and further additions are not permitted. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% gross / 5.18% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app 
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

 

West Brom Building Society – Double Access ISA (Issue 1)

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

“The latest update from West Brom Building Society sees a launch of a new Double Access ISA, which pays 5.00% yearly. This account takes a prominent place in its sector and may be an appealing option for savers who have yet to use their ISA allowance. Additionally, savers have the choice to opt into a monthly interest option if they wish to boost their income. Investors can access their cash, however, withdrawals should be carefully considered as a lower rate is paid if more than two are made per year. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER payable yearly / monthly interest option of 4.89% gross / 5.00% AER also available
  • Notice / term: 31.08.25
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, lower rate of 2.70% gross / AER yearly or 2.67% gross / 2.70% AER paid if more than two withdrawals per year
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs
  • Transfers out: Permitted, lower rate of 2.70% gross / AER yearly or 2.67% gross / 2.70% AER paid if more than two withdrawals per year
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

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

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

“This week, Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA, improving its position within its sector. The account pays an attractive 4.87% and may well appeal to savers looking to utilise their ISA allowance and receive a guaranteed return on their investments. Although earlier access is permitted, it will be subject to 90 days’ loss of interest and closure of the account, which should be carefully considered. Additionally, it is important savers fund their account with a minimum opening investment of £1,000 within the first 14 days, otherwise they will receive no interest payment and their money will be refunded. However, savers will be able to 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: 4.87% gross / 4.87% 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 an online Self Service Portal, 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.

 

OakNorth Bank – 24 Month Fixed Rate Cash ISA

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

“OakNorth Bank has increased the rates on its fixed term ISAs this week. The 24-month option takes a competitive position in the fixed ISA market when compared to other products of a similar term. The deal pays 4.55% gross/4.65% AER monthly, which may be enticing for those looking to supplement their income each month. Investors will need to invest as little as £1, however, further additions can be made for 30 days from the account opening. 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: 4.55% gross / 4.65% 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.

 

Mortgages

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

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

“Alongside extending end dates across its range, Santander has also reduced selected fixed rates by up to 0.14% this week. One deal to see a cut is its five-year 60% loan-to-value fixed rate mortgage, which is now priced at 4.28% and available for house purchase. Borrowers can also benefit from a reasonable £999 arrangement fee as well as an appealing incentive package, which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.28% fixed rate to 2.11.29
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

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

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

“Barclays Mortgage has increased a handful of its fixed rate offerings within its residential range this week. One deal to see a marginal rise is its five-year fixed rate deal at 75% loan-to-value; despite this it still charges an appealing 4.53% until 30.9.29. Borrowers will find an £899 fee attached as well as an incentive package which includes a free valuation, so this deal may well attract borrowers looking to save on the upfront cost of their mortgage. Those who wish to save on their monthly payments in the future have the option to make overpayments. Already a Moneyfacts Best Buy, this deal retains its position despite the small increase and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.53% fixed rate to 30.9.29
  • Product fee: £899
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

HSBC –  HSBC Balance Transfer Credit Card Visa

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

“The latest update from HSBC sees an increase to the balance transfer term. Now its 27-month balance transfer credit card takes a competitive position in the market when compared to other balance transfer cards. Adding to the deal’s appeal, there is also a 0% purchase term for three months. There is a 3.49% introductory balance transfer fee, but it is worth noting this will rise to 5% after two months and subject to a minimum £5 transfer. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: Three months
  • Introductory rate for balance transfers: 0% for 27 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.49% as an introductory charge during the first two months from account opening, minimum £5, rising to 5.00% (no min) thereafter
  • Card fee: None
  • Opening method: Online and in branch
  • Card management: By phone and by post
  • Other information: Minimum age 18.

 

Banking

The Co-operative Bank – Current Account – Age 18 and over

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

“For customers looking to switch their current account provider, the Co-operative Bank has introduced a new switching incentive this week for those who switch to either the standard or everyday extra bank accounts. Customers who switch using the CASS (Current Account Switch Service) will now receive £75 cashback following certain conditions. Adding to its appeal, once the switch has been completed, customers can earn up to £15 cashback in the first five months when depositing at least £50 into a regular saver and actively using the current account. However, neither account pays any credit interest, which customers may wish to consider. The Everyday Extra account also provides a variety of incentives such as free mobile phone insurance and, for £15 per month, breakdown cover and worldwide travel insurance. 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: 35.90% EAR
  • Opening account: Online or in branch
  • 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. £75 free cash offer, using the Current Account Switch Service, must deposit £1,000 and have at least two active direct debits, register for and log into online/mobile banking and make 10 or more debit card payments. Once the switch has been completed, receive £15 cashback per month for up to five months when depositing £50 per month into a Regular Saver account and actively using current account.

Savings

National Bank of Egypt (UK) Limited – Raisin UK – 1 Year Fixed Term Deposit

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

“This week, National Bank of Egypt (UK) Limited has reduced the rate offered on its one-year fixed term deposit available via the Raisin UK platform. Despite the reduction, the deal maintains a competitive position in the market and pays an enticing 5.18%. This may appeal to savers looking for a competitive return over the short-term, but careful planning is essential from the outset as earlier access and further additions are not permitted. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.18% gross / 5.18% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app 
  • Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

 

West Brom Building Society – Double Access ISA (Issue 1)

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

“The latest update from West Brom Building Society sees a launch of a new Double Access ISA, which pays 5.00% yearly. This account takes a prominent place in its sector and may be an appealing option for savers who have yet to use their ISA allowance. Additionally, savers have the choice to opt into a monthly interest option if they wish to boost their income. Investors can access their cash, however, withdrawals should be carefully considered as a lower rate is paid if more than two are made per year. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.00% AER payable yearly / monthly interest option of 4.89% gross / 5.00% AER also available
  • Notice / term: 31.08.25
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, lower rate of 2.70% gross / AER yearly or 2.67% gross / 2.70% AER paid if more than two withdrawals per year
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs
  • Transfers out: Permitted, lower rate of 2.70% gross / AER yearly or 2.67% gross / 2.70% AER paid if more than two withdrawals per year
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16.

 

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

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

“This week, Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA, improving its position within its sector. The account pays an attractive 4.87% and may well appeal to savers looking to utilise their ISA allowance and receive a guaranteed return on their investments. Although earlier access is permitted, it will be subject to 90 days’ loss of interest and closure of the account, which should be carefully considered. Additionally, it is important savers fund their account with a minimum opening investment of £1,000 within the first 14 days, otherwise they will receive no interest payment and their money will be refunded. However, savers will be able to 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: 4.87% gross / 4.87% 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 an online Self Service Portal, 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.

 

OakNorth Bank – 24 Month Fixed Rate Cash ISA

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

“OakNorth Bank has increased the rates on its fixed term ISAs this week. The 24-month option takes a competitive position in the fixed ISA market when compared to other products of a similar term. The deal pays 4.55% gross/4.65% AER monthly, which may be enticing for those looking to supplement their income each month. Investors will need to invest as little as £1, however, further additions can be made for 30 days from the account opening. 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: 4.55% gross / 4.65% 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.

 

Mortgages

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

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

“Alongside extending end dates across its range, Santander has also reduced selected fixed rates by up to 0.14% this week. One deal to see a cut is its five-year 60% loan-to-value fixed rate mortgage, which is now priced at 4.28% and available for house purchase. Borrowers can also benefit from a reasonable £999 arrangement fee as well as an appealing incentive package, which includes a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.28% fixed rate to 2.11.29
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

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

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

“Barclays Mortgage has increased a handful of its fixed rate offerings within its residential range this week. One deal to see a marginal rise is its five-year fixed rate deal at 75% loan-to-value; despite this it still charges an appealing 4.53% until 30.9.29. Borrowers will find an £899 fee attached as well as an incentive package which includes a free valuation, so this deal may well attract borrowers looking to save on the upfront cost of their mortgage. Those who wish to save on their monthly payments in the future have the option to make overpayments. Already a Moneyfacts Best Buy, this deal retains its position despite the small increase and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.53% fixed rate to 30.9.29
  • Product fee: £899
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Cards

HSBC –  HSBC Balance Transfer Credit Card Visa

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

“The latest update from HSBC sees an increase to the balance transfer term. Now its 27-month balance transfer credit card takes a competitive position in the market when compared to other balance transfer cards. Adding to the deal’s appeal, there is also a 0% purchase term for three months. There is a 3.49% introductory balance transfer fee, but it is worth noting this will rise to 5% after two months and subject to a minimum £5 transfer. As always, it is sensible for borrowers to ensure that this deal is suitable for their circumstances. On assessment, the card earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: Three months
  • Introductory rate for balance transfers: 0% for 27 months
  • Standard rate for purchases: 24.9% APR
  • Balance transfer fee: 3.49% as an introductory charge during the first two months from account opening, minimum £5, rising to 5.00% (no min) thereafter
  • Card fee: None
  • Opening method: Online and in branch
  • Card management: By phone and by post
  • Other information: Minimum age 18.

 

Banking

The Co-operative Bank – Current Account – Age 18 and over

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

“For customers looking to switch their current account provider, the Co-operative Bank has introduced a new switching incentive this week for those who switch to either the standard or everyday extra bank accounts. Customers who switch using the CASS (Current Account Switch Service) will now receive £75 cashback following certain conditions. Adding to its appeal, once the switch has been completed, customers can earn up to £15 cashback in the first five months when depositing at least £50 into a regular saver and actively using the current account. However, neither account pays any credit interest, which customers may wish to consider. The Everyday Extra account also provides a variety of incentives such as free mobile phone insurance and, for £15 per month, breakdown cover and worldwide travel insurance. 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: 35.90% EAR
  • Opening account: Online or in branch
  • 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. £75 free cash offer, using the Current Account Switch Service, must deposit £1,000 and have at least two active direct debits, register for and log into online/mobile banking and make 10 or more debit card payments. Once the switch has been completed, receive £15 cashback per month for up to five months when depositing £50 per month into a Regular Saver account and actively using current account.

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