Savings

SmartSave – 1 Year Fixed Rate Saver

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

“This week SmartSave has increased the rates on selected fixed rate accounts, including its 1 Year Fixed Rate Saver. The account now pays a market-leading 5.21%, for investors able to contribute a minimum of £10,000. Although early access is not permitted, savers may be glad to see that they can make further additions for 14 days from 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.

West Brom Building Society – WeBSave 60 Day Notice ISA (Issue 2)

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

“Following last week’s launch, West Brom Building Society has increased the rate on its WeBSave 60 Day Notice ISA (Issue 2), which now pays 5.10% yearly. There is also a monthly interest option for savers who wish to boost their income, paying 4.98% gross/5.10% AER. The account maintains a competitive place in its sector? and may be ideal for savers who don’t mind giving notice to access their cash. Although earlier access is permitted, it is subject to a full 60 days’ loss of interest, so it is wise for investors to carefully consider whether it’s worthwhile. Additions can be made at any time and investors can make transfers in from multiple different ISAs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 5.10% gross / 5.10% AER payable yearly / monthly interest option of 4.98% gross / 5.10% AER also available
• Notice / term: 60 days
• Minimum opening amount: £1
• Maximum investment amount: ISA allowance
• Access: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
• Further additions: Permitted
• Transfers in: Permitted. Accepts Cash or Stocks and Shares ISAs, Cash and Stocks and Shares LISAs and Innovative Finance ISAs
• Transfers out: Permitted, subject to 60 days’ notice or 60-day loss of interest penalty
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 16.

Hodge Bank – 2 Year Fixed Rate Bond

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

“This week, Hodge Bank has increased the rate on its 2 Year Fixed Rate Bond, improving its position in the market. The account now pays a competitive 4.95% gross/AER on investments of £1,000, and those looking for a monthly interest option may be glad to see it pays 4.84% gross/4.95% AER. Savers should be comfortable with locking their investments in for the full two years as early access is not permitted, but they may be glad to see that they can take advantage of making further additions 10 working days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.95% gross / 4.95% AER, payable on its anniversary / monthly interest option of 4.84% gross / 4.95% AER also available
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Permitted for 10 working days from account opening
• Opening account: Online
• Managing account: Online
• Other information: Minimum applicant age 18.

Close Brothers Savings – 2 Year Fixed Rate Cash ISA

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

“Close Brothers Savings has increased the rate on its 2 Year Fixed Rate Cash ISA this week. Now paying 4.65%, the account takes a prominent position when compared against other fixed ISAs of a similar term. This could appeal to savers who are prepared to lock away their cash in the longer term to receive a guaranteed return, however, it should be considered that earlier access is permitted only on account closure and is subject to 150 days’ loss of interest. Savers will need £10,000 to invest but will be glad to know that they can make further additions for 10 days from account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.65% gross / 4.65% AER payable yearly
• Notice / term: Two-year bond
• Minimum opening amount: £10,000
• Maximum investment amount: Maximum ISA allowance
• Access: Permitted on account closure, subject to 150-day loss of interest penalty
• Further additions: Permitted for 10 days from account opening
• Transfers in: Permitted for 10 days from account opening. Accepts Cash and Stocks and Shares ISAs
• Transfers out: Permitted, subject to a 150-day loss of interest penalty
• Opening account: Online
• Managing account: Online, by post and by phone
• Other information: Minimum applicant age 18.

Principality Building Society –  3 Year Fixed Rate Cash ISA (Issue 326)

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

“Principality Building Society has increased the rates on a few of its fixed rate cash ISA accounts by up to 0.25% this week. The 3 Year Fixed Rate Cash ISA (Issue 326) fares best, paying 4.20%, and takes a competitive position within its sector. It may appeal to savers looking to take advantage of their tax-free savings allowance. However, savers should carefully consider whether they wish to gain earlier access to their funds as it will result in account closure and 270 days’ loss of interest penalty. They may be grateful to see further additions can be made while the issue remains open. Overall, this earns an Excellent Moneyfacts product rating and a prominent place in our top tables.”

Key product details:

• Rate: 4.20% gross / 4.00% AER payable on anniversary / monthly interest option of 4.12% gross / 4.20% AER
• Notice / term: Three-year bond
• Minimum opening amount: £500
• Maximum investment amount: ISA allowance
• Access: Permitted on account closure, subject to 270 days’ loss of interest penalty
• Further additions: Permitted while issue remains open
• Transfers in: Permitted. Accepts Cash ISAs and Stocks and Shares ISAs
• Transfers out: Permitted, subject to 270 days’ loss of interest penalty
• Opening account: Online, in branch, by post
• Managing account: Online, in branch, by post
• Other information: Minimum applicant age 16.

Mortgages

Cumberland Building Society – Five-year fixed rate mortgage, 75% loan-to-value

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

“This week, Cumberland Building Society has increased the rate on its 5-year fixed deal at 75% loan-to-value for remortgage customers. Despite the increase, the deal continues to pay a competitive 4.28%, and offers an enticing incentive package. This includes a free valuation and free legal fees, which may make it an ideal choice for borrowers. The deal currently carries a reasonable product fee of £999, which can be added to the mortgage advance. On assessment, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

• Rate: 4.28% fixed rate to 2.5.29
• Product fee: £999
• Maximum loan-to-value: 75%
• Available to: Remortgage customers
• Incentives: Free valuation and free legal fees 
• Flexible features: Allows overpayments
• Lending area: Great Britain.

Buy-to-Let

Furness Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has reduced the majority of its rates by up to 0.50% across its buy-to-let range. One deal seeing a cut is the two-year fixed deal at 80% loan-to-value for second-time buyers and remortgage customers. Priced at a competitive 5.49% for two years, this product could be an enticing option for those looking to secure the stability and ability to budget which comes with a fixed rate deal. The appeal of this product is further boosted for borrowers trying to keep the initial cost of their mortgage low as it comes with a reasonable £995 fee and an attractive incentive package. This includes £250 cashback for all borrowers and, for remortgage customers, a free valuation. Overall, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

• Rate: 5.49% fixed rate for two years
• Product fee: £995
• Maximum loan-to-value: 80%
• Available to: Second-time buyers, remortgages
• Incentives: £250 cashback and for remortgage customers, free valuation
• Flexible features: Allows overpayments
• Lending area: Great Britain.

Cards

Virgin Money – 27 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Virgin Money sees an increase to the transfer term on its 27 Month Balance Transfer Credit Card, previously 25 months. This card allows customers to transfer an existing balance for an extended period and offers one of the longest terms currently available in the market. It is also worth mentioning that the card currently offers 0% on money transfers for 12 months, which may be more enticing. On assessment, the card earns an Outstanding Moneyfacts product rating”

Key product details:

• Introductory rate for purchases: 0% for 3 months
• Introductory rate for balance transfers: 0% for 27 months
• Standard rate for purchases: 24.9% APR
• Balance transfer fee: 3.25% as an introductory charge during the first 60 days from account opening
• Card fee: None
• Opening method: Online and in branch
• Card management: By phone, by post, and via its mobile app
• Other information: Minimum age 18. Enjoy exclusive offers and rewards on the Virgin Red app. Use of Virgin Money lounges. Customers choosing a Man Utd card design will benefit from the United Reward scheme, whereby each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Up to 10% off cottages.com. Extra discounts on selected BCP airport carparks. £25 cashback on Virgin Money annual multi-trip travel insurance. £25 cashback on Virgin Money International money transfer. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app (offers allocated automatically).

Loans

M&S Bank – Personal Loan

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

“This week, M&S Bank has reduced the rates charged on its unsecured personal loan. It takes a competitive place in the market and may be an enticing option for consumers looking to borrow £7,500 over a term of one to seven years. Customers will find the representative APR at this tier now stands at 6.2% and may be glad to see that overpayments are permitted without an early repayment charge, which may add to its appeal. On assessment of this loan, it earns an Excellent Moneyfacts product rating.”

Key product details:

• Representative APR: 6.2%
• Loan period: Rate shown is based on a term of 60 months for £7,500 borrowing
• Application available: Online, in branch, or by phone
• Other information: Minimum age 18, minimum income £10,000 per annum, overpayments allowed without an early repayment charge.