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Moneyfacts Pick of the Week - 27/06/2024

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
27/06/2024

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

Close Brothers Savings – 1 Year Fixed Rate Bond

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

“Close Brothers Savings has increased the rate on a selection of its fixed bonds, including the 1 Year Fixed Rate Bond this week, paying 5.20%. The rise improves its position in the market when compared against other bonds of similar terms. Savers will need to invest a minimum of £10,000 and further additions can be made for 10 days from the account opening which may be a bonus; however, it is worth noting that early access is not permitted. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% gross/ 5.20% AER paid yearly
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted for 10 days from account opening
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

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 overall position in the market. The account now pays 4.97% gross/AER on anniversary or 4.86% gross / 4.97% AER monthly for savers wishing to boost their income. Investors must be comfortable with locking their investments in for the full term as early access is not permitted, but they may be glad to see that they can take advantage of making further additions 14 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.97% gross / 4.97% AER, payable on anniversary / monthly interest option of 4.86% gross / 4.97% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – Online Easy Access Account (Issue 78)

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

“This week Cynergy Bank has increased the rate on its Online Easy Access Account. The deal pays 4.94% which includes a 1.19% bonus for the first 12 months. It retains a competitive position when compared to other easy access products. Savers will only need to invest as little as £1 and it may well entice those who value flexibility when accessing their cash. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% gross / 4.94% AER payable on its anniversary (including a 1.19% bonus for 12 months).
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 100

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

“Shawbrook Bank has changed the issue number and increased the rate on its 1 Year Fixed Rate Cash ISA Bond by 0.04% this week. The 100th issue pays an attractive 4.93% on maturity, improving its overall position in the market. Alternatively, savers looking to supplement their monthly income may well find this an enticing deal as they can also receive a monthly interest payment at 4.82% gross / 4.93% AER. It is important that savers carefully consider any early withdrawals as they are permitted but subject to 90 days’ loss of interest payment. 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: 4.93% gross / 4.93% AER payable on maturity / monthly interest option of 4.82% gross / 4.93% 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.

 

Zenith Bank (UK) Ltd – Raisin UK – 3 Year Fixed Term Deposit

“This week Zenith Bank (UK) Ltd has increased the rates on a handful of its Fixed Term Deposits with Raisin UK. Among the accounts to receive a rise is the 3 Year Fixed Term Deposit. The account now pays an appealing 4.73% and pays a top 10 rate when compared to similar bonds. It may appeal to savers looking for a guaranteed return in the longer-term. The account requires a minimum £1,000 investment, with interest paid on anniversary. As is the case with many fixed term accounts, early access and further additions are not permitted with this account, so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.73% gross / 4.73% AER, payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post and phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 60% loan-to-value

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

“Barclays Mortgage has reduced selected fixed rates by up to 0.31% within its range this week. One deal to see a cut is its two-year fixed rate deal at 60% loan-to-value, which charges an appealing 4.68% until 30.9.26, making it the lowest-paying in its sector based on rate alone. 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. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% fixed rate to 30.9.26
  • Product fee: £899
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Newbury Building Society – Three-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 Newbury Building Society sees a 0.10% reduction to its three-year discounted variable rate mortgage at 75% loan-to-value. The deal now charges 4.89%, with a discount of 2.11%. Borrowers wishing to save on the upfront cost of their mortgage may find this an enticing deal as the £850 product fee can be added to the mortgage advance. Adding to its appeal, there is also a competitive incentive package attached of free valuation for all borrowers and free legal fees for those remortgaging. Overall, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.89% discounted-variable rate (2.11% discount) for three years
  • Product fee: £850
  • 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.

 

Buy-to-Let

HSBC – Two-year fixed rate mortgage, 65% loan-to-value

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

“This week HSBC has repriced the majority of its buy-to-let fixed rate mortgages by up to 0.20%. One of the options to see this cut is its two-year fixed rate deal at 65% loan-to-value which now charges 4.79% for all house purchase customers. Landlords may notice that there is a £1,999 arrangement fee, however, this may be offset by its attractive incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.79% fixed rate to 30.9.26
  • Product fee: £1,999
  • Maximum loan-to-value: 65%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Leek Building Society – Two-year fixed rate mortgage, 65% loan-to-value

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

“Leek Building Society has launched a new two-year fixed rate offering at 65% loan-to-value. It is priced at 5.04% until 31 August 2026. The deal’s overall package may appeal to landlords looking to save on the upfront cost as it includes a free valuation and charges a reasonable product fee of £995. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.04% fixed rate to 31.8.26
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: All borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

Savings

Close Brothers Savings – 1 Year Fixed Rate Bond

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

“Close Brothers Savings has increased the rate on a selection of its fixed bonds, including the 1 Year Fixed Rate Bond this week, paying 5.20%. The rise improves its position in the market when compared against other bonds of similar terms. Savers will need to invest a minimum of £10,000 and further additions can be made for 10 days from the account opening which may be a bonus; however, it is worth noting that early access is not permitted. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.20% gross/ 5.20% AER paid yearly
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted for 10 days from account opening
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

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 overall position in the market. The account now pays 4.97% gross/AER on anniversary or 4.86% gross / 4.97% AER monthly for savers wishing to boost their income. Investors must be comfortable with locking their investments in for the full term as early access is not permitted, but they may be glad to see that they can take advantage of making further additions 14 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.97% gross / 4.97% AER, payable on anniversary / monthly interest option of 4.86% gross / 4.97% AER also available
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – Online Easy Access Account (Issue 78)

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

“This week Cynergy Bank has increased the rate on its Online Easy Access Account. The deal pays 4.94% which includes a 1.19% bonus for the first 12 months. It retains a competitive position when compared to other easy access products. Savers will only need to invest as little as £1 and it may well entice those who value flexibility when accessing their cash. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.94% gross / 4.94% AER payable on its anniversary (including a 1.19% bonus for 12 months).
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: £1 million
  • Access: Permitted via nominated account
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Shawbrook Bank – 1 Year Fixed Rate Cash ISA Bond Issue 100

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

“Shawbrook Bank has changed the issue number and increased the rate on its 1 Year Fixed Rate Cash ISA Bond by 0.04% this week. The 100th issue pays an attractive 4.93% on maturity, improving its overall position in the market. Alternatively, savers looking to supplement their monthly income may well find this an enticing deal as they can also receive a monthly interest payment at 4.82% gross / 4.93% AER. It is important that savers carefully consider any early withdrawals as they are permitted but subject to 90 days’ loss of interest payment. 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: 4.93% gross / 4.93% AER payable on maturity / monthly interest option of 4.82% gross / 4.93% 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.

 

Zenith Bank (UK) Ltd – Raisin UK – 3 Year Fixed Term Deposit

“This week Zenith Bank (UK) Ltd has increased the rates on a handful of its Fixed Term Deposits with Raisin UK. Among the accounts to receive a rise is the 3 Year Fixed Term Deposit. The account now pays an appealing 4.73% and pays a top 10 rate when compared to similar bonds. It may appeal to savers looking for a guaranteed return in the longer-term. The account requires a minimum £1,000 investment, with interest paid on anniversary. As is the case with many fixed term accounts, early access and further additions are not permitted with this account, so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.73% gross / 4.73% AER, payable on anniversary
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: By post and phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Barclays Mortgage – Two-year fixed rate mortgage, 60% loan-to-value

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

“Barclays Mortgage has reduced selected fixed rates by up to 0.31% within its range this week. One deal to see a cut is its two-year fixed rate deal at 60% loan-to-value, which charges an appealing 4.68% until 30.9.26, making it the lowest-paying in its sector based on rate alone. 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. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.68% fixed rate to 30.9.26
  • Product fee: £899
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Newbury Building Society – Three-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 Newbury Building Society sees a 0.10% reduction to its three-year discounted variable rate mortgage at 75% loan-to-value. The deal now charges 4.89%, with a discount of 2.11%. Borrowers wishing to save on the upfront cost of their mortgage may find this an enticing deal as the £850 product fee can be added to the mortgage advance. Adding to its appeal, there is also a competitive incentive package attached of free valuation for all borrowers and free legal fees for those remortgaging. Overall, this deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.89% discounted-variable rate (2.11% discount) for three years
  • Product fee: £850
  • 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.

 

Buy-to-Let

HSBC – Two-year fixed rate mortgage, 65% loan-to-value

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

“This week HSBC has repriced the majority of its buy-to-let fixed rate mortgages by up to 0.20%. One of the options to see this cut is its two-year fixed rate deal at 65% loan-to-value which now charges 4.79% for all house purchase customers. Landlords may notice that there is a £1,999 arrangement fee, however, this may be offset by its attractive incentive package which includes a free valuation. Overall, this product earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.79% fixed rate to 30.9.26
  • Product fee: £1,999
  • Maximum loan-to-value: 65%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Leek Building Society – Two-year fixed rate mortgage, 65% loan-to-value

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

“Leek Building Society has launched a new two-year fixed rate offering at 65% loan-to-value. It is priced at 5.04% until 31 August 2026. The deal’s overall package may appeal to landlords looking to save on the upfront cost as it includes a free valuation and charges a reasonable product fee of £995. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.04% fixed rate to 31.8.26
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: All borrowers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

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