Savings

AlRayan Bank – 12 Month Fixed Term Deposit

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

“This week AlRayan Bank has increased the expected profit rate on its 12 Month Fixed Term Deposit by 0.03%. The account now pays a top 10 rate at 4.35% when compared against its peers, the deal may appeal to savers looking to avoid cuts in the short-term and lock into a competitive rate. However, as is the case with many fixed bonds, withdrawals and further additions are not permitted so savers must be comfortable with not having any access to their cash for the full duration. Overall, this account receives an Excellent Moneyfacts product rating.”

Key product details:

• Rate: 4.35% gross / 4.35% AER payable on maturity / quarterly interest option available paying 4.29% gross / 4.35% AER
• Notice / term: 12 months
• Minimum opening amount: £5,000
• Maximum investment amount: £1 million
• Access: Not permitted
• Further additions: Not permitted
• Opening account: Online and via its mobile app
• Managing account: Online and via its mobile app
• Other information: Minimum applicant age 16. Joint account option available. Shari’ah compliant account – rates shown are expected profit rate.

Buy-to-Let

Skipton Building Society – Two-year variable tracker rate mortgage, 60% loan-to-value

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

“This week, Skipton Building Society has lifted the rates on its entire buy-to-let mortgages, including its variable tracker rates. The two-year variable tracker option has seen a 0.14% hike and is now priced at 4.86% for second-time buyers and remortgage customers. The deal is available at 60% loan-to-value and landlords will note there is a reasonable £745 product fee, but this is offset by its free valuation incentive, and remortgage customers can also receive free legal fees, which may help save on initial costs. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

• 4.86% variable tracker rate (collared at 3.00%) for two years
• Product fee: £745
• Maximum loan-to-value: 60%
• Available to: Second-time buyers and remortgage customers
• Incentives: Free valuation for all borrowers and free legal fees for remortgage customers
• Flexible features: Allows overpayments
• Lending area: Great Britain.

Loans

M&S Bank – Unsecured Personal Loan

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

“The latest update from M&S Bank sees a rate reduction on its Personal Loan for amounts between £20,001 and £25,000. This rate reduction, to 5.9% APR, improves its standing and leads the market, making borrowing between these amounts cheaper. Adding to its appeal, the loan allows overpayments to be made without an early repayment charge. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

• Representative APR: 5.9%
• Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
• Application available: Online and by phone
• Other information: Minimum age 18. Minimum Applicant Income £10,000 per year. You may be offered an alternative APR dependent on credit rating.