Banking

first direct – 1st Account

Commenting on the deal, Adam French, Head of Consumer Finance at Moneyfactscompare.co.uk, said:

"first direct may have reduced its switching incentive on its 1st Account from £200 to £175, but it is still an outstanding option for those considering a new current account provider. While the current account does not pay interest, it does offer access to a regular saver paying 7.00% AER and a £250 interest-free buffer on its arranged overdraft, which could prove particularly valuable for customers who occasionally dip into their overdraft.

“Consumers considering a switch should be aware that the incentive is only available to customers who switch using the Current Account Switch Service (CASS) and pay in at least £1,000 within the first six weeks. Switchers should also look beyond the upfront incentive and assess whether the account's longer-term features suit their everyday banking needs."

Key product details:

• Credit interest / reward: £175 switching incentive
• Arranged overdraft: £250 interest-free buffer
• Opening account: Internet, phone and app
• Managing account: Internet, phone, app and Post Office
• Other information: £175 cashback for accounts switched using the Current Account Switch Service, including at least two direct debits or standing orders. Within 45 days of opening, £1,000 must be deposited, register and log on to online banking and make five or more debit card payments.

Savings

Post Office Money – Online Saver

Commenting on the deal, Adam French, Head of Consumer Finance at Moneyfactscompare.co.uk, said:

"Post Office Money has increased the rate on its Online Saver while also issuing a new issue number. The account now pays 4.31% AER, securing a place among the top 10 easy access accounts currently available. Savers should be aware that the headline rate includes a bonus for the first 12 months, after which the return falls significantly, so reviewing the account once the bonus expires will be important to ensure their savings continue to earn a competitive return."

Key product details:

• Rate: 4.31% AER, including a 3.41% bonus for 12 months  
• Minimum opening amount: £1
• Maximum investment amount: £2million
• Access: Easy access
• Opening account: Online
• Managing account: Online.

RCI Bank UK – 2 Year Fixed Term Cash ISA

Commenting on the deal, Adam French, Head of Consumer Finance at Moneyfactscompare.co.uk, said:

"RCI Bank UK has increased the rate on its 2 Year Fixed Term Cash ISA to 4.65% AER, moving the account close to the top of the market when compared with other fixed ISAs of a similar term. In addition to its market-leading return, savers have the flexibility to make further deposits and transfer in existing ISA funds for 14 days after opening the account, offering a useful window for those looking to consolidate their tax-efficient savings."

Key product details:

• Rate: 4.65% gross/AER payable on anniversary / monthly interest option of 4.55% gross/4.65% AER
• Notice / term: Two years
• Minimum opening amount: £1,000
• Maximum investment amount: £1million
• Access: Earlier access subject to 180-day loss of interest
• Further additions: Permitted for 14 days from account opening
• Transfers in: Permitted for 14 days from account opening. Accepts Cash, Stocks and Shares, Cash APS and Stocks and Shares APS ISAs
• Transfers out: Permitted, subject to 180 days’ loss of interest
• Opening account: Internet
• Managing account: Internet, mobile app
• Other information: Minimum applicant age 18.

Credit Cards

HSBC – Balance Transfer Credit Card

Commenting on the deal, Adam French, Head of Consumer Finance at Moneyfactscompare.co.uk, said:

"HSBC has reduced the introductory balance transfer fee on its Balance Transfer Credit Card to 3.09%, making it a more attractive option for borrowers looking to move existing credit card debt at a lower upfront cost. The card now offers one of the lowest balance transfer fees available on the market, while also providing 0% interest on purchases for the first three months, adding further value for customers who expect to make new spending shortly after opening the account." 

Key product details:

• Balance transfer fee: 3.09%
• Balance transfer period: 36 months
• Purchase offer: 0% for three months
• Representative APR: 24.9%
• £25 cashback when £500 or more spent or transferred until 10.8.26.

Mortgages

Barclays Mortgage – Five-year Fixed Rate Mortgage, 95% Loan-to-Value

Commenting on the deal, Adam French, Head of Consumer Finance at Moneyfactscompare.co.uk, said:

"Barclays Mortgage has increased most of its residential fixed mortgage rates this week, although its five-year fixed mortgage for house purchase customers at 95% loan-to-value has seen a smaller increase of just 0.05%, taking the rate to 5.10% until 30 September 2031. Despite the increase, the deal retains its place as a Moneyfacts Best Buy for first-time buyers, and it continues to offer a competitive overall package for borrowers with smaller deposits."

Key product details:

• Rate: 5.10% fixed to 30.09.31
• Product fee: No additional product fees
• Maximum loan-to-value: 95%
• Available to: House purchase / first-time buyers
• Incentives: No arrangement fees, free valuation fees for properties valued max £3million
• Flexible features: Overpayments allowed up to 10% of outstanding balance per annum
• Lending area: Great Britain & Northern Ireland.