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Moneyfacts Pick of the Week - 21/04/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
21/04/2022

Moneyfacts Pick of the Week

The Moneyfacts.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 Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.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 Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

SmartSave – 3 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has added new fixed rate savings accounts to its range this week. The 3 Year Fixed Rate Saver pays an attractive rate of 2.29%, which sees it take a prominent position in our top rate tables when compared to other bonds with similar terms. Savers who have the required £10,000 to invest may wish to note that, while earlier access is not permitted, further additions can be made for 14 days from account opening, which might be a further plus for some. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% gross / 2.29% AER payable on anniversary
  • Notice / term: Three years
  • 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.

  

PCF Bank – 18 Month Term Deposit Issue 29

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“PCF Bank has increased the rates on a selection of its Term Deposits. Savers who are looking for an attractive rate of return and are happy to lock their cash away for a period may find the 18 Month Deposit a tempting option. Paying 2.00% on anniversary, this account secures a position towards the top of our tables when compared with other similar bonds currently on offer and carries a minimum investment amount of £1,000. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.00% gross / 2.00% AER payable on anniversary
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Shawbrook Bank - 1 Year Fixed Rate Bond Issue 75

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Shawbrook Bank has increased the rates on a selection of its Fixed Rate Bonds by as much as 0.31% this week. The 1 Year Fixed Rate Saver now pays an attractive rate of 1.96%, which sees it takes a prominent position in our top rate tables when compared to other bonds with similar terms. As is often the case with fixed accounts, investors need to be comfortable with the duration of the fixed term as early access is not permitted, however, further additions can be made while the issue remains open, which might be a further plus for some. Overall, the deal may well entice savers looking to secure a competitive short-term fixed rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.96% gross / 1.96% AER payable on anniversary / monthly interest option of 1.94% gross / 1.96% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted while the issue remains open
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Nationwide – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Nationwide has made rate increases of up to 0.10% to selected two- and three-year fixed rates this week. One offering to see such a rise is the two-year fixed rate deal at 95% loan-to-value for first-time buyers. Now priced at 2.89% for two years, this deal charges no product fee and offers a very generous incentive package, which makes it a tempting choice for those wanting to keep any outlay associated with setting up a mortgage to a minimum. The deal overall retains a place within our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.89% fixed rate for two years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers
  • Incentives: Free valuation, £500 cashback and “Green” reward for qualifying properties
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and level of overpayments previously having been made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

 

Loans

Novuna Personal Finance – Novuna Personal Loan

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest change from Novuna Personal Finance sees the rate for borrowing amounts between £7,500 and £15,000 increase slightly, rising by 0.4% to 3.1% APR. Despite this rise making borrowing between these amounts more expensive, the overall appeal of this personal loan remains. Those considering a consolidation loan, or those looking for a loan to fund home improvements, may well find this remains a competitive choice. This product also continues to offer the ability to make overpayments without an early repayment charge, which could be a further plus for some. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.1%
  • Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
  • Application available: Online and by telephone
  • Other information: Minimum age 21. You may be offered an alternative APR dependent on credit rating.

Savings

SmartSave – 3 Year Fixed Rate Saver

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“SmartSave has added new fixed rate savings accounts to its range this week. The 3 Year Fixed Rate Saver pays an attractive rate of 2.29%, which sees it take a prominent position in our top rate tables when compared to other bonds with similar terms. Savers who have the required £10,000 to invest may wish to note that, while earlier access is not permitted, further additions can be made for 14 days from account opening, which might be a further plus for some. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.29% gross / 2.29% AER payable on anniversary
  • Notice / term: Three years
  • 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.

  

PCF Bank – 18 Month Term Deposit Issue 29

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“PCF Bank has increased the rates on a selection of its Term Deposits. Savers who are looking for an attractive rate of return and are happy to lock their cash away for a period may find the 18 Month Deposit a tempting option. Paying 2.00% on anniversary, this account secures a position towards the top of our tables when compared with other similar bonds currently on offer and carries a minimum investment amount of £1,000. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.00% gross / 2.00% AER payable on anniversary
  • Notice / term: 18 months
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by post and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Shawbrook Bank - 1 Year Fixed Rate Bond Issue 75

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Shawbrook Bank has increased the rates on a selection of its Fixed Rate Bonds by as much as 0.31% this week. The 1 Year Fixed Rate Saver now pays an attractive rate of 1.96%, which sees it takes a prominent position in our top rate tables when compared to other bonds with similar terms. As is often the case with fixed accounts, investors need to be comfortable with the duration of the fixed term as early access is not permitted, however, further additions can be made while the issue remains open, which might be a further plus for some. Overall, the deal may well entice savers looking to secure a competitive short-term fixed rate and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.96% gross / 1.96% AER payable on anniversary / monthly interest option of 1.94% gross / 1.96% AER also available
  • Notice / term: One year
  • Minimum opening amount: £1,000
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted while the issue remains open
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Nationwide – Two-year fixed rate mortgage, 95% loan-to-value

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“Nationwide has made rate increases of up to 0.10% to selected two- and three-year fixed rates this week. One offering to see such a rise is the two-year fixed rate deal at 95% loan-to-value for first-time buyers. Now priced at 2.89% for two years, this deal charges no product fee and offers a very generous incentive package, which makes it a tempting choice for those wanting to keep any outlay associated with setting up a mortgage to a minimum. The deal overall retains a place within our top tables and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.89% fixed rate for two years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time buyers
  • Incentives: Free valuation, £500 cashback and “Green” reward for qualifying properties
  • Flexible features: Allows overpayments. Underpayments considered subject to approval and level of overpayments previously having been made
  • Lending area: Great Britain and Northern Ireland (excluding Scilly Isles).

 

Loans

Novuna Personal Finance – Novuna Personal Loan

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said:

“The latest change from Novuna Personal Finance sees the rate for borrowing amounts between £7,500 and £15,000 increase slightly, rising by 0.4% to 3.1% APR. Despite this rise making borrowing between these amounts more expensive, the overall appeal of this personal loan remains. Those considering a consolidation loan, or those looking for a loan to fund home improvements, may well find this remains a competitive choice. This product also continues to offer the ability to make overpayments without an early repayment charge, which could be a further plus for some. Overall, the product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Representative APR: 3.1%
  • Loan period: Rate shown is based on a term of 60 months for a £7,500 borrowing
  • Application available: Online and by telephone
  • Other information: Minimum age 21. You may be offered an alternative APR dependent on credit rating.

Notes to editors

Pioneering financial comparison technology for over 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.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 Moneyfacts.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 30 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.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfacts.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 Moneyfacts.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
Eleanor Williams Press Officer / Finance Expert