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Moneyfacts Pick of the Week - 21/07/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
21/07/2022

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

Gatehouse Bank – Raisin UK – 2 Year Fixed Term Deposit

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

“This week Gatehouse Bank has made rate increases across its Raisin UK – Fixed Term Deposits. One of the accounts to experience a noteworthy rise of 0.45% is the 2 Year Fixed Term Deposit, which now pays a market-leading return of 3.10% when compared to other similar bonds currently on the market. As is often the case with fixed accounts, investors need to be comfortable with their initial deposit and the duration of the fixed term, as neither early access nor further additions are permitted, but savers happy to secure their funds away could be tempted by the return alone. Following the update, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.10% gross / 3.10% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Sharia’a compliant account – rates shown are expected profit rate. Account available via Raisin UK. With Raisin UK a £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Tandem Bank – 1 Year Fixed Saver

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

“Tandem Bank has increased the rate on its 1 Year Fixed Saver by 0.05% this week. Now paying 2.75%, this account improves its position within the top 10 when compared against other bonds with similar terms currently on offer. Savers who are happy to lock their cash away for a year may well be enticed by the return, but should ensure they are content to commit their funds at outset, as early access is not permitted on this account. However, further additions can be made for 14 days from account opening, which – with careful planning – might be a plus for some. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.75% gross / 2.75% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £2.5 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online and via its mobile app
  • Managing account: By phone and via its mobile app
  • Other information: Minimum applicant age 18.

 

Secure Trust Bank – 1 Year Fixed Rate Cash ISA

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

“Following a rate rise this week, the 1 Year Fixed Rate Cash ISA from Secure Trust Bank takes the lead position in the top 10 of its respective sector. Investors looking to use their tax-free savings allowance may well be attracted to the market-leading return of 2.15%. Additionally, there is some flexibility on offer with this ISA, as it allows earlier access subject to account closure and a loss of interest penalty, which might be a further plus for some. Savers can also make further additions and transfers in for 30 days from account opening, which could be another benefit. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.15% gross / 2.15% AER payable yearly
  • Notice / term: To 21.8.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening. Minimum addition £1,000
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to account closure and  90 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – Easy Access - Issue 29

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

“For the second time this month, Shawbrook Bank has increased the rate on its Easy Access account. Rising by 0.12%, this now pays 1.52% on anniversary, seeing the account take a prominent position in our top tables compared to other no notice accounts currently on the market. This may well be a very tempting option for savers who understandably may wish to keep unrestricted access to any savings they hold in these uncertain times, as both unlimited withdrawals and additions are possible with this account – although it is fair to note that the minimum amount for withdrawals is £500. There is also a monthly interest option available, which could be another plus for those who wish to boost their regular income. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.52% gross / 1.52% AER payable on anniversary / monthly interest option of 1.51% gross / 1.52% AER also available.
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal amount £500, via nominated account
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Cumberland Building Society – Five-year fixed rate mortgage, 90% loan-to-value

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

“As well as amending rates on existing fixed products, Cumberland Building Society has launched a new five-year fixed deal which may catch the attention of those who are looking to purchase with a 10% deposit. Available to both first and second-time buyers, this offering is priced at a very competitive 3.39% and is fixed until 1 November 2027. On rate alone this is one of the lowest available in this sector of the market and may appeal to those looking to secure a stable fixed rate over the mid-term. The fee charged is a reasonable £999, which borrowers would have the option to add to the loan amount, and there is also a free valuation incentive attached, which may be of interest to those hoping to keep mortgage set-up costs to a minimum. Considered as a package, this deal takes a place in our top tables and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.39% fixed rate to 1.11.27
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain

 

Nationwide Building Society – Three-year fixed rate mortgage, 60% loan-to-value

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

“Among the products to be amended by Nationwide Building Society this week is a three-year fixed rate option for those purchasing at 60% loan-to-value. Available to second-time buyers, this deal received a small rate rise of 0.10% and is now priced at 3.29%. Despite the increase, this remains a competitive initial rate which could be enticing to those who prefer the peace of mind that a fixed rate mortgage product can provide. Also, this deal continues to carry a reasonable £999 fee which can either be added to the advance or paid upfront, and the free valuation incentive also remains on offer. Assessed overall, this deal maintains a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.29% fixed rate for three years
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers (remortgage version also available)
  • Incentives: Free valuation 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).

 

Buy-to-Let Mortgages

Virgin Money – Three-year fixed rate mortgage, 60% loan-to-value

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

“Virgin Money has tweaked its range of buy-to-let products this week with one of the deals to be amended being the three-year fixed rate offering at 60% loan-to-value. Seeing an increase of 0.20% this week, this is now priced at 3.04% until 1 December 2025. The fee of £1,995 remains unchanged and is offset slightly by the generous incentive package which includes cashback. Despite the rate rise, landlords with either 40% deposits or equity and who are looking for a mid-term fixed rate may still find this an attractive choice. The deal continues to be a competitive option when assessed as a whole package and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.04% fixed rate to 1.12.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation for remortgages and £500 cashback for second-time buyers or £300 cashback for remortgage borrowers
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland. 

Savings

Gatehouse Bank – Raisin UK – 2 Year Fixed Term Deposit

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

“This week Gatehouse Bank has made rate increases across its Raisin UK – Fixed Term Deposits. One of the accounts to experience a noteworthy rise of 0.45% is the 2 Year Fixed Term Deposit, which now pays a market-leading return of 3.10% when compared to other similar bonds currently on the market. As is often the case with fixed accounts, investors need to be comfortable with their initial deposit and the duration of the fixed term, as neither early access nor further additions are permitted, but savers happy to secure their funds away could be tempted by the return alone. Following the update, this account secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.10% gross / 3.10% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online, by phone and by post
  • Other information: Minimum applicant age 18. Sharia’a compliant account – rates shown are expected profit rate. Account available via Raisin UK. With Raisin UK a £25 Partner Bonus can be claimed on savings accounts with a term of at least six months opened with a minimum of £10,000.

 

Tandem Bank – 1 Year Fixed Saver

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

“Tandem Bank has increased the rate on its 1 Year Fixed Saver by 0.05% this week. Now paying 2.75%, this account improves its position within the top 10 when compared against other bonds with similar terms currently on offer. Savers who are happy to lock their cash away for a year may well be enticed by the return, but should ensure they are content to commit their funds at outset, as early access is not permitted on this account. However, further additions can be made for 14 days from account opening, which – with careful planning – might be a plus for some. The deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.75% gross / 2.75% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £2.5 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online and via its mobile app
  • Managing account: By phone and via its mobile app
  • Other information: Minimum applicant age 18.

 

Secure Trust Bank – 1 Year Fixed Rate Cash ISA

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

“Following a rate rise this week, the 1 Year Fixed Rate Cash ISA from Secure Trust Bank takes the lead position in the top 10 of its respective sector. Investors looking to use their tax-free savings allowance may well be attracted to the market-leading return of 2.15%. Additionally, there is some flexibility on offer with this ISA, as it allows earlier access subject to account closure and a loss of interest penalty, which might be a further plus for some. Savers can also make further additions and transfers in for 30 days from account opening, which could be another benefit. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.15% gross / 2.15% AER payable yearly
  • Notice / term: To 21.8.23
  • Minimum opening amount: £1,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to account closure and 90 days’ loss of interest penalty
  • Further additions: Permitted for 30 days from account opening. Minimum addition £1,000
  • Transfers in: Permitted for 30 days from account opening. Accepts Cash ISAs.
  • Transfers out: Permitted, subject to account closure and  90 days’ loss of interest penalty
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Shawbrook Bank – Easy Access - Issue 29

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

“For the second time this month, Shawbrook Bank has increased the rate on its Easy Access account. Rising by 0.12%, this now pays 1.52% on anniversary, seeing the account take a prominent position in our top tables compared to other no notice accounts currently on the market. This may well be a very tempting option for savers who understandably may wish to keep unrestricted access to any savings they hold in these uncertain times, as both unlimited withdrawals and additions are possible with this account – although it is fair to note that the minimum amount for withdrawals is £500. There is also a monthly interest option available, which could be another plus for those who wish to boost their regular income. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.52% gross / 1.52% AER payable on anniversary / monthly interest option of 1.51% gross / 1.52% AER also available.
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, minimum withdrawal amount £500, via nominated account
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Cumberland Building Society – Five-year fixed rate mortgage, 90% loan-to-value

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

“As well as amending rates on existing fixed products, Cumberland Building Society has launched a new five-year fixed deal which may catch the attention of those who are looking to purchase with a 10% deposit. Available to both first and second-time buyers, this offering is priced at a very competitive 3.39% and is fixed until 1 November 2027. On rate alone this is one of the lowest available in this sector of the market and may appeal to those looking to secure a stable fixed rate over the mid-term. The fee charged is a reasonable £999, which borrowers would have the option to add to the loan amount, and there is also a free valuation incentive attached, which may be of interest to those hoping to keep mortgage set-up costs to a minimum. Considered as a package, this deal takes a place in our top tables and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.39% fixed rate to 1.11.27
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain

 

Nationwide Building Society – Three-year fixed rate mortgage, 60% loan-to-value

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

“Among the products to be amended by Nationwide Building Society this week is a three-year fixed rate option for those purchasing at 60% loan-to-value. Available to second-time buyers, this deal received a small rate rise of 0.10% and is now priced at 3.29%. Despite the increase, this remains a competitive initial rate which could be enticing to those who prefer the peace of mind that a fixed rate mortgage product can provide. Also, this deal continues to carry a reasonable £999 fee which can either be added to the advance or paid upfront, and the free valuation incentive also remains on offer. Assessed overall, this deal maintains a position in our top tables and receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.29% fixed rate for three years
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers (remortgage version also available)
  • Incentives: Free valuation 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).

 

Buy-to-Let Mortgages

Virgin Money – Three-year fixed rate mortgage, 60% loan-to-value

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

“Virgin Money has tweaked its range of buy-to-let products this week with one of the deals to be amended being the three-year fixed rate offering at 60% loan-to-value. Seeing an increase of 0.20% this week, this is now priced at 3.04% until 1 December 2025. The fee of £1,995 remains unchanged and is offset slightly by the generous incentive package which includes cashback. Despite the rate rise, landlords with either 40% deposits or equity and who are looking for a mid-term fixed rate may still find this an attractive choice. The deal continues to be a competitive option when assessed as a whole package and receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 3.04% fixed rate to 1.12.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: Free valuation for remortgages and £500 cashback for second-time buyers or £300 cashback for remortgage borrowers
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain and Northern Ireland. 

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