Moneyfacts Pick of the Week - 21/10/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
21/10/2021

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

Shawbrook Bank – Easy Access – Issue 27

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

“Savers who prefer to maintain flexibility with their savings pot and are looking for a no notice account may be pleased to see that among the accounts to receive a rate increase this week is Shawbrook Bank’s Easy Access. Now paying a rate of 0.62% on anniversary, this account takes a position in the top 10 compared to similar products in the market. This could also be an attractive option for those looking to boost their income, as a monthly interest option is also available. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.62% gross / 0.62% AER payable on anniversary, monthly interest option of 0.62% gross / 0.62% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted. Minimum withdrawal £500 via a nominated account.
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum age 18. Joint account option available.

SmartSave – 2 Year Fixed Rate Saver

“SmartSave has launched a couple of new fixed rate bonds this week, including a 2 Year Fixed Rate Saver paying 1.57%. Available to those with minimum investment amounts of £10,000, early access is not possible on this account so investors need to be happy to lock their savings pot away for the two-year term. Some, however, may be pleased to see that further additions can be made for 14 days from account opening. Taking a position within the top 10 compared to other fixed bonds with similar terms that are currently on offer overall, the deal secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.57% gross / 1.57% AER payable on anniversary
  • Notice / term: 2 years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

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

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

“Zenith Bank (UK) Ltd has increased the rates payable on its 2 and 3 Year Fixed Rate Term Deposits this week. The 3 Year Deposit, paying 1.78% on anniversary, now assumes a position within the top 10 compared to other fixed bonds with similar terms that are currently available. As is common in this sector, neither early access nor further additions are permitted on this account, however, for savers who are comfortable securing their funds away for the term of the account, the return available on this bond may well be appealing. Overall, the deal secures an Excellent Moneyfacts product rating and place in our top rate tables.”

Key product details:

  • Rate: 1.78% gross / 1.78% AER payable on anniversary
  • Notice / term: 3 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
  • Other information: Minimum applicant age 18. Joint account option available.

Mortgages

Furness Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Furness Building Society has made various updates to its residential mortgage range this week, including reducing selected fixed rate products by as much as 0.60%. Receiving this maximum rate cut is the five-year fixed rate at 95% loan-to-value, which has now dropped to 2.99%. Available to both those purchasing with a 5% deposit and to those who are remortgaging in this loan-to-value bracket, this deal not only offers one of the most competitive initial rates within this sector of the market, but its appeal is further boosted by the fact that there is no fee to pay plus a generous incentive package to help with associated mortgage costs. Following the update this product receives an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

  • Rate: 2.99% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales and Scotland)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Newcastle Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Newcastle Building Society has made some sizeable rate reductions to selected fixed rates at 95% loan-to-value, including the two-year option with no fee. Dropping by 0.30% to 2.79% until 29 February 2024 moves this deal much closer to the lowest initial rates currently on offer in this sector. When the whole package is considered, as there is no fee to pay and an incentive package available, including a free valuation and £500 cashback, the appeal of this deal for those looking for a shorter-term fixed rate in this loan-to-value bracket and who may have limited funds to put towards mortgage set-up costs is clear. This deal earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

  • Rate: 2.79% fixed rate to 29/2/24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Leek United Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Prospective borrowers who are comfortable with a variable rate mortgage may wish to note the launch of a new discounted variable rate deal from Leek United Building Society this week. Available to both those purchasing and to those remortgaging, this new product is available up to a maximum of 80% loan-to-value. While some slightly lower initial rates may be offered elsewhere within this sector of the market, those lower rated deals tend to carry larger fees, whereas this option benefits from there being no associated fee. Furthermore, this deal also offers a generous incentive package with both a free valuation and £400 cashback available, which may be of interest to those borrowers who have limited funds on hand to cover mortgage set-up costs. Considered overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.49% discounted variable rate for two years
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £400 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Savings

Shawbrook Bank – Easy Access – Issue 27

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

“Savers who prefer to maintain flexibility with their savings pot and are looking for a no notice account may be pleased to see that among the accounts to receive a rate increase this week is Shawbrook Bank’s Easy Access. Now paying a rate of 0.62% on anniversary, this account takes a position in the top 10 compared to similar products in the market. This could also be an attractive option for those looking to boost their income, as a monthly interest option is also available. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.62% gross / 0.62% AER payable on anniversary, monthly interest option of 0.62% gross / 0.62% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted. Minimum withdrawal £500 via a nominated account.
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum age 18. Joint account option available.

SmartSave – 2 Year Fixed Rate Saver

“SmartSave has launched a couple of new fixed rate bonds this week, including a 2 Year Fixed Rate Saver paying 1.57%. Available to those with minimum investment amounts of £10,000, early access is not possible on this account so investors need to be happy to lock their savings pot away for the two-year term. Some, however, may be pleased to see that further additions can be made for 14 days from account opening. Taking a position within the top 10 compared to other fixed bonds with similar terms that are currently on offer overall, the deal secures an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.57% gross / 1.57% AER payable on anniversary
  • Notice / term: 2 years
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted for 14days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

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

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

“Zenith Bank (UK) Ltd has increased the rates payable on its 2 and 3 Year Fixed Rate Term Deposits this week. The 3 Year Deposit, paying 1.78% on anniversary, now assumes a position within the top 10 compared to other fixed bonds with similar terms that are currently available. As is common in this sector, neither early access nor further additions are permitted on this account, however, for savers who are comfortable securing their funds away for the term of the account, the return available on this bond may well be appealing. Overall, the deal secures an Excellent Moneyfacts product rating and place in our top rate tables.”

Key product details:

  • Rate: 1.78% gross / 1.78% AER payable on anniversary
  • Notice / term: 3 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
  • Other information: Minimum applicant age 18. Joint account option available.

Mortgages

Furness Building Society – Five-year fixed rate mortgage, 95% loan-to-value

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

“Furness Building Society has made various updates to its residential mortgage range this week, including reducing selected fixed rate products by as much as 0.60%. Receiving this maximum rate cut is the five-year fixed rate at 95% loan-to-value, which has now dropped to 2.99%. Available to both those purchasing with a 5% deposit and to those who are remortgaging in this loan-to-value bracket, this deal not only offers one of the most competitive initial rates within this sector of the market, but its appeal is further boosted by the fact that there is no fee to pay plus a generous incentive package to help with associated mortgage costs. Following the update this product receives an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

  • Rate: 2.99% fixed rate for five years
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging either free legal fees (England and Wales) or £150 towards legal fees (England, Wales and Scotland)
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Newcastle Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Newcastle Building Society has made some sizeable rate reductions to selected fixed rates at 95% loan-to-value, including the two-year option with no fee. Dropping by 0.30% to 2.79% until 29 February 2024 moves this deal much closer to the lowest initial rates currently on offer in this sector. When the whole package is considered, as there is no fee to pay and an incentive package available, including a free valuation and £500 cashback, the appeal of this deal for those looking for a shorter-term fixed rate in this loan-to-value bracket and who may have limited funds to put towards mortgage set-up costs is clear. This deal earns an Outstanding Moneyfacts product rating and a place in our top tables.”

Key product details:

  • Rate: 2.79% fixed rate to 29/2/24
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: All borrower types
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

Leek United Building Society – Two-year discounted variable rate mortgage, 80% loan-to-value

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

“Prospective borrowers who are comfortable with a variable rate mortgage may wish to note the launch of a new discounted variable rate deal from Leek United Building Society this week. Available to both those purchasing and to those remortgaging, this new product is available up to a maximum of 80% loan-to-value. While some slightly lower initial rates may be offered elsewhere within this sector of the market, those lower rated deals tend to carry larger fees, whereas this option benefits from there being no associated fee. Furthermore, this deal also offers a generous incentive package with both a free valuation and £400 cashback available, which may be of interest to those borrowers who have limited funds on hand to cover mortgage set-up costs. Considered overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.49% discounted variable rate for two years
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £400 cashback
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

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.

 

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.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert