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Moneyfacts Pick of the Week - 21/12/2023

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
21/12/2023

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Principality Building Society – 2 Year Healthy Habits Saver Bond

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

“Principality Building Society has launched a new 2 Year Healthy Habits regular saver account this week, which pays 6.00%. The account grabs a prominent position within its sector and may attract savers who want to start actively saving each month. Earlier access is permitted, however, this is on account closure, which investors should consider, and additional monthly deposits are allowed if payments do not exceed the monthly maximum of £50. Savers should note that the maximum funding amount for this account is £1,200. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 6.00% gross / 6.00% AER fixed payable on anniversary
  • Notice / term: 2 Year
  • Minimum opening amount: £1
  • Maximum monthly investment amount: £50
  • Access: Permitted on account closure
  • Further additions: Permitted providing monthly maximum not exceeded 
  • Opening account: Online and in branch
  • Managing account: Online, in branch and by post
  • Other information: Minimum applicant age 16. Joint account option available. Option to open as a signatory or trustee.

 

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

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

“This week, Union Bank of India (UK) Ltd has reduced the rates on a range of its Fixed Rate Deposits and Union Premier Bonds, including its 2 Year Fixed Rate Deposit which now pays 5.40% on a minimum investment of £1,000. Despite this reduction, the account maintains a top position in our tables within its respective sector. Investors who can pay a bit extra can invest into the 2 Year Union Premier Bond, which requires a minimum investment of £5,000 and pays 5.40%. In any case, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.40% gross / 5.40% AER payable on anniversary or on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Zopa – Smart ISA – 1 Year Fixed Term ISA pot

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

“Zopa has made reductions on a selection of its Fixed Term Savings accounts and Smart ISA – Fixed Term ISA pots this week. One account seeing a cut is its 1 Year Smart ISA which now pays 5.00% gross. The deal still sits in a competitive position within its sector and may attract savers who are looking to give a small boost to their income as interest is paid monthly. Early access is permitted on closure of the account and subject to 90 days’ loss of interest. The full balance must be withdrawn via a nominated account or Access ISA pot, which should be carefully considered by savers. However, further additions are permitted for 30 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.12% AER payable monthly
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £100,000
  • Access: Early access on closure only subject to 90-day loss of interest penalty. Withdrawal of full balance via nominated account or Access ISA pot.
  • Further additions: Permitted, for 30 days from account opening via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18. Must have or open a Smart Saver. Account opened via Smart ISA on the Smart Savings Hub and selecting 1 Year Fixed Term ISA pot. Investors can choose to split their Cash ISA savings across multiple ISA pots within Zopa’s range.

 

Paragon Bank – Double Access Savings Account - Issue 5

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

“Paragon Bank has re-launched its Double Access Savings Account – Issue 5 this week, paying a rate of 5.05% AER. This account may be a tempting choice for those who don’t mind restricting access to their savings pot, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%, so careful planning is necessary. However, for those looking to supplement their income, there is also an option paying monthly interest of 5.05% AER. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on anniversary / monthly interest rate option of 4.94% gross / 5.05% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, up to two withdrawals per 12-month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Lloyds Bank – Two-year fixed rate mortgage, 60% loan-to-value

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

“Lloyds Bank has reduced selected fixed rates for house purchase customers by up to 0.13% this week. Seeing this cut is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.86% until 28.2.26, the deal carries an enticing incentive package of a free valuation, free legal fees and £250 cashback for properties which have Energy Performance Certificate (EPC) A or B rating, or 81 or higher. Additionally, this deal comes with a reasonable fee of £999 which can be added to the mortgage advance, making it an attractive option for those looking to save on their upfront costs. On assessment, this mortgage earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.86% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation, free legal fees and £250 Green Home cashback for properties with an EPC score of A or B or a rating of 81 or higher.
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has reduced rates across a selected number of its fixed rates and discount rates by up to 0.60% this week. One deal seeing a substantial cut is the two-year fixed rate deal at 80% loan-to-value, which is now priced at 4.89%, followed with a flat fee of £999. This deal becomes an attractive option for those looking to save on the upfront cost of their mortgage as this can be added to the advance. Also, borrowers may be glad to see an enticing incentive package of a free valuation and £250 cashback. The deal also offers overpayments as part of its flexible options, which adds to its appeal. Alongside the rate reduction and incentive package, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.89% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Newbury Building Society – Three-year discounted-variable rate mortgage, 75% loan-to-value

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

“This week, Newbury Building Society has made several changes across its residential mortgage range, one of which is rate reductions. The three-year discounted variable rate mortgage at 75% loan-to-value has seen a cut of 0.35% and now charges 4.99%, with a discount of 2.01%. Borrowers will see a competitive incentive package attached of free valuation for all borrowers and free legal fees for those remortgaging. Those borrowers who are looking to save on the upfront cost of their mortgage may then find this an attractive choice as it charges a fee of £850. This deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% discounted-variable rate (2.01% discount) for three years
  • Product fee: £850
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

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

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

“This week Barclays Mortgage has reduced a range of its fixed rates, including its two-year fixed offer at 95% loan-to-value. Seeing the largest cut of 0.50%, the mortgage is now priced at 5.80% until 31.3.26, for house purchase customers. Borrowers may also wish to note that it comes with a free valuation incentive included, plus the deal does not charge a fee, which may be ideal for those looking to save on the initial cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.80% fixed rate to 31.3.26
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time & second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Savings

Principality Building Society – 2 Year Healthy Habits Saver Bond

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

“Principality Building Society has launched a new 2 Year Healthy Habits regular saver account this week, which pays 6.00%. The account grabs a prominent position within its sector and may attract savers who want to start actively saving each month. Earlier access is permitted, however, this is on account closure, which investors should consider, and additional monthly deposits are allowed if payments do not exceed the monthly maximum of £50. Savers should note that the maximum funding amount for this account is £1,200. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 6.00% gross / 6.00% AER fixed payable on anniversary
  • Notice / term: 2 Year
  • Minimum opening amount: £1
  • Maximum monthly investment amount: £50
  • Access: Permitted on account closure
  • Further additions: Permitted providing monthly maximum not exceeded 
  • Opening account: Online and in branch
  • Managing account: Online, in branch and by post
  • Other information: Minimum applicant age 16. Joint account option available. Option to open as a signatory or trustee.

 

Union Bank of India (UK) Ltd – 2 Year Fixed Rate Deposit

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

“This week, Union Bank of India (UK) Ltd has reduced the rates on a range of its Fixed Rate Deposits and Union Premier Bonds, including its 2 Year Fixed Rate Deposit which now pays 5.40% on a minimum investment of £1,000. Despite this reduction, the account maintains a top position in our tables within its respective sector. Investors who can pay a bit extra can invest into the 2 Year Union Premier Bond, which requires a minimum investment of £5,000 and pays 5.40%. In any case, savers should ensure that they are satisfied with their initial deposit amount as early access and further additions are not permitted. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.40% gross / 5.40% AER payable on anniversary or on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: By post and in branch
  • Managing account: By post and in branch
  • Other information: Simple interest. Minimum applicant age 18. Joint account option available. 0.10% loyalty bonus offered to existing Fixed Rate Deposit holders if they choose to reinvest into another Fixed Rate Deposit at maturity.

 

Zopa – Smart ISA – 1 Year Fixed Term ISA pot

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

“Zopa has made reductions on a selection of its Fixed Term Savings accounts and Smart ISA – Fixed Term ISA pots this week. One account seeing a cut is its 1 Year Smart ISA which now pays 5.00% gross. The deal still sits in a competitive position within its sector and may attract savers who are looking to give a small boost to their income as interest is paid monthly. Early access is permitted on closure of the account and subject to 90 days’ loss of interest. The full balance must be withdrawn via a nominated account or Access ISA pot, which should be carefully considered by savers. However, further additions are permitted for 30 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.00% gross / 5.12% AER payable monthly
  • Notice / term: One year
  • Minimum opening amount: £1
  • Maximum investment amount: £100,000
  • Access: Early access on closure only subject to 90-day loss of interest penalty. Withdrawal of full balance via nominated account or Access ISA pot.
  • Further additions: Permitted, for 30 days from account opening via nominated account
  • Transfers in: Not permitted
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18. Must have or open a Smart Saver. Account opened via Smart ISA on the Smart Savings Hub and selecting 1 Year Fixed Term ISA pot. Investors can choose to split their Cash ISA savings across multiple ISA pots within Zopa’s range.

 

Paragon Bank – Double Access Savings Account - Issue 5

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

“Paragon Bank has re-launched its Double Access Savings Account – Issue 5 this week, paying a rate of 5.05% AER. This account may be a tempting choice for those who don’t mind restricting access to their savings pot, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%, so careful planning is necessary. However, for those looking to supplement their income, there is also an option paying monthly interest of 5.05% AER. Overall, the deal receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on anniversary / monthly interest rate option of 4.94% gross / 5.05% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, up to two withdrawals per 12-month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Mortgages

Lloyds Bank – Two-year fixed rate mortgage, 60% loan-to-value

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

“Lloyds Bank has reduced selected fixed rates for house purchase customers by up to 0.13% this week. Seeing this cut is its two-year fixed mortgage at 60% loan-to-value. Now priced at 4.86% until 28.2.26, the deal carries an enticing incentive package of a free valuation, free legal fees and £250 cashback for properties which have Energy Performance Certificate (EPC) A or B rating, or 81 or higher. Additionally, this deal comes with a reasonable fee of £999 which can be added to the mortgage advance, making it an attractive option for those looking to save on their upfront costs. On assessment, this mortgage earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.86% fixed rate to 28.2.26
  • Product fee: £999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation, free legal fees and £250 Green Home cashback for properties with an EPC score of A or B or a rating of 81 or higher.
  • Flexible features: Allows overpayments. Payment holidays considered after one year, subject to approval
  • Lending area: Great Britain and Northern Ireland.

 

Furness Building Society – Two-year fixed rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has reduced rates across a selected number of its fixed rates and discount rates by up to 0.60% this week. One deal seeing a substantial cut is the two-year fixed rate deal at 80% loan-to-value, which is now priced at 4.89%, followed with a flat fee of £999. This deal becomes an attractive option for those looking to save on the upfront cost of their mortgage as this can be added to the advance. Also, borrowers may be glad to see an enticing incentive package of a free valuation and £250 cashback. The deal also offers overpayments as part of its flexible options, which adds to its appeal. Alongside the rate reduction and incentive package, this deal receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.89% fixed rate for two years
  • Product fee: £999
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: Free valuation and £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Newbury Building Society – Three-year discounted-variable rate mortgage, 75% loan-to-value

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

“This week, Newbury Building Society has made several changes across its residential mortgage range, one of which is rate reductions. The three-year discounted variable rate mortgage at 75% loan-to-value has seen a cut of 0.35% and now charges 4.99%, with a discount of 2.01%. Borrowers will see a competitive incentive package attached of free valuation for all borrowers and free legal fees for those remortgaging. Those borrowers who are looking to save on the upfront cost of their mortgage may then find this an attractive choice as it charges a fee of £850. This deal secures an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.99% discounted-variable rate (2.01% discount) for three years
  • Product fee: £850
  • Maximum loan-to-value: 75%
  • Available to: All borrowers
  • Incentives: Free valuation for all and, for remortgage borrowers, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

 

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

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

“This week Barclays Mortgage has reduced a range of its fixed rates, including its two-year fixed offer at 95% loan-to-value. Seeing the largest cut of 0.50%, the mortgage is now priced at 5.80% until 31.3.26, for house purchase customers. Borrowers may also wish to note that it comes with a free valuation incentive included, plus the deal does not charge a fee, which may be ideal for those looking to save on the initial cost of their mortgage. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.80% fixed rate to 31.3.26
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: First-time & second-time buyers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

Notes to editors

Pioneering financial comparison technology for over 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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 35 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.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.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 Moneyfactscompare.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.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant