Moneyfacts Pick of the Week - 22/06/2023

Rachel Springall, Press Officer

Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel

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 Finance Expert, Rachel Springall, 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 Finance Expert, Rachel Springall, has analysed the following deals, along with their perks, of note:

Savings

Principality Building Society – Online Double Access (Issue 2)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“This week, Principality Building Society has increased the rate on its Online Double Access (Issue 2) which pays 4.15%. The account grabs a position towards the top of its sector and may attract savers with as little as £1 to invest who can limit their withdrawals to two per year, including account closure, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.15% gross / 4.15% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Permitted, subject to a maximum of two withdrawals per annum, including closure
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

RCI Bank UK – 95 Day Notice Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Savers searching for a competitive rate, but also happy to give notice to access their cash, may appreciate the latest rate rise by RCI Bank UK. The 95 Day Notice Account now pays an attractive rate of 4.85% and may appeal to savers looking for a bit of flexibility with their investment. Those looking to supplement their income may also be pleased to see they can earn 4.75% monthly. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.85% gross / 4.85% AER payable on anniversary / monthly interest option of 4.75% gross / 4.85% AER also available
Notice / term: 95 days
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Permitted via a nominated account, subject to 95 days’ notice
Further additions: Permitted via a nominated account
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Joint account option available.

Ahli United Bank (UK) plc – Raisin UK – 1 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Ahli United Bank (UK) plc has taken a prominent position within the short-term fixed market this week, with the launch of its 1 Year Fixed Term Deposit through Raisin UK. The deal pays 5.70% gross and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 5.70% gross / 5.70% AER payable on maturity
Notice / term: One year
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 postal
Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Investec Bank plc – Raisin UK – 3 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Investec Bank plc has increased the rate on its 3 Year Fixed Term Deposit this week through Raisin UK, which now pays 6.00% gross. The deal takes a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return. Savers must have £1,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.00% gross / 5.67% AER payable on maturity
Notice / term: Three 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 postal Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Castle Trust Bank – Fixed Rate e-Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA this week. Now paying 4.80%, the deal takes a prominent position within its sector and may well appeal to savers looking to utilise their ISA allowance. The deal can be opened with a minimum of £1,000 and it accepts transfers in from both cash and stocks and shares ISAs. This deal permits early access on account closure, subject to a 90-day loss of interest penalty. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% gross / 4.80% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty and closure of account
Further additions: Permitted for 14 days from account opening
Transfers in: Permitted. Accepts cash and stocks and shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

Virgin Money – 2 Year Fixed Rate Cash E-ISA Issue 597

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“This week, Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs, including its two-year deal which improves its position in the market. The deal now pays a rate of 4.91% yearly and may appeal to savers who want to invest over the next two years and use their ISA allowance. Savers will also find a monthly interest option is available that pays 4.80% gross, which may appeal if they are looking to supplement their income. On review, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.91% gross / 4.91% AER payable yearly / monthly interest option of 4.80% gross / 4.91% AER also available
Notice / term: To 24.5.25
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16

Mortgages

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Borrowers with a limited deposit seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Cumberland Building Society an attractive choice. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 5.52%. The deal does not charge a product fee and it includes a free valuation incentive. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.52% fixed rate to 1.9.28
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain.

Buy-to-let

Skipton Building Society – Two-year variable tracker rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Skipton Building Society reduced the rate on its buy-to-let two-year variable tracker deal this week, boosting its appeal. Now priced at 5.19% for two years, the deal is available for landlords at 75% loan-to-value. Borrowers will find a free valuation incentive is included and, for remortgage customers, free legal fees. The product fee of £1,995 can also be added to the advance of the mortgage, which may be ideal for those looking to save on the upfront cost. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.19% variable tracker rate (collared at 2.00%) for two years
Product fee: £1,995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation, and for those remortgaging free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain.

Savings

Principality Building Society – Online Double Access (Issue 2)

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“This week, Principality Building Society has increased the rate on its Online Double Access (Issue 2) which pays 4.15%. The account grabs a position towards the top of its sector and may attract savers with as little as £1 to invest who can limit their withdrawals to two per year, including account closure, so careful planning is wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.15% gross / 4.15% AER payable yearly
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £1 million
Access: Permitted, subject to a maximum of two withdrawals per annum, including closure
Further additions: Permitted
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16.

RCI Bank UK – 95 Day Notice Savings Account

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Savers searching for a competitive rate, but also happy to give notice to access their cash, may appreciate the latest rate rise by RCI Bank UK. The 95 Day Notice Account now pays an attractive rate of 4.85% and may appeal to savers looking for a bit of flexibility with their investment. Those looking to supplement their income may also be pleased to see they can earn 4.75% monthly. The deal secures a prominent position in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.85% gross / 4.85% AER payable on anniversary / monthly interest option of 4.75% gross / 4.85% AER also available
Notice / term: 95 days
Minimum opening amount: £1,000
Maximum investment amount: £1 million
Access: Permitted via a nominated account, subject to 95 days’ notice
Further additions: Permitted via a nominated account
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Joint account option available.

Ahli United Bank (UK) plc – Raisin UK – 1 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Ahli United Bank (UK) plc has taken a prominent position within the short-term fixed market this week, with the launch of its 1 Year Fixed Term Deposit through Raisin UK. The deal pays 5.70% gross and may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term. Overall, this account receives an Excellent Moneyfacts product rating.

Key product details:

Rate: 5.70% gross / 5.70% AER payable on maturity
Notice / term: One year
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 postal
Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Investec Bank plc – Raisin UK – 3 Year Fixed Term Deposit

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Investec Bank plc has increased the rate on its 3 Year Fixed Term Deposit this week through Raisin UK, which now pays 6.00% gross. The deal takes a prominent position in its sector against its peers and may well attract savers who are looking to lock their money away for a guaranteed return. Savers must have £1,000 to invest upfront and, as is typical of fixed accounts, savers will not be permitted to access their funds early. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 6.00% gross / 5.67% AER payable on maturity
Notice / term: Three 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 postal Other information: Minimum applicant age 18. Account available via the Raisin UK platform.

Castle Trust Bank – Fixed Rate e-Cash ISA

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Castle Trust Bank has increased the rate on its one-year Fixed Rate e-Cash ISA this week. Now paying 4.80%, the deal takes a prominent position within its sector and may well appeal to savers looking to utilise their ISA allowance. The deal can be opened with a minimum of £1,000 and it accepts transfers in from both cash and stocks and shares ISAs. This deal permits early access on account closure, subject to a 90-day loss of interest penalty. The account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.80% gross / 4.80% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: ISA allowance
Access: Permitted, subject to 90-day loss of interest penalty and closure of account
Further additions: Permitted for 14 days from account opening
Transfers in: Permitted. Accepts cash and stocks and shares ISAs
Transfers out: Permitted, subject to 90-day loss of interest penalty
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum applicant age 18. New customers can only open an account via an online Self Service Portal, after which they gain access to the mobile app and can open subsequent accounts using the Self Service Portal or mobile app. Castle Trust Bank will plant a tree when an e-Cash ISA or e-Saver account is opened and funded within the 14-day funding window. If minimum investment is not made within 14 days of account opening, no interest is paid and the balance will be refunded.

Virgin Money – 2 Year Fixed Rate Cash E-ISA Issue 597

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“This week, Virgin Money has changed the issue numbers and increased the rates on its Fixed Rate Cash E-ISAs, including its two-year deal which improves its position in the market. The deal now pays a rate of 4.91% yearly and may appeal to savers who want to invest over the next two years and use their ISA allowance. Savers will also find a monthly interest option is available that pays 4.80% gross, which may appeal if they are looking to supplement their income. On review, the account earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 4.91% gross / 4.91% AER payable yearly / monthly interest option of 4.80% gross / 4.91% AER also available
Notice / term: To 24.5.25
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30 days from account opening
Transfers in: Permitted. Accepts Cash and Stocks and Shares ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 16

Mortgages

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

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Borrowers with a limited deposit seeking a competitive mortgage rate with a low upfront cost may find this latest fixed rate deal from Cumberland Building Society an attractive choice. Despite a rate rise, the five-year fixed rate mortgage remains competitively priced at 5.52%. The deal does not charge a product fee and it includes a free valuation incentive. This product earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.52% fixed rate to 1.9.28
Product fee: None
Maximum loan-to-value: 95%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain.

Buy-to-let

Skipton Building Society – Two-year variable tracker rate mortgage, 75% loan-to-value

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“Skipton Building Society reduced the rate on its buy-to-let two-year variable tracker deal this week, boosting its appeal. Now priced at 5.19% for two years, the deal is available for landlords at 75% loan-to-value. Borrowers will find a free valuation incentive is included and, for remortgage customers, free legal fees. The product fee of £1,995 can also be added to the advance of the mortgage, which may be ideal for those looking to save on the upfront cost. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.19% variable tracker rate (collared at 2.00%) for two years
Product fee: £1,995
Maximum loan-to-value: 75%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation, and for those remortgaging free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain.

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.

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

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.

©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.