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Moneyfacts Pick of the Week - 23/05/2024

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James Hyde, Press & PR Manager
James Hyde, Press & PR Manager T: 01603 476205 E: Email James
23/05/2024

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 Spokesperson, James Hyde 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 Spokesperson, James Hyde has analysed the following deals, along with their perks, of note:

Savings

DF Capital – 120 Day Notice Account (Issue 1)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“DF Capital has relaunched its 120 Day Notice Account (Issue 1). Paying 5.35% gross/AER at £1,000, the account takes the lead position in the notice and monthly interest arena. Earlier access is not permitted, so 120 days’ notice will need to be given for savers to access their cash. Interest is paid monthly, with a maximum investment of £250,000 able to be deposited. Overall, the deal earns an Excellent Moneyfacts Rating.”

Key product details:

  • Rate: 5.35% gross/ AER, payable monthly
  • Notice / term: 120 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 120 days’ notice
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online, Telephone
  • Other information: Minimum applicant age 18

 

OakNorth Bank – 12 Month Fixed Rate Cash ISA

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“OakNorth Bank has increased the rate on its 12 Month Fixed Rate Cash ISA. It takes a competitive position in the one-year fixed ISA market paying 4.65% gross / 4.75% AER. Savers will only need a £1 minimum investment and they may also be glad to see that further additions can be paid in for 30 days from account opening. Earlier access is permitted subject to 90 days’ loss of interest, so it is important for investors to consider any withdrawal carefully. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.65% gross / 4.75% AER payable monthly
  • Notice / term: 12 Month Bond
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted, for 30 days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18

 

Paragon Bank – Double Access Savings Account Issue 8

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Paragon Bank has relaunched a new version of its Double Access Savings Account Issue 8. Paying 4.91% gross / 4.91% AER, it can be opened with a deposit of £1,000. Savers should note that a lower rate of interest will be paid if more than two withdrawals are made in a 12-month period. The account can only be opened and operated online. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.91% gross/ AER, payable on anniversary / monthly interest option of 4.80% gross /4.91% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, with lower rate paid if more than two withdrawals are made in 12-month period
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18

 

Tandem Bank– 1 Year Fixed Saver

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Tandem Bank has increased the rate on its 1 Year Fixed Saver by 0.05%. The account now pays 5.12% gross/AER and can be opened with just a £1 investment. Further additions are permitted for 14 days from account opening. The account can be opened online or via mobile app, and operated solely via the app. Overall, the deal earns an Excellent Moneyfacts Rating.”

Key product details:

  • Rate: 5.12% gross/ AER, payable on anniversary
  • Notice / term: 1 year
  • Minimum opening amount: £1
  • Maximum investment amount: £2.5 million
  • Access: None
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online, mobile app
  • Managing account: Mobile app
  • Other information: Minimum applicant age 18, supports green lending initiatives

 

Mortgages

Leeds BS – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Leeds BS has introduced new fixed rates for two and five-year terms. Its two-year fixed rate mortgage is priced at 4.79% and carries a fee of £999. This deal is available up to 75% loan-to-value and a free valuation is included, as is support towards costs for those remortgaging. The product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.79% fixed rate to 31.8.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation for all borrowers, help towards costs for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland

 

Buy-to-Let

Virgin Money – Five-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Virgin Money has reduced selected fixed rates by up to 0.21%. The five-year fixed rate buy-to-let mortgage at 80% loan-to-value has been cut by 0.19% and is now priced at 5.29% to 1 August 29. It continues to carry a fee of £995 along with incentives of £500 cashback for those purchasing, or for those remortgaging, a free valuation as well as either £300 cashback or free legal fees. As such this enters the Moneyfacts 'Best Buys'. The reduction, along with its fee and incentive package, enhances its position and earns it an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.29% fixed rate to 1.8.29
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for house purchases. For remortgage borrowers a free valuation, and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • Lending area: Great Britain and Northern Ireland

 

Savings

DF Capital – 120 Day Notice Account (Issue 1)

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“DF Capital has relaunched its 120 Day Notice Account (Issue 1). Paying 5.35% gross/AER at £1,000, the account takes the lead position in the notice and monthly interest arena. Earlier access is not permitted, so 120 days’ notice will need to be given for savers to access their cash. Interest is paid monthly, with a maximum investment of £250,000 able to be deposited. Overall, the deal earns an Excellent Moneyfacts Rating.”

Key product details:

  • Rate: 5.35% gross/ AER, payable monthly
  • Notice / term: 120 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 120 days’ notice
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online, Telephone
  • Other information: Minimum applicant age 18

 

OakNorth Bank – 12 Month Fixed Rate Cash ISA

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“OakNorth Bank has increased the rate on its 12 Month Fixed Rate Cash ISA. It takes a competitive position in the one-year fixed ISA market paying 4.65% gross / 4.75% AER. Savers will only need a £1 minimum investment and they may also be glad to see that further additions can be paid in for 30 days from account opening. Earlier access is permitted subject to 90 days’ loss of interest, so it is important for investors to consider any withdrawal carefully. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.65% gross / 4.75% AER payable monthly
  • Notice / term: 12 Month Bond
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted, subject to 90-day loss of interest penalty
  • Further additions: Permitted, for 30 days from account opening
  • Transfers in: Permitted. Accepts Cash ISAs
  • Transfers out: Permitted, subject to 90-day loss of interest penalty
  • Opening account: Online and via mobile app
  • Managing account: Online and via mobile app
  • Other information: Minimum applicant age 18

 

Paragon Bank – Double Access Savings Account Issue 8

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Paragon Bank has relaunched a new version of its Double Access Savings Account Issue 8. Paying 4.91% gross / 4.91% AER, it can be opened with a deposit of £1,000. Savers should note that a lower rate of interest will be paid if more than two withdrawals are made in a 12-month period. The account can only be opened and operated online. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 4.91% gross/ AER, payable on anniversary / monthly interest option of 4.80% gross /4.91% AER also available
  • Notice / term: None
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, with lower rate paid if more than two withdrawals are made in 12-month period
  • Further additions: Permitted via nominated account
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18

 

Tandem Bank– 1 Year Fixed Saver

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Tandem Bank has increased the rate on its 1 Year Fixed Saver by 0.05%. The account now pays 5.12% gross/AER and can be opened with just a £1 investment. Further additions are permitted for 14 days from account opening. The account can be opened online or via mobile app, and operated solely via the app. Overall, the deal earns an Excellent Moneyfacts Rating.”

Key product details:

  • Rate: 5.12% gross/ AER, payable on anniversary
  • Notice / term: 1 year
  • Minimum opening amount: £1
  • Maximum investment amount: £2.5 million
  • Access: None
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online, mobile app
  • Managing account: Mobile app
  • Other information: Minimum applicant age 18, supports green lending initiatives

 

Mortgages

Leeds BS – Two-year fixed rate mortgage, 75% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Leeds BS has introduced new fixed rates for two and five-year terms. Its two-year fixed rate mortgage is priced at 4.79% and carries a fee of £999. This deal is available up to 75% loan-to-value and a free valuation is included, as is support towards costs for those remortgaging. The product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.79% fixed rate to 31.8.26
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation for all borrowers, help towards costs for remortgage customers
  • Flexible features: Allows overpayments
  • Lending area: England, Wales, mainland Scotland and Northern Ireland

 

Buy-to-Let

Virgin Money – Five-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, James Hyde, Spokesperson at Moneyfactscompare.co.uk, said:

“Virgin Money has reduced selected fixed rates by up to 0.21%. The five-year fixed rate buy-to-let mortgage at 80% loan-to-value has been cut by 0.19% and is now priced at 5.29% to 1 August 29. It continues to carry a fee of £995 along with incentives of £500 cashback for those purchasing, or for those remortgaging, a free valuation as well as either £300 cashback or free legal fees. As such this enters the Moneyfacts 'Best Buys'. The reduction, along with its fee and incentive package, enhances its position and earns it an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.29% fixed rate to 1.8.29
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for house purchases. For remortgage borrowers a free valuation, and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments and payment holidays
  • 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