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Moneyfacts Pick of the Week - 23/06/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
23/06/2022

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 

Buckinghamshire Building Society – Fixed Rate Bond Issue 160

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

“Buckinghamshire Building Society has increased the rate on its Fixed Rate Bond to 31.5.25 by a significant 0.60% this week. Now paying 3.00%, this could be an enticing option for savers who are comfortable securing their savings pot away for the fixed term as earlier access is not permitted. However, unlike many fixed rate bonds, this account allows further additions while the issue is open, which could be a plus for some investors. On balance this account moves up to take a prominent place within the top 10 when compared to other products with similar terms and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.00% gross / 3.00% AER payable yearly
  • Notice / term: To 31.5.25
  • Minimum opening amount: £1,000 
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted whilst issue remains open
  • Opening account: In branch and by post
  • Managing account: In branch and by post
  • Other information: Minimum applicant age 7. Joint account option available.

 

DF Capital – 2 Year Fixed Rate Deposit (Issue 7)

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

“This week saw DF Capital raise the rate on its 2 Year Fixed Rate Deposit by 0.15%. This now pays one of the top rates in its sector of 2.95% on maturity, and has therefore improved its position in our top table when compared to other bonds with similar terms. This account could well tempt savers who are happy to lock their funds away for the two-year term in order to receive a competitive return, and there is also the option to make further additions for 14-days after the account is opened, which may be a further benefit for some. Following the update this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.95% gross / 2.95% AER payable on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14-days from account opening via a nominated account
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 1 Year Fixed Rate Saver

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

“Investec Bank plc has increased the rate on its 1 Year Fixed Rate Saver by 0.15%, rising to pay 2.55% gross and taking a position within the top 10 when compared to other bonds with similar terms. The account provides some flexibility to make further additions for seven days from account opening but as may be expected in the fixed bond arena, earlier access is not permitted, so this may suit savers happy to secure their cash away for the one-year term. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.55% gross / 2.55% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 7-days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Allica Bank – 95-Day Notice Personal Savings Account (Issue 1)

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

“Savers who are looking to maintain some access to their nest egg but who want to earn a better rate than can currently be found on an easy access account may well be tempted by the 95-Day Notice account from Allica Bank. Following a rise of 0.40% this week, this now pays a competitive return of 1.80%, which sees it take a position in the top 10 when compared to other notice accounts on offer. Investors able to meet the minimum deposit of £10,000 might also be pleased to see that although they need to provide the relevant 95-days’ notice before accessing their cash, further additions can be made at any time, which may be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% gross / 1.80% AER payable on anniversary
  • Notice / term: 95 days
  • Minimum opening amount: £10,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 95 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18.

 

Principality Building Society – Online ISA

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

“Principality Building Society has increased the rate on its Online ISA by 0.30% this week. Now paying a competitive return of 1.30%, savers who are looking for a flexible account and who wish to utilise their ISA allowance may well be tempted by this deal as it allows unlimited deposits. This account improves its position in our top tables following the update, however, savvy investors may want to schedule in a review, as the bonus portion of the rate expires after 12 months and the rate paid will then reduce. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.30% gross / 1.30% AER payable yearly (rate includes a bonus of 0.40% for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash and stocks and shares ISAs
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Flexible ISA rules apply

 

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 increased rates across its range of buy-to-let fixed products by 0.40% this week. The three-year fixed rate offering at 60% loan-to-value is now priced at 3.14% until 1 October 2025. The fee of £995 is unchanged and there is the option for borrowers to add this to the advance, and the generous incentive package, which includes cashback, also remains on offer. This means that when assessed as a whole package, this deal could be a tempting option for landlords who are looking for a mid-term fixed rate, despite the rise in rate. This product retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.14% fixed rate to 1.10.25
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £500 cashback for second-time buyers and, for those remortgaging, free valuation and either free legal fees or £300 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Furness Building Society – Five-year discounted variable rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has returned its two-year discounted variable rate to its buy-to-let range. Now priced at 2.25% and available up to 80% loan-to-value for both those remortgaging or purchasing a rental property, this is 0.20% lower than its predecessor and is now the lowest rate offered in this sector of the market. This may therefore be an appealing option for those landlords who are comfortable with a variable rate and who are looking for a combination of competitive initial rate combined with relatively low set-up costs. Those wanting to keep their outgoings associated with taking on a new buy-to-let mortgage to minimum may be pleased to see that the product fee of £995 can be added to the advance, and there is an incentive package available which includes cashback. This deal therefore secures a place in our top tables for the intermediary sector and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.25% discounted variable rate for two-years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: House purchase and remortgage customers
  • Incentives: £250 cashback and, for those remortgaging, free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Banking

Nationwide Building Society – FlexDirect

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

“In this latest review, Nationwide Building Society has increased the credit interest paid on its FlexDirect current account significantly, rising from 1.98% gross to now pay 4.89% gross on balances of up to £1,500 in the first 12 months after account opening. This update therefore sees the account move further up our top table when compared to other interest-paying current accounts and could well be a tempting option for some on that basis. However, consumers should be aware that to qualify for the credit interest they need to fund the account with a minimum of £1,000 per month. There is also currently a switching incentive on offer of £100 for new customers using CASS (Current Account Switch Service), which may further boost this account’s appeal. Additionally, the FlexDirect account provides an interest-free arranged overdraft facility for the first 12-months from account opening which could be a big plus for some, however, consumers should note that after the first year that will rise to 39.9% EAR. As with any account customers will need to weigh up all the benefits and charges and consider the specifics of the whole package offered. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 4.89% gross per annum on balances up to £1,500. Rate reverts to 0.24% gross thereafter.
  • Account fee: None
  • Arranged overdraft: 39.9% EAR
  • Opening account: Online and by phone
  • Managing account: Online, by phone, by post, via its mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Eligible for Member Credit Card. £100 free cash offer, using the Current Account Switch Service for new accounts (£125 for existing account holders) when a minimum of two direct debits are switched.

 

Cards

Sainsbury’s Bank – 34 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Sainsbury’s Bank sees the term on the 33 Month Balance Transfer credit card increase to 34 months. This update ensures that this now equals the longest introductory 0% balance transfer terms currently on the market, and so could well appeal to those looking to consolidate their debts. Additionally, card holders can also benefit by earning Nectar Points when spending on their card, which may broaden its appeal further. On assessment this earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.88% (minimum £3.00) as an introductory charge during the first three months from account opening, 3.00% (minimum £3.00) thereafter
  • Card fee: None
  • Opening method: Online and by phone
  • Card management: Online, by phone, by post and via its mobile app

Other information: Minimum age 18. Minimum income £10,000. Rates dependent on credit rating.

Savings 

Buckinghamshire Building Society – Fixed Rate Bond Issue 160

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

“Buckinghamshire Building Society has increased the rate on its Fixed Rate Bond to 31.5.25 by a significant 0.60% this week. Now paying 3.00%, this could be an enticing option for savers who are comfortable securing their savings pot away for the fixed term as earlier access is not permitted. However, unlike many fixed rate bonds, this account allows further additions while the issue is open, which could be a plus for some investors. On balance this account moves up to take a prominent place within the top 10 when compared to other products with similar terms and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.00% gross / 3.00% AER payable yearly
  • Notice / term: To 31.5.25
  • Minimum opening amount: £1,000 
  • Maximum investment amount: £500,000
  • Access: Not permitted
  • Further additions: Permitted whilst issue remains open
  • Opening account: In branch and by post
  • Managing account: In branch and by post
  • Other information: Minimum applicant age 7. Joint account option available.

 

DF Capital – 2 Year Fixed Rate Deposit (Issue 7)

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

“This week saw DF Capital raise the rate on its 2 Year Fixed Rate Deposit by 0.15%. This now pays one of the top rates in its sector of 2.95% on maturity, and has therefore improved its position in our top table when compared to other bonds with similar terms. This account could well tempt savers who are happy to lock their funds away for the two-year term in order to receive a competitive return, and there is also the option to make further additions for 14-days after the account is opened, which may be a further benefit for some. Following the update this account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.95% gross / 2.95% AER payable on maturity
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 14-days from account opening via a nominated account
  • Opening account: Online
  • Managing account: Online and by phone
  • Other information: Minimum applicant age 18.

 

Investec Bank plc – 1 Year Fixed Rate Saver

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

“Investec Bank plc has increased the rate on its 1 Year Fixed Rate Saver by 0.15%, rising to pay 2.55% gross and taking a position within the top 10 when compared to other bonds with similar terms. The account provides some flexibility to make further additions for seven days from account opening but as may be expected in the fixed bond arena, earlier access is not permitted, so this may suit savers happy to secure their cash away for the one-year term. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.55% gross / 2.55% AER payable on maturity
  • Notice / term: One year
  • Minimum opening amount: £5,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Permitted for 7-days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Allica Bank – 95-Day Notice Personal Savings Account (Issue 1)

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

“Savers who are looking to maintain some access to their nest egg but who want to earn a better rate than can currently be found on an easy access account may well be tempted by the 95-Day Notice account from Allica Bank. Following a rise of 0.40% this week, this now pays a competitive return of 1.80%, which sees it take a position in the top 10 when compared to other notice accounts on offer. Investors able to meet the minimum deposit of £10,000 might also be pleased to see that although they need to provide the relevant 95-days’ notice before accessing their cash, further additions can be made at any time, which may be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% gross / 1.80% AER payable on anniversary
  • Notice / term: 95 days
  • Minimum opening amount: £10,000
  • Maximum investment amount: £250,000
  • Access: Permitted, subject to 95 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online and via its mobile app
  • Managing account: Online, by phone and via its mobile app
  • Other information: Minimum applicant age 18.

 

Principality Building Society – Online ISA

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

“Principality Building Society has increased the rate on its Online ISA by 0.30% this week. Now paying a competitive return of 1.30%, savers who are looking for a flexible account and who wish to utilise their ISA allowance may well be tempted by this deal as it allows unlimited deposits. This account improves its position in our top tables following the update, however, savvy investors may want to schedule in a review, as the bonus portion of the rate expires after 12 months and the rate paid will then reduce. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.30% gross / 1.30% AER payable yearly (rate includes a bonus of 0.40% for 12 months)
  • Notice / term: None
  • Minimum opening amount: £1
  • Maximum investment amount: ISA allowance
  • Access: Permitted
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts cash and stocks and shares ISAs
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. Flexible ISA rules apply

 

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 increased rates across its range of buy-to-let fixed products by 0.40% this week. The three-year fixed rate offering at 60% loan-to-value is now priced at 3.14% until 1 October 2025. The fee of £995 is unchanged and there is the option for borrowers to add this to the advance, and the generous incentive package, which includes cashback, also remains on offer. This means that when assessed as a whole package, this deal could be a tempting option for landlords who are looking for a mid-term fixed rate, despite the rise in rate. This product retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 3.14% fixed rate to 1.10.25
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: £500 cashback for second-time buyers and, for those remortgaging, free valuation and either free legal fees or £300 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Furness Building Society – Five-year discounted variable rate mortgage, 80% loan-to-value

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

“This week Furness Building Society has returned its two-year discounted variable rate to its buy-to-let range. Now priced at 2.25% and available up to 80% loan-to-value for both those remortgaging or purchasing a rental property, this is 0.20% lower than its predecessor and is now the lowest rate offered in this sector of the market. This may therefore be an appealing option for those landlords who are comfortable with a variable rate and who are looking for a combination of competitive initial rate combined with relatively low set-up costs. Those wanting to keep their outgoings associated with taking on a new buy-to-let mortgage to minimum may be pleased to see that the product fee of £995 can be added to the advance, and there is an incentive package available which includes cashback. This deal therefore secures a place in our top tables for the intermediary sector and earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 2.25% discounted variable rate for two-years
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: House purchase and remortgage customers
  • Incentives: £250 cashback and, for those remortgaging, free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain.

 

Banking

Nationwide Building Society – FlexDirect

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

“In this latest review, Nationwide Building Society has increased the credit interest paid on its FlexDirect current account significantly, rising from 1.98% gross to now pay 4.89% gross on balances of up to £1,500 in the first 12 months after account opening. This update therefore sees the account move further up our top table when compared to other interest-paying current accounts and could well be a tempting option for some on that basis. However, consumers should be aware that to qualify for the credit interest they need to fund the account with a minimum of £1,000 per month. There is also currently a switching incentive on offer of £100 for new customers using CASS (Current Account Switch Service), which may further boost this account’s appeal. Additionally, the FlexDirect account provides an interest-free arranged overdraft facility for the first 12-months from account opening which could be a big plus for some, however, consumers should note that after the first year that will rise to 39.9% EAR. As with any account customers will need to weigh up all the benefits and charges and consider the specifics of the whole package offered. On balance, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Credit interest / reward: 4.89% gross per annum on balances up to £1,500. Rate reverts to 0.24% gross thereafter.
  • Account fee: None
  • Arranged overdraft: 39.9% EAR
  • Opening account: Online and by phone
  • Managing account: Online, by phone, by post, via its mobile app, post office and text alerts
  • Other information: Minimum applicant age 18. Eligible for Member Credit Card. £100 free cash offer, using the Current Account Switch Service for new accounts (£125 for existing account holders) when a minimum of two direct debits are switched.

 

Cards

Sainsbury’s Bank – 34 Month Balance Transfer Credit Card Mastercard

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

“The latest update from Sainsbury’s Bank sees the term on the 33 Month Balance Transfer credit card increase to 34 months. This update ensures that this now equals the longest introductory 0% balance transfer terms currently on the market, and so could well appeal to those looking to consolidate their debts. Additionally, card holders can also benefit by earning Nectar Points when spending on their card, which may broaden its appeal further. On assessment this earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Introductory rate for purchases: 0% for three months
  • Introductory rate for balance transfers: 0% for 34 months
  • Standard rate for purchases: 21.9% APR
  • Balance transfer fee: 2.88% (minimum £3.00) as an introductory charge during the first three months from account opening, 3.00% (minimum £3.00) thereafter
  • Card fee: None
  • Opening method: Online and by phone
  • Card management: Online, by phone, by post and via its mobile app

Other information: Minimum age 18. Minimum income £10,000. Rates dependent on credit rating.

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