Moneyfacts Pick of the Week - 23/09/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
23/09/2021

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.co.uk.

This week, our resident Finance Expert, Eleanor Williams, has analysed the following deals, along with their perks, of note:

Savings

Atom Bank – 2 Year Fixed Saver

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

“This week Atom Bank has made reductions to the rates across a selection of its Fixed Saver accounts. Despite the fall, the 2 Year Fixed Saver, which now pays 1.55% on anniversary, maintains a position in the top ten when compared to other fixed bonds with similar terms currently available. Savers who are comfortable securing their nest egg away for the term of the account may well be attracted by the return, while those hoping to boost their income may also find the monthly interest option appealing. Investors should note that early access is not permitted, however, savers are able to make further additions for one week from account opening, which could be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable on anniversary, monthly interest option of 1.54% gross / 1.55% AER available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted, for one week from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Recognise Bank – 95 Day Notice Account – Issue 1

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

“Launching into the UK personal savings market this week is Recognise Bank. One of its offerings is a 95 Day Notice account paying a competitive 1.00% on anniversary. This account could well suit savers looking for a decent rate of return and may also be tempting to investors who are looking to boost their income as a monthly interest option is available, which they may find appealing. Savers should ensure that they are happy to provide advance notice if they are likely to want to make withdrawals from their account as access to their funds will require 95-days’ notice, however, further additions to the account are permitted and unrestricted. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable on anniversary, monthly interest option of 1.00% gross / 1.00% AER available
  • Notice / term: 95 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, subject to 95-days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Initial deposit must be made within 30 days of account opening or account may be closed.

 Coventry Building Society – Four Access Saver

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

“Coventry Building Society has introduced a new Four Access Saver account this week, which may be an attractive choice for those who prefer to maintain some flexible access to their savings pot. Available to those with minimum investment amounts of just £1, this account pays a currently market-leading rate of 0.65% on anniversary. This may be a tempting choice for those who are looking for an easy access product with a competitive return, as further additions are permitted and unrestricted and this account allows four withdrawals per annum, with further withdrawals also permitted but subject to a 50-day loss of interest penalty. The account secures a position in our top rate tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.65% gross / 0.65% AER, payable on anniversary, monthly interest option of 0.65% gross / 0.65% AER available
  • Notice / term: Instant
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Four penalty free withdrawals permitted per annum, further withdrawals subject to 50-day loss of interest penalty
  • Further additions: Permitted
  • Opening account: Online, by phone, by post and in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: No minimum applicant age (Min. age 16 to open statement-based version). Joint account option available. 

Mortgages

West Brom Building Society – Five-year fixed rate mortgage, 90% loan-to-value

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

“Those who are looking to purchase with a 10% deposit may wish to note that among the deals to receive a rate reduction from West Brom Building Society this week is the five-year fixed rate for homebuyers. Available to a maximum of 90% loan-to-value this option took a cut of 0.44% and is now priced at 2.84% to 31 December 2026. This may be a particularly appealing option for those who have stretched their funds to meet the deposit required as for this deal there is no fee to pay, and there is also a comprehensive incentive package available comprising both a free valuation and a generous £1,000 cashback, which could be a real boost for those who have little funds available to meet the costs associated with setting up a mortgage. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

 Key product details:

  • Rate: 2.84% fixed rate to 31.12.26
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: £1,000 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Accord Mortgages – Five-year fixed rate mortgage, 80% loan-to-value

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

“In its latest update Accord Mortgages has made reductions to selected residential mortgage products of as much as 0.31%. One of the offerings to receive a rate cut this week is a five-year fixed rate deal at 80% loan-to-value which dropped by 0.08% and is now priced at 1.80% until 31 January 2027. Borrowers who are looking to lock-in to the stability of a mid-term fixed rate product may be pleased to see that not only is this a competitive initial rate, but when considered as a whole, the reasonable £995 fee is offset by a generous incentive package comprising both a free valuation and £1,000 cashback, ensuring that this option is an enticing overall package. This deal therefore secures a position in our top tables for intermediaries and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% fixed rate to 31.1.27
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: £1,000 cashback and free valuation
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, notice required, not to exceed the level of overpayments
  • Lending area: Great Britain and Northern Ireland. Available via Intermediaries.

Buy-to-Let Mortgages

Leek United Building Society – Five-year fixed rate mortgage, 65% loan-to-value

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

“In the latest refresh of its buy-to-product range, Leek United Building Society has updated the majority of its products with many receiving rate cuts. One such deal is the five-year fixed rate option available up to 65% loan-to-value. Now priced at 1.96% to 31 January 2027 this sits just slightly higher than the lowest initial rates currently offered within this sector and is available to both landlords who are purchasing and those who are remortgaging. When assessed as a whole, the competitive rate is balanced with a reasonable £995 fee for which there is the option to either pay upfront or to add to the mortgage advance. Landlords looking to keep any mortgage set up costs to a minimum may be further tempted by the generous incentive package of a free valuation and £400 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

 Key product details:

  • Rate: 1.96% fixed rate to 31.1.27
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: All borrower types
  • Incentives: £400 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Savings

Atom Bank – 2 Year Fixed Saver

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

“This week Atom Bank has made reductions to the rates across a selection of its Fixed Saver accounts. Despite the fall, the 2 Year Fixed Saver, which now pays 1.55% on anniversary, maintains a position in the top ten when compared to other fixed bonds with similar terms currently available. Savers who are comfortable securing their nest egg away for the term of the account may well be attracted by the return, while those hoping to boost their income may also find the monthly interest option appealing. Investors should note that early access is not permitted, however, savers are able to make further additions for one week from account opening, which could be a plus for some. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.55% gross / 1.55% AER payable on anniversary, monthly interest option of 1.54% gross / 1.55% AER available
  • Notice / term: Two years
  • Minimum opening amount: £50
  • Maximum investment amount: £100,000
  • Access: Not permitted
  • Further additions: Permitted, for one week from account opening
  • Opening account: Via its mobile app
  • Managing account: Via its mobile app
  • Other information: Minimum applicant age 18.

Recognise Bank – 95 Day Notice Account – Issue 1

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

“Launching into the UK personal savings market this week is Recognise Bank. One of its offerings is a 95 Day Notice account paying a competitive 1.00% on anniversary. This account could well suit savers looking for a decent rate of return and may also be tempting to investors who are looking to boost their income as a monthly interest option is available, which they may find appealing. Savers should ensure that they are happy to provide advance notice if they are likely to want to make withdrawals from their account as access to their funds will require 95-days’ notice, however, further additions to the account are permitted and unrestricted. On assessment, this product receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.00% gross / 1.00% AER payable on anniversary, monthly interest option of 1.00% gross / 1.00% AER available
  • Notice / term: 95 days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £85,000
  • Access: Permitted, subject to 95-days’ notice
  • Further additions: Permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Initial deposit must be made within 30 days of account opening or account may be closed.

 Coventry Building Society – Four Access Saver

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

“Coventry Building Society has introduced a new Four Access Saver account this week, which may be an attractive choice for those who prefer to maintain some flexible access to their savings pot. Available to those with minimum investment amounts of just £1, this account pays a currently market-leading rate of 0.65% on anniversary. This may be a tempting choice for those who are looking for an easy access product with a competitive return, as further additions are permitted and unrestricted and this account allows four withdrawals per annum, with further withdrawals also permitted but subject to a 50-day loss of interest penalty. The account secures a position in our top rate tables and an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.65% gross / 0.65% AER, payable on anniversary, monthly interest option of 0.65% gross / 0.65% AER available
  • Notice / term: Instant
  • Minimum opening amount: £1
  • Maximum investment amount: £250,000
  • Access: Four penalty free withdrawals permitted per annum, further withdrawals subject to 50-day loss of interest penalty
  • Further additions: Permitted
  • Opening account: Online, by phone, by post and in branch
  • Managing account: Online, by phone, by post and in branch
  • Other information: No minimum applicant age (Min. age 16 to open statement-based version). Joint account option available. 

Mortgages

West Brom Building Society – Five-year fixed rate mortgage, 90% loan-to-value

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

“Those who are looking to purchase with a 10% deposit may wish to note that among the deals to receive a rate reduction from West Brom Building Society this week is the five-year fixed rate for homebuyers. Available to a maximum of 90% loan-to-value this option took a cut of 0.44% and is now priced at 2.84% to 31 December 2026. This may be a particularly appealing option for those who have stretched their funds to meet the deposit required as for this deal there is no fee to pay, and there is also a comprehensive incentive package available comprising both a free valuation and a generous £1,000 cashback, which could be a real boost for those who have little funds available to meet the costs associated with setting up a mortgage. Overall, this product earns a position in our top tables and an Outstanding Moneyfacts product rating.”

 Key product details:

  • Rate: 2.84% fixed rate to 31.12.26
  • Product fee: None
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers (remortgage option also available)
  • Incentives: £1,000 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Accord Mortgages – Five-year fixed rate mortgage, 80% loan-to-value

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

“In its latest update Accord Mortgages has made reductions to selected residential mortgage products of as much as 0.31%. One of the offerings to receive a rate cut this week is a five-year fixed rate deal at 80% loan-to-value which dropped by 0.08% and is now priced at 1.80% until 31 January 2027. Borrowers who are looking to lock-in to the stability of a mid-term fixed rate product may be pleased to see that not only is this a competitive initial rate, but when considered as a whole, the reasonable £995 fee is offset by a generous incentive package comprising both a free valuation and £1,000 cashback, ensuring that this option is an enticing overall package. This deal therefore secures a position in our top tables for intermediaries and an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% fixed rate to 31.1.27
  • Product fee: £995
  • Maximum loan-to-value: 80%
  • Available to: All borrower types
  • Incentives: £1,000 cashback and free valuation
  • Flexible features: Allows overpayments. Underpayments and payment holidays considered, notice required, not to exceed the level of overpayments
  • Lending area: Great Britain and Northern Ireland. Available via Intermediaries.

Buy-to-Let Mortgages

Leek United Building Society – Five-year fixed rate mortgage, 65% loan-to-value

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

“In the latest refresh of its buy-to-product range, Leek United Building Society has updated the majority of its products with many receiving rate cuts. One such deal is the five-year fixed rate option available up to 65% loan-to-value. Now priced at 1.96% to 31 January 2027 this sits just slightly higher than the lowest initial rates currently offered within this sector and is available to both landlords who are purchasing and those who are remortgaging. When assessed as a whole, the competitive rate is balanced with a reasonable £995 fee for which there is the option to either pay upfront or to add to the mortgage advance. Landlords looking to keep any mortgage set up costs to a minimum may be further tempted by the generous incentive package of a free valuation and £400 cashback. Overall, this product earns an Outstanding Moneyfacts product rating.”

 Key product details:

  • Rate: 1.96% fixed rate to 31.1.27
  • Product fee: £995
  • Maximum loan-to-value: 65%
  • Available to: All borrower types
  • Incentives: £400 cashback and free valuation
  • Flexible features: Allows overpayments
  • Lending area: England and Wales.

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way Moneyfacts.co.uk ranks products, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfacts.co.uk if you decide to source this information.

For more information about us please see our key facts.

 

Notes to editors

Pioneering financial comparison technology for over 30 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts.co.uk is a financial product price comparison site, launched in 2000, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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