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Moneyfacts Pick of the Week - 23/11/2023

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Caitlyn Eastell, Apprentice Press & PR Assistant
Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn
23/11/2023

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

Metro Bank – 1 Year Fixed Term Savings Account

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

“Metro Bank has reduced the rate on its 1 Year Fixed Term Savings Account by 0.11% this week, with a rate of 5.80% AER payable on anniversary on a minimum investment of £500. Savers looking to boost their income may also wish to note this deal comes with a monthly interest option, also paying 5.80% AER. Despite the reduction this account retains its prominent position against similar fixed bonds. As is the case with many fixed term accounts, earlier access and further additions are not permitted. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.80% gross / 5.80% AER payable on its anniversary, monthly interest option of 5.66% gross / 5.80% AER
  • Notice / term: One year bond
  • Minimum opening amount: £500
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and in branch
  • Managing account: Online, in branch and by phone
  • Other information: Minimum applicant age 16. Minimum applicant age 18 to open online. Joint account option available. Another Metro Bank account is required or an Instant Access account will be automatically opened for transactional purposes.

 

Hodge Bank – 3 Year Fixed Rate Bond

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

“Hodge Bank has increased the rate on its 3 Year Fixed Rate Bond this week, improving its position in the market. Now paying 5.39% on investments of £1,000, the deal may appeal to savers looking for a competitive return who are comfortable with locking their money away for the full three years as earlier access is not permitted, which should be carefully considered. There is also a monthly interest option which may entice those looking to supplement their income. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% gross / 5.39% AER, payable on its anniversary / monthly interest option of 5.26% gross / 5.39% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening 
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Moneybox – Moneybox Cash ISA

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

“Moneybox has increased the rate on its Cash ISA this week, which improves its overall position in the market when compared with similar variable Cash ISAs. The deal now pays a rate of 5.09% on the account’s anniversary, and may be an attractive option for savers who want flexibility and instant access to their ISA. This account also includes a bonus of 0.94% for the first 12 months, which may also entice savers. However, investors must note that if they make more than three withdrawals per year the rate drops significantly to 0.75%, so careful planning may be sensible. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.09% gross / 5.09% AER payable on anniversary (includes a 0.94% bonus for 12 months)
  • Notice / term: None
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted. 0.75% gross / AER paid if more than three withdrawals made per annum
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – 4 Year Fixed Rate Bond

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

“This week Cynergy Bank has reduced the rates on a selection of its fixed bonds, including the four-year fixed option that now pays 5.05%. Despite the reduction, the deal still pays a competitive rate against other bonds of a similar term. A minimum deposit of £1,000 is needed to open the account, and this may be an enticing option for investors who are happy to lock their cash away over four years for a guaranteed return. As is common with fixed bonds, earlier access is not permitted, but investors may be glad to hear that further additions can be made for 14 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on its anniversary
  • Notice / term: Four years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening.
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Mortgages

Gen H – Three-year fixed rate mortgage, 80% loan-to-value

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

“Gen H has made rate cuts of up to 0.50% across a range of its fixed deals this week, including its three-year fixed mortgage at 80% loan-to-value. Priced at 5.22%, and requiring no upfront fees, this deal may be an ideal choice for borrowers who are looking to save on the upfront cost of their mortgage. Additionally, the deal allows overpayments, and comes with an incentive of a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.22% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales.

 

HSBC – Five-year fixed rate mortgage, 95% loan-to-value

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

“This week, HSBC has reduced rates across its range of fixed deals, including its five-year fixed mortgage at 95% loan-to-value. Now priced at 5.39% and fixed to 28 March 2029, this deal carries an appealing incentive package of a free valuation incentive and £500 cashback. Borrowers may be glad to note that this deal does not charge an arrangement fee, so it is a tempting option for those looking to save on the upfront cost of their mortgage and lock into a competitive rate. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% fixed rate to 28.2.29
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Tipton and Coseley Building Society – Three-year Discounted variable rate mortgage, 90% loan-to-value

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

“Tipton and Coseley Building Society has reduced a selected range of its discounted and fixed rate mortgages. One of those deals seeing a 0.19% reduction is the three-year discounted variable rate, now charging 5.85% at 90% loan-to-value until 31.1.27. This deal offers a fair product fee of £999, which is ideal for those looking to save on upfront costs. Also, borrowers can make overpayments, and drawdowns are available after three months with a minimum of £1,000 subject to approval. On assessment, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 5.85% discounted– (discount 2.74%) until 31.1.27
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: None
  • Flexible features: Allows overpayments and drawdowns after three months with minimum £1000, subject to approval
  • Lending area: England and Wales

 

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

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

“HSBC has reduced rates across a range of its buy-to-let fixed deals this week, including its five-year fixed mortgage at 60% loan-to-value. Priced at 4.54% and fixed until 28 February 2029, this deal is an enticing option for those who may want to lock into a competitive rate. The deal carries a free valuation incentive; however, it comes with a product fee of £1,999, which may need to be considered by some borrowers. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.54% fixed rate to 28.2.29
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

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

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

“This week, Skipton Building Society reduced the rates across its Buy-to-Let range. One product of note is the two-year fixed mortgage at 75% loan-to-value. Now priced at 5.76% until 31.3.26, all borrowers will be glad to find an attractive incentive package carrying a free valuation and, for those remortgaging, free legal fees. Requiring a small product fee of £995, which can be added to the mortgage advance, this deal may be an appealing option for those looking to save on the upfront costs of their mortgage. Overall, it earns an Excellent Moneyfacts product rating.”

Key product details:

  • 5.76% fixed rate to 31.3.26
  • Product fee: £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

Metro Bank – 1 Year Fixed Term Savings Account

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

“Metro Bank has reduced the rate on its 1 Year Fixed Term Savings Account by 0.11% this week, with a rate of 5.80% AER payable on anniversary on a minimum investment of £500. Savers looking to boost their income may also wish to note this deal comes with a monthly interest option, also paying 5.80% AER. Despite the reduction this account retains its prominent position against similar fixed bonds. As is the case with many fixed term accounts, earlier access and further additions are not permitted. On assessment, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.80% gross / 5.80% AER payable on its anniversary, monthly interest option of 5.66% gross / 5.80% AER
  • Notice / term: One year bond
  • Minimum opening amount: £500
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online and in branch
  • Managing account: Online, in branch and by phone
  • Other information: Minimum applicant age 16. Minimum applicant age 18 to open online. Joint account option available. Another Metro Bank account is required or an Instant Access account will be automatically opened for transactional purposes.

 

Hodge Bank – 3 Year Fixed Rate Bond

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

“Hodge Bank has increased the rate on its 3 Year Fixed Rate Bond this week, improving its position in the market. Now paying 5.39% on investments of £1,000, the deal may appeal to savers looking for a competitive return who are comfortable with locking their money away for the full three years as earlier access is not permitted, which should be carefully considered. There is also a monthly interest option which may entice those looking to supplement their income. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% gross / 5.39% AER, payable on its anniversary / monthly interest option of 5.26% gross / 5.39% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 10 working days from account opening 
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

 

Moneybox – Moneybox Cash ISA

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

“Moneybox has increased the rate on its Cash ISA this week, which improves its overall position in the market when compared with similar variable Cash ISAs. The deal now pays a rate of 5.09% on the account’s anniversary, and may be an attractive option for savers who want flexibility and instant access to their ISA. This account also includes a bonus of 0.94% for the first 12 months, which may also entice savers. However, investors must note that if they make more than three withdrawals per year the rate drops significantly to 0.75%, so careful planning may be sensible. Overall, this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.09% gross / 5.09% AER payable on anniversary (includes a 0.94% bonus for 12 months)
  • Notice / term: None
  • Minimum opening amount: £500
  • Maximum investment amount: ISA allowance
  • Access: Permitted. 0.75% gross / AER paid if more than three withdrawals made per annum
  • Further additions: Permitted
  • Transfers in: Permitted. Accepts Cash, Stocks and Shares, Help to Buy, Lifetime, Stock and Shares LISAs, and Innovative Finance ISAs
  • Transfers out: Permitted
  • Opening account: Via mobile app
  • Managing account: Via mobile app
  • Other information: Minimum applicant age 18.

 

Cynergy Bank – 4 Year Fixed Rate Bond

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

“This week Cynergy Bank has reduced the rates on a selection of its fixed bonds, including the four-year fixed option that now pays 5.05%. Despite the reduction, the deal still pays a competitive rate against other bonds of a similar term. A minimum deposit of £1,000 is needed to open the account, and this may be an enticing option for investors who are happy to lock their cash away over four years for a guaranteed return. As is common with fixed bonds, earlier access is not permitted, but investors may be glad to hear that further additions can be made for 14 days from the account opening. Overall, the deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 5.05% gross / 5.05% AER payable on its anniversary
  • Notice / term: Four years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening.
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available. Cynergy Bank Authenticator App or Digipass required to use online banking.

 

Mortgages

Gen H – Three-year fixed rate mortgage, 80% loan-to-value

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

“Gen H has made rate cuts of up to 0.50% across a range of its fixed deals this week, including its three-year fixed mortgage at 80% loan-to-value. Priced at 5.22%, and requiring no upfront fees, this deal may be an ideal choice for borrowers who are looking to save on the upfront cost of their mortgage. Additionally, the deal allows overpayments, and comes with an incentive of a free valuation. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.22% fixed rate for three years
  • Product fee: None
  • Maximum loan-to-value: 80%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: England, Wales.

 

HSBC – Five-year fixed rate mortgage, 95% loan-to-value

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

“This week, HSBC has reduced rates across its range of fixed deals, including its five-year fixed mortgage at 95% loan-to-value. Now priced at 5.39% and fixed to 28 March 2029, this deal carries an appealing incentive package of a free valuation incentive and £500 cashback. Borrowers may be glad to note that this deal does not charge an arrangement fee, so it is a tempting option for those looking to save on the upfront cost of their mortgage and lock into a competitive rate. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 5.39% fixed rate to 28.2.29
  • Product fee: None
  • Maximum loan-to-value: 95%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

Tipton and Coseley Building Society – Three-year Discounted variable rate mortgage, 90% loan-to-value

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

“Tipton and Coseley Building Society has reduced a selected range of its discounted and fixed rate mortgages. One of those deals seeing a 0.19% reduction is the three-year discounted variable rate, now charging 5.85% at 90% loan-to-value until 31.1.27. This deal offers a fair product fee of £999, which is ideal for those looking to save on upfront costs. Also, borrowers can make overpayments, and drawdowns are available after three months with a minimum of £1,000 subject to approval. On assessment, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

  • 5.85% discounted– (discount 2.74%) until 31.1.27
  • Product fee: £999
  • Maximum loan-to-value: 90%
  • Available to: House purchase customers
  • Incentives: None
  • Flexible features: Allows overpayments and drawdowns after three months with minimum £1000, subject to approval
  • Lending area: England and Wales

 

Buy-to-Let

HSBC – Five-year fixed rate mortgage, 60% loan-to-value

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

“HSBC has reduced rates across a range of its buy-to-let fixed deals this week, including its five-year fixed mortgage at 60% loan-to-value. Priced at 4.54% and fixed until 28 February 2029, this deal is an enticing option for those who may want to lock into a competitive rate. The deal carries a free valuation incentive; however, it comes with a product fee of £1,999, which may need to be considered by some borrowers. Overall, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 4.54% fixed rate to 28.2.29
  • Product fee: £1,999
  • Maximum loan-to-value: 60%
  • Available to: House purchase customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

 

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

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

“This week, Skipton Building Society reduced the rates across its Buy-to-Let range. One product of note is the two-year fixed mortgage at 75% loan-to-value. Now priced at 5.76% until 31.3.26, all borrowers will be glad to find an attractive incentive package carrying a free valuation and, for those remortgaging, free legal fees. Requiring a small product fee of £995, which can be added to the mortgage advance, this deal may be an appealing option for those looking to save on the upfront costs of their mortgage. Overall, it earns an Excellent Moneyfacts product rating.”

Key product details:

  • 5.76% fixed rate to 31.3.26
  • Product fee: £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.

 

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