Savings
Coventry Building Society – Fixed Rate ISA (150) 31.05.2023
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Coventry Building Society has launched a new range of Fixed Rate ISAs this week, including a market-leading one-year option. Paying 1.00% yearly, this deal enters the top rate tables and may tempt savers yet to utilise their ISA allowance. Not only does the deal offer an attractive rate, but savers who may wish to access their pot in an emergency can do so, subject to a 120-day loss of interest penalty. Further additions can also be made for 14 days from account opening or as long as the issue remains open, which could be useful for those who may experience a delay between making a simple cash deposit or an ISA transfer. Overall, this account receives an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 1.00% gross / 1.00% AER payable yearly
- Notice / term: To 31.05.2023
- Minimum opening amount: £1
- Maximum investment amount: ISA allowance
- Access: Only on closure and subject to 120-day loss of interest penalty
- Further additions: Permitted for 14 days from account opening or while issue remains open, whichever is longer
- Transfers in: Permitted for 14 days from account opening or while issue remains open, whichever is longer. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
- Transfers out: Permitted subject to 120-day loss of interest penalty
- Opening account: Online, by phone, by post and in branch
- Managing account: Online, by phone, by post and in branch
- Other information: Minimum applicant age 16.
Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Among the accounts to receive a rate increase from Zenith Bank (UK) Ltd this week is the 3 Year Fixed Term Deposit. Rising by 0.03% this now pays 1.85% on anniversary and could be an attractive option for savers who are happy to lock their savings away for a set period in order to receive a guaranteed return. Savers need to be happy to commit at the outset as neither further additions nor early access are permitted so careful planning is advised. On assessment, the account receives an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 1.85% gross / 1.85% AER, payable on anniversary
- Notice / term: Three years
- Minimum opening amount: £1,000
- Maximum investment amount: £2,000,000
- Access: Not permitted
- Further additions: Not permitted
- Opening account: Online
- Managing account: By post
- Other information: Minimum applicant age 18. Joint account option available.
Mortgages
Platform – Two-year fixed rate mortgage, 75% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Platform has made various rate amendments as well as updates to incentives and end dates in its latest update. It now offers a two-year fixed rate deal priced at 1.57% until 30 April 2024 via selected intermediaries. This product is available to all borrower types looking for a mortgage with a maximum loan-to-value of 75%. As it carries no fee and offers a generous incentive package including a free valuation and £250 cashback, while those remortgaging can also benefit from free legal fees, this could be an attractive option for those looking to keep mortgage set-up costs to a minimum. Overall, this product earns an Outstanding Moneyfacts product rating and place in our top tables.”
Key product details:
- Rate: 1.57% fixed rate to 30.4.24
- Product fee: None
- Maximum loan-to-value: 75%
- Available to: All borrowers
- Incentives: Free valuation and £250 cashback, and for those remortgaging free legal fees
- Flexible features: Allows overpayments.
- Lending area: Great Britain. Available via selected intermediaries.
West Brom Building Society – Ten-year fixed rate mortgage, 80% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Borrowers considering the stability of a longer-term fixed rate mortgage may be pleased to note that West Brom Building Society has launched new 10-year fixed rate products this week. Available at 80% loan-to-value there is an option priced at 2.54% until 29 February 2032, which is currently the lowest initial rate on offer in this sector of the market. The deal carries a fee of £999, which can be added to the advance or paid upfront and there is also an incentive of a free valuation on offer. Assessed as a whole package, this product secures an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 2.54% fixed rate until 29.2.32
- Product fee: £999
- Maximum loan-to-value: 80%
- Available to: House purchase customers (remortgage option also available)
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: England and Wales.
HSBC – Two-year fixed rate mortgage, 95% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“HSBC has made various rate cuts to selected fixed rates this week, including a two-year fixed rate under the Mortgage Guarantee scheme. Taking a cut of 0.10%, this option is now priced at 2.59% until 30 April 2024 and available at 95% loan-to-value. Borrowers who have stretched to save a 5% deposit, and who may have limited funds available to cover the outgoings associated with setting up a mortgage, could be tempted by the lack of a fee and incentive of a free valuation that this deal provides. Overall, the product earns an Outstanding Moneyfacts product rating.”
Key product details:
- Rate: 2.59% fixed rate until 30.4.24
- Product fee: None
- Maximum loan-to-value: 95%
- Available to: House purchase customers
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: Great Britain and Northern Ireland.
Savings
Coventry Building Society – Fixed Rate ISA (150) 31.05.2023
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Coventry Building Society has launched a new range of Fixed Rate ISAs this week, including a market-leading one-year option. Paying 1.00% yearly, this deal enters the top rate tables and may tempt savers yet to utilise their ISA allowance. Not only does the deal offer an attractive rate, but savers who may wish to access their pot in an emergency can do so, subject to a 120-day loss of interest penalty. Further additions can also be made for 14 days from account opening or as long as the issue remains open, which could be useful for those who may experience a delay between making a simple cash deposit or an ISA transfer. Overall, this account receives an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 1.00% gross / 1.00% AER payable yearly
- Notice / term: To 31.05.2023
- Minimum opening amount: £1
- Maximum investment amount: ISA allowance
- Access: Only on closure and subject to 120-day loss of interest penalty
- Further additions: Permitted for 14 days from account opening or while issue remains open, whichever is longer
- Transfers in: Permitted for 14 days from account opening or while issue remains open, whichever is longer. Accepts cash or stocks and shares ISAs, Help to Buy ISAs, LISAs (cash or stocks and shares) and Innovative Finance ISAs
- Transfers out: Permitted subject to 120-day loss of interest penalty
- Opening account: Online, by phone, by post and in branch
- Managing account: Online, by phone, by post and in branch
- Other information: Minimum applicant age 16.
Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Among the accounts to receive a rate increase from Zenith Bank (UK) Ltd this week is the 3 Year Fixed Term Deposit. Rising by 0.03% this now pays 1.85% on anniversary and could be an attractive option for savers who are happy to lock their savings away for a set period in order to receive a guaranteed return. Savers need to be happy to commit at the outset as neither further additions nor early access are permitted so careful planning is advised. On assessment, the account receives an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 1.85% gross / 1.85% AER, payable on anniversary
- Notice / term: Three years
- Minimum opening amount: £1,000
- Maximum investment amount: £2,000,000
- Access: Not permitted
- Further additions: Not permitted
- Opening account: Online
- Managing account: By post
- Other information: Minimum applicant age 18. Joint account option available.
Mortgages
Platform – Two-year fixed rate mortgage, 75% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Platform has made various rate amendments as well as updates to incentives and end dates in its latest update. It now offers a two-year fixed rate deal priced at 1.57% until 30 April 2024 via selected intermediaries. This product is available to all borrower types looking for a mortgage with a maximum loan-to-value of 75%. As it carries no fee and offers a generous incentive package including a free valuation and £250 cashback, while those remortgaging can also benefit from free legal fees, this could be an attractive option for those looking to keep mortgage set-up costs to a minimum. Overall, this product earns an Outstanding Moneyfacts product rating and place in our top tables.”
Key product details:
- Rate: 1.57% fixed rate to 30.4.24
- Product fee: None
- Maximum loan-to-value: 75%
- Available to: All borrowers
- Incentives: Free valuation and £250 cashback, and for those remortgaging free legal fees
- Flexible features: Allows overpayments.
- Lending area: Great Britain. Available via selected intermediaries.
West Brom Building Society – Ten-year fixed rate mortgage, 80% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“Borrowers considering the stability of a longer-term fixed rate mortgage may be pleased to note that West Brom Building Society has launched new 10-year fixed rate products this week. Available at 80% loan-to-value there is an option priced at 2.54% until 29 February 2032, which is currently the lowest initial rate on offer in this sector of the market. The deal carries a fee of £999, which can be added to the advance or paid upfront and there is also an incentive of a free valuation on offer. Assessed as a whole package, this product secures an Excellent Moneyfacts product rating.”
Key product details:
- Rate: 2.54% fixed rate until 29.2.32
- Product fee: £999
- Maximum loan-to-value: 80%
- Available to: House purchase customers (remortgage option also available)
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: England and Wales.
HSBC – Two-year fixed rate mortgage, 95% loan-to-value
Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfactscompare.co.uk, said:
“HSBC has made various rate cuts to selected fixed rates this week, including a two-year fixed rate under the Mortgage Guarantee scheme. Taking a cut of 0.10%, this option is now priced at 2.59% until 30 April 2024 and available at 95% loan-to-value. Borrowers who have stretched to save a 5% deposit, and who may have limited funds available to cover the outgoings associated with setting up a mortgage, could be tempted by the lack of a fee and incentive of a free valuation that this deal provides. Overall, the product earns an Outstanding Moneyfacts product rating.”
Key product details:
- Rate: 2.59% fixed rate until 30.4.24
- Product fee: None
- Maximum loan-to-value: 95%
- Available to: House purchase customers
- Incentives: Free valuation
- Flexible features: Allows overpayments
- Lending area: Great Britain and Northern Ireland.
