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Moneyfacts Pick of the Week - 23/12/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
23/12/2021

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

Coventry Building Society – Fixed Rate ISA (150) 31.05.2023

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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 Moneyfacts.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.

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