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Moneyfacts Pick of the Week - 24/02/2022

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
24/02/2022

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

FirstSave – 3 Year Fixed Bond – Feb22 Issue

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

“Savers who have at least £1,000 to invest and are comfortable with the idea of securing their savings pot away for a term may be pleased to see that FirstSave has increased the rate on its 3 Year Fixed Bond. Now paying 1.85% on anniversary, this account secures a place towards the top of the tables when compared to similar bonds currently on offer. Not only this, but those looking to supplement their income may be further pleased to see that a monthly interest option is also available on this account. As might be expected in the fixed bond arena early access to funds is not permitted, however, there is the option to make further additions within 10 days of making the initial deposit, which could be a plus for some investors. The account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.85% gross / 1.85% AER payable on anniversary / monthly interest option of 1.85% gross / 1.85% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000 (£5,000 for monthly interest option)
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted for 10 days from initial deposit
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Skipton Building Society – 30 Month Online Fixed Rate Cash ISA – Issue 176

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

“The latest update from Skipton Building Society has included the introduction of a new 30 Month Fixed Rate Cash ISA to its range. Paying a rate of 1.70% on anniversary, this ISA secures the lead position when compared to other fixed ISAs with similar terms currently available and could well be a tempting choice for those with the required minimum investment amount of £10,000. This account also allows earlier access on closure of the account and subject to a 180-day loss of interest penalty, which investors may wish to consider. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER payable on anniversary
  • Notice / term: 30 months
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure and subject to 180-day loss of interest penalty
  • Further additions: Permitted until 9.3.22
  • Transfers in: Permitted, requests accepted until 9.3.22. Accepts cash and stocks and shares ISAs.
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. A version of this account paying the same rate is available for those looking to apply in branch, by phone or by post.

 

Habib Bank Zurich plc – 12 Month HBZ Sirat eDeposit (Fixed Term Account)

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

“In the latest update to its range, Habib Bank Zurich plc has included a rate increase on its 12 Month HBZ Sirat eDeposit of 0.05%. Now paying an expected profit rate of 1.46% on maturity, this bond improves its position in the top 10 when compared to other bonds with similar terms. As is common with many bonds, this Sharia’a compliant account does not permit early access, but savers looking for a short-term fixed account could well be enticed by the attractive rate of return. There is also the option to make further additions within 30 days of opening the account, which could be a plus for some investors and overall sees the account receive an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.46% gross / 1.46% AER payable on maturity
  • Notice / term: 12 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 30 days from account opening
  • Opening account: Online
  • Managing account: Post
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 85% loan-to-value

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

“Halifax has made increases across a selection of its fixed rate deals for those purchasing a home this week. One deal to see a small rise of 0.03% is the 10-year fixed rate mortgage at 75% loan-to-value. This product continues to charge a reasonable £995 fee and is now priced at 1.80% until 31 May 2032. While the deal offers no additional incentives to borrowers unless they qualify for the ‘Green Home’ cashback, when assessed overall this may well be an attractive option for those seeking a stable, fixed rate over a longer period which maintains its position in our top tables and carries an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% fixed rate to 31.5.32
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval.
  • Lending area: Great Britain and Northern Ireland.

 

Accord Mortgages – Two-year fixed rate mortgage, 75% loan-to-value

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

“Accord Mortgages has made amendments to various product rates within its residential mortgage range this week, which included applying a rise of 0.20% on its two-year fixed rate at 75% loan-to-value. Available via selected intermediaries to those purchasing a home, it is now priced at 2.20% until 31 May 2024. Both the relatively low fee of £495 and generous incentive package of £500 cashback and a free valuation that are offered with this product are unchanged. Already an attractive option when considered as a package, this deal continues to provide borrowers with flexible features, so despite the increase in rate this week, it maintains a position in our top table for Flexible products and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.20% fixed rate until 31.5.24
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Underpayments and payment holidays considered (with notice required), not to exceed level of overpayments made.
  • Lending area: Great Britain and Northern Ireland.

 

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:

“This week sees Virgin Money re-price the majority of its fixed rate products for landlords. One option which sees a small rise in rate is the three-year deal at 60% loan-to-value. Now priced at 1.80% until 1 June 2025, this option carries a fee of £1,995 which can be paid upfront or added to the mortgage advance. There is a generous incentive package offered as well, ensuring that despite the shift in rate, this product still holds on to its position as one of the lowest initial rates offered in its sector and maintains a place within our top tables for landlords. Overall, this earns an Excellent Moneyfacts product rating.”

 Key product details:

  • Rate: 1.80% fixed rate to 1.6.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for second-time buyers, while those remortgaging can benefit from a free valuation and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

TSB – 10-year fixed rate mortgage, 60% loan-to-value

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

“This week sees TSB return 10-year fixed rate deals to its buy-to-let range. One of these is available at a maximum of 60% loan-to-value and is priced at 2.39% until 30 June 2032. There are very few options available within this sector of the market, but for landlords who are considering locking into a long-term fixed rate, this deal currently offers the lowest initial rate available. The product also carries a reasonable £995 fee as well as offering a free valuation incentive, perhaps a tempting choice when considered as a whole. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.39% fixed rate to 30.6.32
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers (remortgage product also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

Savings

FirstSave – 3 Year Fixed Bond – Feb22 Issue

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

“Savers who have at least £1,000 to invest and are comfortable with the idea of securing their savings pot away for a term may be pleased to see that FirstSave has increased the rate on its 3 Year Fixed Bond. Now paying 1.85% on anniversary, this account secures a place towards the top of the tables when compared to similar bonds currently on offer. Not only this, but those looking to supplement their income may be further pleased to see that a monthly interest option is also available on this account. As might be expected in the fixed bond arena early access to funds is not permitted, however, there is the option to make further additions within 10 days of making the initial deposit, which could be a plus for some investors. The account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.85% gross / 1.85% AER payable on anniversary / monthly interest option of 1.85% gross / 1.85% AER also available
  • Notice / term: Three years
  • Minimum opening amount: £1,000 (£5,000 for monthly interest option)
  • Maximum investment amount: £2 million
  • Access: Not permitted
  • Further additions: Permitted for 10 days from initial deposit
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

 

Skipton Building Society – 30 Month Online Fixed Rate Cash ISA – Issue 176

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

“The latest update from Skipton Building Society has included the introduction of a new 30 Month Fixed Rate Cash ISA to its range. Paying a rate of 1.70% on anniversary, this ISA secures the lead position when compared to other fixed ISAs with similar terms currently available and could well be a tempting choice for those with the required minimum investment amount of £10,000. This account also allows earlier access on closure of the account and subject to a 180-day loss of interest penalty, which investors may wish to consider. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.70% gross / 1.70% AER payable on anniversary
  • Notice / term: 30 months
  • Minimum opening amount: £10,000
  • Maximum investment amount: ISA allowance
  • Access: Permitted on account closure and subject to 180-day loss of interest penalty
  • Further additions: Permitted until 9.3.22
  • Transfers in: Permitted, requests accepted until 9.3.22. Accepts cash and stocks and shares ISAs.
  • Transfers out: Permitted, subject to 180-day loss of interest penalty
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 16. A version of this account paying the same rate is available for those looking to apply in branch, by phone or by post.

 

Habib Bank Zurich plc – 12 Month HBZ Sirat eDeposit (Fixed Term Account)

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

“In the latest update to its range, Habib Bank Zurich plc has included a rate increase on its 12 Month HBZ Sirat eDeposit of 0.05%. Now paying an expected profit rate of 1.46% on maturity, this bond improves its position in the top 10 when compared to other bonds with similar terms. As is common with many bonds, this Sharia’a compliant account does not permit early access, but savers looking for a short-term fixed account could well be enticed by the attractive rate of return. There is also the option to make further additions within 30 days of opening the account, which could be a plus for some investors and overall sees the account receive an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.46% gross / 1.46% AER payable on maturity
  • Notice / term: 12 months
  • Minimum opening amount: £5,000
  • Maximum investment amount: £1 million
  • Access: Not permitted
  • Further additions: Permitted for 30 days from account opening
  • Opening account: Online
  • Managing account: Post
  • Other information: Minimum applicant age 18. Joint account option available. Sharia’a compliant account – rates shown are expected profit rate.

 

Mortgages

Halifax – 10-year fixed rate mortgage, 85% loan-to-value

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

“Halifax has made increases across a selection of its fixed rate deals for those purchasing a home this week. One deal to see a small rise of 0.03% is the 10-year fixed rate mortgage at 75% loan-to-value. This product continues to charge a reasonable £995 fee and is now priced at 1.80% until 31 May 2032. While the deal offers no additional incentives to borrowers unless they qualify for the ‘Green Home’ cashback, when assessed overall this may well be an attractive option for those seeking a stable, fixed rate over a longer period which maintains its position in our top tables and carries an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.80% fixed rate to 31.5.32
  • Product fee: £995
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers
  • Incentives: ‘Green Home’ £250 cashback for qualifying properties only
  • Flexible features: Allows overpayments. Payment holidays considered, after one year, and subject to approval.
  • Lending area: Great Britain and Northern Ireland.

 

Accord Mortgages – Two-year fixed rate mortgage, 75% loan-to-value

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

“Accord Mortgages has made amendments to various product rates within its residential mortgage range this week, which included applying a rise of 0.20% on its two-year fixed rate at 75% loan-to-value. Available via selected intermediaries to those purchasing a home, it is now priced at 2.20% until 31 May 2024. Both the relatively low fee of £495 and generous incentive package of £500 cashback and a free valuation that are offered with this product are unchanged. Already an attractive option when considered as a package, this deal continues to provide borrowers with flexible features, so despite the increase in rate this week, it maintains a position in our top table for Flexible products and earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.20% fixed rate until 31.5.24
  • Product fee: £495
  • Maximum loan-to-value: 75%
  • Available to: House purchase customers
  • Incentives: Free valuation and £500 cashback
  • Flexible features: Allows overpayments.
  • Underpayments and payment holidays considered (with notice required), not to exceed level of overpayments made.
  • Lending area: Great Britain and Northern Ireland.

 

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:

“This week sees Virgin Money re-price the majority of its fixed rate products for landlords. One option which sees a small rise in rate is the three-year deal at 60% loan-to-value. Now priced at 1.80% until 1 June 2025, this option carries a fee of £1,995 which can be paid upfront or added to the mortgage advance. There is a generous incentive package offered as well, ensuring that despite the shift in rate, this product still holds on to its position as one of the lowest initial rates offered in its sector and maintains a place within our top tables for landlords. Overall, this earns an Excellent Moneyfacts product rating.”

 Key product details:

  • Rate: 1.80% fixed rate to 1.6.25
  • Product fee: £1,995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage borrowers
  • Incentives: £500 cashback for second-time buyers, while those remortgaging can benefit from a free valuation and either £300 cashback or free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered by arrangement.
  • Lending area: Great Britain and Northern Ireland.

TSB – 10-year fixed rate mortgage, 60% loan-to-value

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

“This week sees TSB return 10-year fixed rate deals to its buy-to-let range. One of these is available at a maximum of 60% loan-to-value and is priced at 2.39% until 30 June 2032. There are very few options available within this sector of the market, but for landlords who are considering locking into a long-term fixed rate, this deal currently offers the lowest initial rate available. The product also carries a reasonable £995 fee as well as offering a free valuation incentive, perhaps a tempting choice when considered as a whole. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.39% fixed rate to 30.6.32
  • Product fee: £995
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers (remortgage product also available)
  • Incentives: Free valuation
  • Flexible features: Allows overpayments.
  • Lending area: Great Britain.

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