Moneyfacts Pick of the Week - 24/03/2022

Eleanor Williams, Press Officer

Eleanor Williams, Press Officer / Finance Expert T: 01603 476200 E: Email the Press Team

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

JN Bank – 2 Year Fixed Term Savings Account

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

“JN Bank has increased the rates on its range of Fixed Term Savings accounts this week. Savers who are happy to lock their nest egg away for a period may be pleased to see that the 2 Year option has risen by 0.10% to now pay 1.96% on anniversary, securing a place in our top rate tables. As may be expected with a fixed rate bond, earlier access is not permitted, so careful planning might be wise. However, some may view the ability to make up to 11 further additions within 14 days from account opening, as a benefit. This account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.96% gross / 1.96% AER payable on anniversary
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted – 11 additions after initial funding, for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has made some notable rate increases on its Fixed Term Deposit accounts this week of up to 0.55%. The 12 Month Deposit, now paying 1.80% on maturity, takes a position within the top 10 when compared to other bonds with similar terms currently available and could well tempt investors with the required minimum investment amount of £25,000. As might be expected in the fixed account sector, earlier access is not permitted so savers need to be comfortable with securing their funds away for the term of the account, however, further additions can be made for 14 days from account opening, which may be a benefit for some. Overall, this bond secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.80% gross / 1.80% AER payable on maturity
Notice / term: 12 months
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

Investec Bank plc –1 Year Fixed Rate Saver

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

“Investec Bank plc has increased the rate paid on its 1 Year Fixed Rate Saver by 0.12% this week. Now paying 1.60% on maturity, this account can be easily opened and managed online and could well entice savers who are happy to secure their savings pot away for the one-year term. As is common in the fixed bond sector, earlier access is not permitted, however, some investors may view the ability to make further additions for seven days from account opening as a further plus. Overall, this bond secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.60% gross / 1.60% AER payable on maturity
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 7 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

OakNorth Bank – 12 Month Fixed Rate Cash ISA

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

“Savers who are yet to utilise their full tax-free savings allowance may be interested to note that OakNorth Bank has increased the rate on its 12 Month Fixed Rate Cash ISA. Rising from 1.16% to now pay 1.28% monthly, this account improves its position within the top 10 when compared against other fixed ISAs with similar terms which are currently on offer. Not only may the return attract investors, but this account can be opened with investment amounts of as little as £1. Also, both earlier access and transfers out are also possible although subject to an interest penalty, which may boost the appeal of this account further. Overall, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.28% gross / 1.28% AER, payable monthly
Notice / term: 12 months
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30-days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum age 18.

Atom Bank – Instant Saver

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

“This week sees Atom Bank increase the rate on its Instant Saver from 0.75% to 0.90%. Savers may be tempted not only by the rate of return, but the fact that the account does not require a minimum deposit to open, and allows unlimited further additions and withdrawals, which in these uncertain times could well be viewed as another plus for those wanting to maintain access to their savings pot. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 0.90% gross / 0.90% AER payable monthly
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: £100,000
Access: Permitted
Further additions: Permitted
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Must hold a UK current account to open.

Mortgages

Virgin Money – Three-year fixed rate mortgage, 85% loan-to-value

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

“Virgin Money has put up a selection of its residential fixed rates this week, including its three-year fixed rate deal for those purchasing a 85% loan-to-value mortgage. Receiving a small increase of just 0.02%, this deal is now priced at 2.29% until 1 August 2025. Those with the required 15% deposit who are looking for the stability of a medium-term fixed rate could well be tempted by the competitive rate and the fact that there is no arrangement fee to pay, which could help keep set-up costs to a minimum. On assessment, this deal retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.29% fixed rate to 1.8.25
Product fee: None
Maximum loan-to-value: 85%
Available to: House purchase customers (remortgage version also available)
Incentives: None
Flexible features: Allows overpayments. Payment holidays considered by arrangement
Lending area: Great Britain and Northern Ireland.

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:

“Leek United Building Society has amended various deals across its range of buy-to-let products this week. This has included the launch of a couple of new products, one of which could be attractive to both landlords who are purchasing and to those remortgaging and who have the required 35% deposit or equity. Priced at 2.19% and fixed until 31 July 2027, this deal may not offer the lowest initial rate in its sector of the market, but could well tempt prospective landlords, especially those looking to secure a mid-term stable fixed rate product. When considered as a whole, this option carries a reasonable £995 fee, which is lower than that of many of its lower-rated rivals, and those who take this deal out can also benefit from a generous incentive package of a free valuation and £400 cashback. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.19% fixed rate to 31.7.27
Product fee: £995
Maximum loan-to-value: 65%
Available to: All borrower types
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Virgin Money – Two-year fixed rate mortgage, 60% loan-to-value

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

“One of the products to see a rate increase from Virgin Money this week is the two-year fixed rate for landlords considering a 60% loan-to-value mortgage. Rising by 0.10%, this option is now priced at 1.98% until 1 August 2024. Although slightly lower rates can currently be found elsewhere in this sector, when assessed as an overall package, this deal retains its place in our top tables. There is a reasonable £995 fee which can either be added to the advance or paid upfront, and there is a generous incentive package attached which could further tempt landlords who are looking to keep the upfront costs associated with setting up a new mortgage to a minimum. This product receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.98% fixed rate to 1.8.24
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: £500 cashback for second-time buyers and for those remortgaging 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.

Savings

JN Bank – 2 Year Fixed Term Savings Account

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

“JN Bank has increased the rates on its range of Fixed Term Savings accounts this week. Savers who are happy to lock their nest egg away for a period may be pleased to see that the 2 Year option has risen by 0.10% to now pay 1.96% on anniversary, securing a place in our top rate tables. As may be expected with a fixed rate bond, earlier access is not permitted, so careful planning might be wise. However, some may view the ability to make up to 11 further additions within 14 days from account opening, as a benefit. This account secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.96% gross / 1.96% AER payable on anniversary
Notice / term: Two years
Minimum opening amount: £1,000
Maximum investment amount: £100,000
Access: Not permitted
Further additions: Permitted – 11 additions after initial funding, for 14 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

Monument Bank – 12 Month Fixed Term Deposit

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

“Monument Bank has made some notable rate increases on its Fixed Term Deposit accounts this week of up to 0.55%. The 12 Month Deposit, now paying 1.80% on maturity, takes a position within the top 10 when compared to other bonds with similar terms currently available and could well tempt investors with the required minimum investment amount of £25,000. As might be expected in the fixed account sector, earlier access is not permitted so savers need to be comfortable with securing their funds away for the term of the account, however, further additions can be made for 14 days from account opening, which may be a benefit for some. Overall, this bond secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.80% gross / 1.80% AER payable on maturity
Notice / term: 12 months
Minimum opening amount: £25,000
Maximum investment amount: £400,000
Access: Not permitted
Further additions: Permitted for 14 days from account opening
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18.

Investec Bank plc –1 Year Fixed Rate Saver

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

“Investec Bank plc has increased the rate paid on its 1 Year Fixed Rate Saver by 0.12% this week. Now paying 1.60% on maturity, this account can be easily opened and managed online and could well entice savers who are happy to secure their savings pot away for the one-year term. As is common in the fixed bond sector, earlier access is not permitted, however, some investors may view the ability to make further additions for seven days from account opening as a further plus. Overall, this bond secures an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.60% gross / 1.60% AER payable on maturity
Notice / term: One year
Minimum opening amount: £5,000
Maximum investment amount: £250,000
Access: Not permitted
Further additions: Permitted for 7 days from account opening
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18.

OakNorth Bank – 12 Month Fixed Rate Cash ISA

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

“Savers who are yet to utilise their full tax-free savings allowance may be interested to note that OakNorth Bank has increased the rate on its 12 Month Fixed Rate Cash ISA. Rising from 1.16% to now pay 1.28% monthly, this account improves its position within the top 10 when compared against other fixed ISAs with similar terms which are currently on offer. Not only may the return attract investors, but this account can be opened with investment amounts of as little as £1. Also, both earlier access and transfers out are also possible although subject to an interest penalty, which may boost the appeal of this account further. Overall, this ISA earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.28% gross / 1.28% AER, payable monthly
Notice / term: 12 months
Minimum opening amount: £1
Maximum investment amount: ISA allowance
Access: Permitted, subject to a 90-day loss of interest penalty
Further additions: Permitted for 30-days from account opening
Transfers in: Permitted. Accepts Cash ISAs
Transfers out: Permitted, subject to a 90-day loss of interest penalty
Opening account: Online and via its mobile app
Managing account: Online and via its mobile app
Other information: Minimum age 18.

Atom Bank – Instant Saver

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

“This week sees Atom Bank increase the rate on its Instant Saver from 0.75% to 0.90%. Savers may be tempted not only by the rate of return, but the fact that the account does not require a minimum deposit to open, and allows unlimited further additions and withdrawals, which in these uncertain times could well be viewed as another plus for those wanting to maintain access to their savings pot. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 0.90% gross / 0.90% AER payable monthly
Notice / term: None
Minimum opening amount: £0
Maximum investment amount: £100,000
Access: Permitted
Further additions: Permitted
Opening account: Via its mobile app
Managing account: Via its mobile app
Other information: Minimum applicant age 18. Must hold a UK current account to open.

Mortgages

Virgin Money – Three-year fixed rate mortgage, 85% loan-to-value

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

“Virgin Money has put up a selection of its residential fixed rates this week, including its three-year fixed rate deal for those purchasing a 85% loan-to-value mortgage. Receiving a small increase of just 0.02%, this deal is now priced at 2.29% until 1 August 2025. Those with the required 15% deposit who are looking for the stability of a medium-term fixed rate could well be tempted by the competitive rate and the fact that there is no arrangement fee to pay, which could help keep set-up costs to a minimum. On assessment, this deal retains its place in our top tables and earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.29% fixed rate to 1.8.25
Product fee: None
Maximum loan-to-value: 85%
Available to: House purchase customers (remortgage version also available)
Incentives: None
Flexible features: Allows overpayments. Payment holidays considered by arrangement
Lending area: Great Britain and Northern Ireland.

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:

“Leek United Building Society has amended various deals across its range of buy-to-let products this week. This has included the launch of a couple of new products, one of which could be attractive to both landlords who are purchasing and to those remortgaging and who have the required 35% deposit or equity. Priced at 2.19% and fixed until 31 July 2027, this deal may not offer the lowest initial rate in its sector of the market, but could well tempt prospective landlords, especially those looking to secure a mid-term stable fixed rate product. When considered as a whole, this option carries a reasonable £995 fee, which is lower than that of many of its lower-rated rivals, and those who take this deal out can also benefit from a generous incentive package of a free valuation and £400 cashback. Overall, this earns an Excellent Moneyfacts product rating.”

Key product details:

Rate: 2.19% fixed rate to 31.7.27
Product fee: £995
Maximum loan-to-value: 65%
Available to: All borrower types
Incentives: Free valuation and £400 cashback
Flexible features: Allows overpayments
Lending area: England and Wales.

Virgin Money – Two-year fixed rate mortgage, 60% loan-to-value

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

“One of the products to see a rate increase from Virgin Money this week is the two-year fixed rate for landlords considering a 60% loan-to-value mortgage. Rising by 0.10%, this option is now priced at 1.98% until 1 August 2024. Although slightly lower rates can currently be found elsewhere in this sector, when assessed as an overall package, this deal retains its place in our top tables. There is a reasonable £995 fee which can either be added to the advance or paid upfront, and there is a generous incentive package attached which could further tempt landlords who are looking to keep the upfront costs associated with setting up a new mortgage to a minimum. This product receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 1.98% fixed rate to 1.8.24
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: £500 cashback for second-time buyers and for those remortgaging 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.

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.

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

T: 01603 476210

E: Email Rachel

Caitlyn Eastell Apprentice Press & PR Assistant

T: 01603 476169

E: Email Caitlyn

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©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.