Moneyfacts Pick of the Week - 26/08/2021

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Eleanor Williams, Press Officer
Eleanor Williams, Press Officer / Finance Expert T: 01603 476205 E: Email Eleanor
26/08/2021

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

Wesleyan Bank – 2 Year Fixed Rate Deposit Account

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

“Amongst various amendments this week, Wesleyan Bank has increased the rate payable on its 2 Year Fixed Rate Deposit Account by 0.20%. Now paying a return of 1.65% on anniversary, investors who are comfortable securing their savings pot away for a set period may wish to note that following the update this account assumes a position in our top ten when compared to other bonds with similar terms. As is common in this sector, early access is not permitted, so savers should ensure they are happy to commit at the outset. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% gross / 1.65% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

SmartSave –1 Year Fixed Rate Saver

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

“This week SmartSave have increased the rate payable on its 1 Year Fixed Rate Saver account. Now paying 1.41% on anniversary, this account has improved its position within the top 10 when compared to other bonds with similar terms. Investors who are able to meet the minimum investment amount of £10,000 could well be attracted to the return but must ensure they are happy that they can commit at the outset because, as is common with fixed rate bonds, early access is not permitted on this account. However, further additions can be made within 14-days of the account opening, which some savers may view as a plus. On assessment the account receives an Excellent Moneyfacts product rating and a position in our top rate tables.”

Key product details:

  • Rate: 1.41% gross / 1.41% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted within 14 days of account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

Oxbury Bank – Personal 65 Day Notice Account – Issue 2

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

“Included within its latest update, Oxbury Bank has applied a rate increase on its 65 Day Notice Account. Following a rise of 0.17%, this account now pays 0.79% monthly, an update which sees this account take a position within our top rate tables when compared to other notice products currently on offer. Savers who are happy to provide advance notice if they wish to access their savings could well be attracted to the return as, although instant access is not permitted, with 65-days notice they are able to access their funds. This account could also be a tempting option for those who wish to be able top-up their savings pot with further deposits and also for those who are looking to supplement their monthly income. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.79% gross / 0.79% AER payable monthly
  • Notice / term: 65-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 65 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18.

 

Mortgages

Leeds Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Prospective home-buyers who have a 5% deposit available to them may wish to note that amongst the products to see a rate reduction from Leeds Building Society this week is the two-year fixed rate at 95% loan-to-value. Receiving a notable rate cut of 0.17%, this product is now priced at 3.35% until 31 December 2023. Although there are currently a handful of products with slightly lower initial rates on offer in this sector, the attractiveness of this deal is enhanced by the lack of a fee and the fact that borrowers can also benefit from a generous incentive package including both a free valuation and £500 cashback. These features ensure that those who have limited funds to put towards setting up a new mortgage may well find this deal – which secures a place in our top tables and an Outstanding Moneyfacts product rating - an appealing proposition.”

Key product details:

  • Rate: 3.35% fixed rate to 31.12.23
  • 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: England, Wales, mainland Scotland and Northern Ireland.

Skipton Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“This week sees Skipton Building Society launch a range of ‘Limited Edition’ fixed rate deals. Amongst these is a two-year fixed rate available to both those purchasing or those remortgaging at 85% loan-to-value. Priced at 1.65% to 30 November 2023 this deal carries a reasonable £995 fee which borrowers will have the options to either pay upfront or add to their mortgage borrowing. There is an incentive package available which includes a free valuation, while those who are remortgaging can also benefit from free legal fees, which may please those who are hoping to keep any financial outlay to secure a new mortgage deal as low as possible. The combination of the initial rate and product features see this deal enter our top tables and secure an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% fixed rate to 30.11.23
  • Product fee: £995
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered subject to notice and approval. Max 6 months payment holiday per 1 year, and subject to sufficient overpayments having been made.
  • Lending area: Great Britain.

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

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

“Platform have made changes across its residential mortgage range this week, including extending the end dates and amending rates. Borrowers who have 25% equity or deposit available may wish to note that the two-year fixed rate at 75% loan-to-value has been reduced by 0.12% this week. Now priced at 1.09% until 30 November 2023 and available via selected intermediaries, this could be a tempting choice for those looking for a short-term fixed deal. Although lower initial rates are currently available in this sector, this deal carries a reasonable £999 fee, which is balanced by a comprehensive incentive package which includes a free valuation and £250 cashback, while remortgage borrowers could also benefit from free legal fees. Those hoping to keep any outlay associated with taking on a new mortgage to a minimum may find this an appealing choice. When considered as a whole, this product receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.09% fixed rate to 30.11.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation, £250 cashback, and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

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

“HSBC has reduced the rates on various buy-to-let products in its latest update, including its five-year fixed rate for investors with 25% deposit or equity. Now priced at 2.14% until 30 November 2026 this deal could be of interest to landlords who are looking to lock in to the mid-term security of a fixed rate. It may also be attractive to those who have little spare funds to hand to meet associated mortgage costs, as there is no fee to pay and the deal also offers a free valuation. Following the cut in the rate this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.14% fixed rate to 30.11.26
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

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

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

“Landlords with 40% deposit or equity available to them may wish to note that amongst the products to be updated by Santander this week is a two-year fixed rate option at 60% loan-to-value which is available via intermediaries. After a reduction of 0.06%, this product is now priced at 1.19% until 2nd December 2023, one of the lowest rates available in this sector of the market. Although there is a fee to pay of £1,499 (for which borrowers have the option to either pay upfront or add to the mortgage advance), this is slightly balanced by the fact that there is also an incentive package on offer of a free valuation for all and the choice of either free legal fees or £250 cashback for those remortgaging their buy-to-let property. When considered as a whole, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.19% fixed rate to 2.12.23
  • Product fee: £1,499
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and for those remortgaging either free legal fees or £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via intermediaries.

Savings

Wesleyan Bank – 2 Year Fixed Rate Deposit Account

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

“Amongst various amendments this week, Wesleyan Bank has increased the rate payable on its 2 Year Fixed Rate Deposit Account by 0.20%. Now paying a return of 1.65% on anniversary, investors who are comfortable securing their savings pot away for a set period may wish to note that following the update this account assumes a position in our top ten when compared to other bonds with similar terms. As is common in this sector, early access is not permitted, so savers should ensure they are happy to commit at the outset. Overall, the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% gross / 1.65% AER payable on anniversary
  • Notice / term: Two years
  • Minimum opening amount: £1,000
  • Maximum investment amount: £250,000
  • Access: Not permitted
  • Further additions: Not permitted
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

SmartSave –1 Year Fixed Rate Saver

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

“This week SmartSave have increased the rate payable on its 1 Year Fixed Rate Saver account. Now paying 1.41% on anniversary, this account has improved its position within the top 10 when compared to other bonds with similar terms. Investors who are able to meet the minimum investment amount of £10,000 could well be attracted to the return but must ensure they are happy that they can commit at the outset because, as is common with fixed rate bonds, early access is not permitted on this account. However, further additions can be made within 14-days of the account opening, which some savers may view as a plus. On assessment the account receives an Excellent Moneyfacts product rating and a position in our top rate tables.”

Key product details:

  • Rate: 1.41% gross / 1.41% AER payable on anniversary
  • Notice / term: One year
  • Minimum opening amount: £10,000
  • Maximum investment amount: £85,000
  • Access: Not permitted
  • Further additions: Permitted within 14 days of account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18.

Oxbury Bank – Personal 65 Day Notice Account – Issue 2

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

“Included within its latest update, Oxbury Bank has applied a rate increase on its 65 Day Notice Account. Following a rise of 0.17%, this account now pays 0.79% monthly, an update which sees this account take a position within our top rate tables when compared to other notice products currently on offer. Savers who are happy to provide advance notice if they wish to access their savings could well be attracted to the return as, although instant access is not permitted, with 65-days notice they are able to access their funds. This account could also be a tempting option for those who wish to be able top-up their savings pot with further deposits and also for those who are looking to supplement their monthly income. On assessment the account earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 0.79% gross / 0.79% AER payable monthly
  • Notice / term: 65-days
  • Minimum opening amount: £1,000
  • Maximum investment amount: £500,000
  • Access: Permitted, subject to 65 days’ notice
  • Further additions: Permitted via a nominated account
  • Opening account: Online
  • Managing account: Online and via its mobile app
  • Other information: Minimum applicant age 18.

 

Mortgages

Leeds Building Society – Two-year fixed rate mortgage, 95% loan-to-value

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

“Prospective home-buyers who have a 5% deposit available to them may wish to note that amongst the products to see a rate reduction from Leeds Building Society this week is the two-year fixed rate at 95% loan-to-value. Receiving a notable rate cut of 0.17%, this product is now priced at 3.35% until 31 December 2023. Although there are currently a handful of products with slightly lower initial rates on offer in this sector, the attractiveness of this deal is enhanced by the lack of a fee and the fact that borrowers can also benefit from a generous incentive package including both a free valuation and £500 cashback. These features ensure that those who have limited funds to put towards setting up a new mortgage may well find this deal – which secures a place in our top tables and an Outstanding Moneyfacts product rating - an appealing proposition.”

Key product details:

  • Rate: 3.35% fixed rate to 31.12.23
  • 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: England, Wales, mainland Scotland and Northern Ireland.

Skipton Building Society – Two-year fixed rate mortgage, 85% loan-to-value

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

“This week sees Skipton Building Society launch a range of ‘Limited Edition’ fixed rate deals. Amongst these is a two-year fixed rate available to both those purchasing or those remortgaging at 85% loan-to-value. Priced at 1.65% to 30 November 2023 this deal carries a reasonable £995 fee which borrowers will have the options to either pay upfront or add to their mortgage borrowing. There is an incentive package available which includes a free valuation, while those who are remortgaging can also benefit from free legal fees, which may please those who are hoping to keep any financial outlay to secure a new mortgage deal as low as possible. The combination of the initial rate and product features see this deal enter our top tables and secure an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.65% fixed rate to 30.11.23
  • Product fee: £995
  • Maximum loan-to-value: 85%
  • Available to: All borrower types
  • Incentives: Free valuation and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments. Payment holidays considered subject to notice and approval. Max 6 months payment holiday per 1 year, and subject to sufficient overpayments having been made.
  • Lending area: Great Britain.

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

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

“Platform have made changes across its residential mortgage range this week, including extending the end dates and amending rates. Borrowers who have 25% equity or deposit available may wish to note that the two-year fixed rate at 75% loan-to-value has been reduced by 0.12% this week. Now priced at 1.09% until 30 November 2023 and available via selected intermediaries, this could be a tempting choice for those looking for a short-term fixed deal. Although lower initial rates are currently available in this sector, this deal carries a reasonable £999 fee, which is balanced by a comprehensive incentive package which includes a free valuation and £250 cashback, while remortgage borrowers could also benefit from free legal fees. Those hoping to keep any outlay associated with taking on a new mortgage to a minimum may find this an appealing choice. When considered as a whole, this product receives an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.09% fixed rate to 30.11.23
  • Product fee: £999
  • Maximum loan-to-value: 75%
  • Available to: All borrower types
  • Incentives: Free valuation, £250 cashback, and for those remortgaging, free legal fees
  • Flexible features: Allows overpayments
  • Lending area: Great Britain. Available via selected intermediaries.

 

Buy-to-Let Mortgages

HSBC – Five-year fixed rate mortgage, 75% loan-to-value

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

“HSBC has reduced the rates on various buy-to-let products in its latest update, including its five-year fixed rate for investors with 25% deposit or equity. Now priced at 2.14% until 30 November 2026 this deal could be of interest to landlords who are looking to lock in to the mid-term security of a fixed rate. It may also be attractive to those who have little spare funds to hand to meet associated mortgage costs, as there is no fee to pay and the deal also offers a free valuation. Following the cut in the rate this deal earns an Excellent Moneyfacts product rating.”

Key product details:

  • Rate: 2.14% fixed rate to 30.11.26
  • Product fee: None
  • Maximum loan-to-value: 75%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland.

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

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

“Landlords with 40% deposit or equity available to them may wish to note that amongst the products to be updated by Santander this week is a two-year fixed rate option at 60% loan-to-value which is available via intermediaries. After a reduction of 0.06%, this product is now priced at 1.19% until 2nd December 2023, one of the lowest rates available in this sector of the market. Although there is a fee to pay of £1,499 (for which borrowers have the option to either pay upfront or add to the mortgage advance), this is slightly balanced by the fact that there is also an incentive package on offer of a free valuation for all and the choice of either free legal fees or £250 cashback for those remortgaging their buy-to-let property. When considered as a whole, this product earns an Outstanding Moneyfacts product rating.”

Key product details:

  • Rate: 1.19% fixed rate to 2.12.23
  • Product fee: £1,499
  • Maximum loan-to-value: 60%
  • Available to: Second-time buyers and remortgage customers
  • Incentives: Free valuation and for those remortgaging either free legal fees or £250 cashback
  • Flexible features: Allows overpayments
  • Lending area: Great Britain and Northern Ireland. Available via intermediaries.

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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, there is no commercial influence on the way Moneyfacts.co.uk ranks products, 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.

 

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Rachel Springall Press Officer / Finance Expert
Eleanor Williams Press Officer / Finance Expert