Moneyfacts Pick of the Week - 26/10/2023

Caitlyn Eastell, Apprentice Press & PR Assistant

Caitlyn Eastell, Apprentice Press & PR Assistant T: 01603 476169 E: Email Caitlyn

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Moneyfacts Pick of the Week

The Moneyfactscompare.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 Moneyfactscompare.co.uk.

This week, our resident Spokesperson, Caitlyn Eastell, has analysed the following deals, along with their perks, of note:

Savings

Ziraat Bank – Raisin UK - 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Ziraat Bank has reduced its one-year Fixed Term Deposit with Raisin UK, now paying a rate of 5.90%, which earns itself a spot in the top 10 rates for this sector. As with many fixed term savings accounts, savers should note that early access and further additions are not permitted, so they must ensure they are satisfied with their initial investments. But this deal may entice those looking for a guaranteed return over the next 12 months. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.90% gross / 5.90% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Among the accounts to receive a rate decrease from Zenith Bank (UK) Ltd this week is the 3 Year Fixed Term Deposit. Despite falling to a rate of 5.65%, this still pays some of the top rates when compared to similar bonds. With interest paid on anniversary of the account, this could be an attractive option for savers who are happy to lock their savings away for a prolonged period to receive a guaranteed return. Early access and further additions are not permitted with this account so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.65% gross / 5.65% 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.

Paragon Bank – Double Access Savings Account - Issue 3

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Paragon Bank has launched a new Double Access Savings Account this week, paying a rate of 5.25%. This account may be a tempting choice for those who don’t mind restricting access to their savings pot, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%. However, for those possibly looking to supplement their usual income, this deal also offers an option paying monthly interest. Overall, the deal places itself within the top 10 of its sector, and an overall Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.25% gross / 5.25% AER payable on anniversary / monthly interest rate option of rate 5.13% gross / 5.25% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £500,000
Access: Permitted, up to two withdrawals per 12 month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
Further additions: Permitted via nominated account
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

Beehive Money – Limited Issue Easy Access

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Beehive Money has increased the rate on its Limited Issue Easy Access, now paying 5.20%. With a top 10 rate within its sector, this may be an ideal option for savers willing to invest £1,000. However, it must be noted that despite this deal having an introductory bonus rate of 2.55%, it expires on 31 October 2024, so reviewing the account before expiration may be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.20% gross / 5.20% AER payable yearly, includes a bonus of 2.55% until 31.10.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Gatehouse Bank – Easy Access Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Gatehouse Bank has increased the rate on its Easy Access account, now paying an expected profit rate of 5.10%. This Shari’ah compliant account manages to gain a position in the Top 10 when compared against similar products. This deal also offers the option of a monthly expected profit rate for those who wish to supplement their income. Overall, it receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary / monthly rate paying 4.98% gross / 5.10% AER
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Shari’ah - compliant account, rates shown are expected profit rate. Joint account option available.

Mortgages

Santander – Five-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Santander has reduced the rate on its five-year fixed rate deal by 0.29%, now priced at 5.15%, available to house purchase customers at 90% loan-to-value. Borrowers looking to secure a competitive rate and package will be glad to hear that this offer also includes a free valuation incentive and a fair product fee of £999, which can also be added to the mortgage advance. This deal makes it an attractive choice to those looking to save on the upfront cost of their mortgage. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.15% fixed rate to 2.3.29
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Principality Building Society – Two-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Principality Building Society has reduced many of its fixed rates this week, including its two-year fixed at 80% loan-to-value. Seeing a cut of 0.20%, the deal now charges 5.50% until 28.2.26. It maintains an attractive incentive package of free valuation. Additionally, this deal comes with a small product fee of £895, which is an attractive option for those wishing to save on the upfront cost of their mortgage. The deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 28.2.26
Product fee: £895
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-Let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society reduced the rates and extended the end dates within its Buy-to-Let range. Seeing one of these cuts is the two-year fixed mortgage at 60% loan-to-value. Now priced at 5.79% until 28.2.26, all borrowers will be glad to find a free valuation incentive is included and, for those remortgaging, free legal fees. With a small product fee of £995, which can be added to the mortgage advance, this deal may be an attractive option for those looking to save on their upfront costs. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

5.79% fixed rate to 28.2.26
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and, for those remortgaging, free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain.

Cambridge Building Society – Two-year Discounted variable rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Cambridge Building Society has reduced a selected range of its discounted variable rate mortgages and fixed rates. One of those deals seeing this reduction is the two-year discounted variable rate, now charging 5.89% at 80% loan-to-value for two years. Those remortgaging will find incentives of a free valuation and free legal fees included. This deal offers a smaller than average product fee of £199, which is ideal for those looking to save significantly on upfront costs. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.89% discounted– (discount 3.65%) for two years
Product fee: £199
Maximum loan-to-value: 80%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: England and Wales

Savings

Ziraat Bank – Raisin UK - 1 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Ziraat Bank has reduced its one-year Fixed Term Deposit with Raisin UK, now paying a rate of 5.90%, which earns itself a spot in the top 10 rates for this sector. As with many fixed term savings accounts, savers should note that early access and further additions are not permitted, so they must ensure they are satisfied with their initial investments. But this deal may entice those looking for a guaranteed return over the next 12 months. On assessment, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.90% gross / 5.90% AER payable on maturity
Notice / term: One year
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by post and by phone
Other information: Minimum applicant age 18.

Zenith Bank (UK) Ltd – 3 Year Fixed Term Deposit

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Among the accounts to receive a rate decrease from Zenith Bank (UK) Ltd this week is the 3 Year Fixed Term Deposit. Despite falling to a rate of 5.65%, this still pays some of the top rates when compared to similar bonds. With interest paid on anniversary of the account, this could be an attractive option for savers who are happy to lock their savings away for a prolonged period to receive a guaranteed return. Early access and further additions are not permitted with this account so savers will need to plan carefully from the outset. Overall, the account receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.65% gross / 5.65% 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.

Paragon Bank – Double Access Savings Account - Issue 3

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Paragon Bank has launched a new Double Access Savings Account this week, paying a rate of 5.25%. This account may be a tempting choice for those who don’t mind restricting access to their savings pot, as only two withdrawals are permitted each year, and any additional withdrawals will result in the rate dropping significantly to 1.50%. However, for those possibly looking to supplement their usual income, this deal also offers an option paying monthly interest. Overall, the deal places itself within the top 10 of its sector, and an overall Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.25% gross / 5.25% AER payable on anniversary / monthly interest rate option of rate 5.13% gross / 5.25% AER also available
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £500,000
Access: Permitted, up to two withdrawals per 12 month period, for three or more withdrawals, rate paid will reduce to 1.50% gross / 1.50% AER on anniversary or 1.49% gross / 1.50% AER monthly
Further additions: Permitted via nominated account
Opening account: Online
Managing account: Online
Other information: Minimum applicant age 18. Joint account option available.

Beehive Money – Limited Issue Easy Access

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Beehive Money has increased the rate on its Limited Issue Easy Access, now paying 5.20%. With a top 10 rate within its sector, this may be an ideal option for savers willing to invest £1,000. However, it must be noted that despite this deal having an introductory bonus rate of 2.55%, it expires on 31 October 2024, so reviewing the account before expiration may be wise. Overall, this receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.20% gross / 5.20% AER payable yearly, includes a bonus of 2.55% until 31.10.24
Notice / term: None
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Permitted via nominated account
Further additions: Permitted via nominated account
Opening account: Online and via mobile app
Managing account: Online and via mobile app
Other information: Minimum applicant age 18.

Gatehouse Bank – Easy Access Account

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Gatehouse Bank has increased the rate on its Easy Access account, now paying an expected profit rate of 5.10%. This Shari’ah compliant account manages to gain a position in the Top 10 when compared against similar products. This deal also offers the option of a monthly expected profit rate for those who wish to supplement their income. Overall, it receives an Excellent Moneyfacts product rating.”

Key product details:

Rate: 5.10% gross / 5.10% AER payable on anniversary / monthly rate paying 4.98% gross / 5.10% AER
Notice / term: None
Minimum opening amount: £1
Maximum investment amount: £250,000
Access: Permitted
Further additions: Permitted
Opening account: Online
Managing account: Online and via mobile app
Other information: Minimum applicant age 18. Shari’ah - compliant account, rates shown are expected profit rate. Joint account option available.

Mortgages

Santander – Five-year fixed rate mortgage, 90% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Santander has reduced the rate on its five-year fixed rate deal by 0.29%, now priced at 5.15%, available to house purchase customers at 90% loan-to-value. Borrowers looking to secure a competitive rate and package will be glad to hear that this offer also includes a free valuation incentive and a fair product fee of £999, which can also be added to the mortgage advance. This deal makes it an attractive choice to those looking to save on the upfront cost of their mortgage. Overall, this deal earns an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.15% fixed rate to 2.3.29
Product fee: £999
Maximum loan-to-value: 90%
Available to: House purchase customers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: Great Britain and Northern Ireland.

Principality Building Society – Two-year fixed rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Principality Building Society has reduced many of its fixed rates this week, including its two-year fixed at 80% loan-to-value. Seeing a cut of 0.20%, the deal now charges 5.50% until 28.2.26. It maintains an attractive incentive package of free valuation. Additionally, this deal comes with a small product fee of £895, which is an attractive option for those wishing to save on the upfront cost of their mortgage. The deal secures an Outstanding Moneyfacts product rating.”

Key product details:

Rate: 5.50% fixed rate to 28.2.26
Product fee: £895
Maximum loan-to-value: 80%
Available to: All borrowers
Incentives: Free valuation
Flexible features: Allows overpayments
Lending area: England and Wales.

Buy-to-Let

Skipton Building Society – Two-year fixed rate mortgage, 60% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“This week, Skipton Building Society reduced the rates and extended the end dates within its Buy-to-Let range. Seeing one of these cuts is the two-year fixed mortgage at 60% loan-to-value. Now priced at 5.79% until 28.2.26, all borrowers will be glad to find a free valuation incentive is included and, for those remortgaging, free legal fees. With a small product fee of £995, which can be added to the mortgage advance, this deal may be an attractive option for those looking to save on their upfront costs. Overall, it earns an Outstanding Moneyfacts product rating.”

Key product details:

5.79% fixed rate to 28.2.26
Product fee: £995
Maximum loan-to-value: 60%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation and, for those remortgaging, free legal fees
Flexible features: Allows overpayments
Lending area: Great Britain.

Cambridge Building Society – Two-year Discounted variable rate mortgage, 80% loan-to-value

Commenting on the deal, Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, said:

“Cambridge Building Society has reduced a selected range of its discounted variable rate mortgages and fixed rates. One of those deals seeing this reduction is the two-year discounted variable rate, now charging 5.89% at 80% loan-to-value for two years. Those remortgaging will find incentives of a free valuation and free legal fees included. This deal offers a smaller than average product fee of £199, which is ideal for those looking to save significantly on upfront costs. Overall, the deal earns an Outstanding Moneyfacts product rating.”

Key product details:

5.89% discounted– (discount 3.65%) for two years
Product fee: £199
Maximum loan-to-value: 80%
Available to: Second-time buyers and remortgage customers
Incentives: Free valuation, and free legal fees for those remortgaging
Flexible features: Allows overpayments
Lending area: England and Wales

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

©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.

©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.